Pangaea Logistics Solutions(US:PANL) Prnewswireยท2025-11-06 21:30Core Insights - Pangaea Logistics Solutions Ltd. reported strong financial results for Q3 2025, with adjusted net income of $11.2 million and total revenue of $168.7 million, reflecting a 20.3% increase in adjusted EBITDA to $28.9 million compared to the previous year [2][4][7] Financial Performance - Non-GAAP adjusted net income was $11.2 million, or $0.17 per share, with total revenue of $168.7 million for the three months ended September 30, 2025 [2][13] - Total adjusted EBITDA increased by 20.3% to $28.9 million, with an adjusted EBITDA margin of 17.1%, up from 15.7% in the prior year [4][7] - The company had $94.0 million in unrestricted cash and cash equivalents, with total debt of $386.3 million as of September 30, 2025 [5][7] Operational Highlights - The average Time Charter Equivalent (TCE) rate earned was $15,559 per day, which was 10% above the benchmark average Baltic Panamax, Supramax, and Handysize indices [3][13] - Total shipping days increased by 22% to 5,872 days, primarily due to the acquisition of fifteen handy-sized vessels completed at the end of Q4 2024 [2][4] - The company successfully completed the sale of the Strategic Endeavor for $7.7 million and has an agreement to sell the Bulk Freedom for $9.6 million, expected to generate a gain of approximately $2.7 million [7][11] Strategic Initiatives - Pangaea is focused on expanding its terminal operations with new activities underway at Aransas, Pascagoula, and Lake Charles, with operations at Tampa set to launch in early 2026 [9][10] - The company continues to execute a disciplined fleet renewal strategy, divesting older, non-core assets while investing in modern vessels to enhance TCE performance [11][12] - Management expressed confidence in the medium-term dry bulk environment, supported by limited vessel supply and regulatory constraints on global capacity [7][10]