Pangaea Logistics Solutions Ltd. Reports Financial Results for the Three Months and Year Ended December 31, 2023 NEWPORT, RI - March 13, 2024 - Pangaea Logistics Solutions Ltd. ("Pangaea" or the "Company") (NASDAQ: PANL), a global provider of comprehensive maritime logistics solutions, announced today its results for the three months and year ended December 31, 2023. FOURTH QUARTER 2023 RESULTS FULL YEAR 2023 RESULTS For the fourth quarter ended December 31, 2023, Pangaea reported non-GAAP adjusted net inco ...

Pangaea Logistics Solutions Ltd (NASDAQ:PANL) Q3 2023 Results Conference Call November 9, 2023 8:00 AM ET Company Participants Noel Ryan - IR Mark Filanowski - CEO Gianni Signore - CFO Mads Petersen - COO Conference Call Participants Liam Burke - B. Riley Poe Fratt - Alliance Global Partners Operator Good morning. My name is Britney, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangaea Logistics Solutions Third Quarter 2023 Earnings Teleconference. Toda ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36798 PANGAEA LOGISTICS SOLUTIONS LTD. (Exact name of Registrant as specified in its charter) (State or other jurisdiction ...

Pangaea Logistics Solutions Ltd (NASDAQ:PANL) Q2 2023 Earnings Conference Call August 10, 2023 8:00 AM ET Company Participants Noel Ryan - Vallum Advisors Mark Filanowski - CEO & Director Gianni Del Signore - CFO & Secretary Mads Petersen - COO Conference Call Participants Liam Burke - B. Riley Securities Poe Fratt - Alliance Global Partners Operator Good morning. My name is Chelsea, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangaea Logistics Solutio ...

Safe Harbor 2Q23 Earnings Call Presentation 2 Superior TCE rate driven by long-term COAs and cargo-focused strategy resulted in TCE rates exceeding the benchmark average Baltic Panamax and Supramax indices by 49%+ in 2Q23. Completed the purchase of the Bulk Prudence, a 61,00 dwt Ultramax vessel for $26.7 million of cash. The purchase takes the total number of owned vessels to 25. Completed the strategic acquisition of additional Port and Terminal operations in key U.S markets for $7.2 million. Continue to f ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36798 PANGAEA LOGISTICS SOLUTIONS LTD. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of in ...

Pangaea Logistics Solutions Ltd (NASDAQ:PANL) Q1 2023 Earnings Conference Call May 11, 2023 8:00 AM ET Company Participants Noel Ryan - Vallum Advisors Mark Filanowski - CEO & Director Gianni Del Signore - CFO & Secretary Mads Petersen - COO Conference Call Participants Liam Burke - B. Riley Securities Charles Fratt - Alliance Global Partners Operator Good morning. My name is Raza, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangaea Logistics First Qua ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36798 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of t ...

Pangaea Logistics Solutions Ltd (NASDAQ:PANL) Q4 2022 Earnings Conference Call March 16, 2023 8:30 AM ET Company Participants Noel Ryan - Vallum Advisors Mark Filanowski - CEO Gianni Del Signore - CFO & Secretary Mads Petersen - COO Conference Call Participants Liam Burke - B. Riley Poe Fratt - AGP Operator Good morning. My name is Shelby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangaea Logistics Solutions Fourth Quarter and Full Year 2022 Earnings ...

Financial Compliance and Liquidity - As of December 31, 2022, the company is in compliance with financial covenants, including a consolidated leverage ratio of not more than 200% and a minimum consolidated net worth of $45 million[224]. - The company has a consolidated minimum liquidity requirement of not less than $18 million, which is crucial for maintaining operational flexibility[224]. - As of December 31, 2022, the company is in compliance with covenants in its debt agreements, including a consolidated leverage ratio of not more than 200% and a minimum consolidated net worth of $45 million[224]. - The company’s secured indebtedness could be accelerated due to cross-default provisions in its credit facilities, making refinancing difficult in the current environment[225]. Growth Strategy and Fleet Management - The company’s growth strategy involves expanding its owned fleet to meet increasing demand, but it may face challenges in financing and integrating new vessels[226]. - The average age of the company's owned drybulk carriers is approximately 9 years, with remaining useful lives ranging from 11 to 24 years[243]. - The company does not currently maintain reserves for vessel replacements and intends to finance replacements through internally generated cash flow or additional borrowings[244]. - The company may face challenges in chartering-in suitable vessels, which is critical for its business strategy, potentially leading to adverse effects on financial performance[215]. - The company may struggle to access capital due to evolving investor expectations regarding ESG practices, which could hinder growth plans[207]. - The company may face challenges in effectively managing its growth strategy, including hiring qualified personnel and integrating new vessels into operations[226]. Revenue and Operational Risks - A significant portion of the company's revenues is derived from Contracts of Affreightment (COAs), which may expose it to operational risks if vessel rates are not correctly anticipated[231]. - The company relies on forward freight agreements (FFAs) to manage market exposure, which could lead to losses if rate movements are not accurately anticipated[228]. - The company may incur significant legal and administrative expenses as a public company, which could strain its resources and affect financial performance[236]. - The company relies on a few significant customers for revenue, with one customer accounting for over 10% of total revenue and the top ten customers representing 45% of total revenue for the year ended December 31, 2022[216]. - The company is exposed to operational risks in the seaborne transportation industry, and inadequate insurance coverage could have a material adverse effect on its financial condition[210]. - The company may face litigation risks that could adversely affect its business and financial results[249]. Currency and Tax Risks - Exposure to currency exchange rate fluctuations may lead to revenue and operating expense volatility, impacting profitability[248]. - There is a potential tax risk of being classified as a "passive foreign investment company" (PFIC), which could lead to unfavorable tax consequences for U.S. shareholders[250][251]. - The company does not anticipate being classified as a PFIC based on its current operations and income composition[252]. - The company may incur a 4% U.S. federal income tax on shipping income if it does not qualify for exemption under section 883 of the Code[256][257]. - If the company or its subsidiaries do not qualify for tax exemption, they could face a 2% U.S. federal income tax on shipping income, negatively impacting earnings[257]. - There is no assurance that the company will not be classified as a PFIC in the future, which could lead to adverse tax consequences for U.S. shareholders[255]. Cybersecurity and Operational Disruptions - Cybersecurity threats and data breaches could disrupt operations and negatively impact financial condition and results[258][263]. - The company relies on information technology systems for operations, and failures or cybersecurity breaches could materially disrupt business and financial condition[258]. - Data protection laws, such as the GDPR, impose significant penalties for breaches, which could adversely affect the company's earnings and operations[261]. - Cyberattacks could disrupt operations and lead to unauthorized information release, materially affecting the company's financial condition[263]. - Labor interruptions could disrupt operations, potentially having a material adverse effect on the company's financial condition and cash flows[204]. Shareholder and Market Considerations - The market price of the company's common shares may experience volatility due to external market factors unrelated to its operating performance[268]. - The company's classified Board of Directors may deter third-party takeover attempts and delay shareholder actions[269]. - Future sales of common shares could lead to a decline in market price and make it difficult to raise funds through equity offerings[264]. - The company may need to raise additional capital in the future, which could dilute existing shareholders' interests[265][267]. - The company may incur additional costs to comply with evolving ESG requirements, which could adversely affect its financial condition[209].