Domestic Replay: 1-800-839-5492 International Replay: 1-402-220-2551 ABOUT PANGAEA LOGISTICS SOLUTIONS Accessibility StatementSkip Navigation NEWPORT, R.I., Oct. 31, 2025 /PRNewswire/ -- Pangaea Logistics Solutions (Nasdaq: PANL, or "the Company"), a global provider of comprehensive maritime logistics solutions, today announced that it will issue third quarter 2025 results after the market closes on Thursday, November 6, 2025. A conference call will be held the next day, Friday, November 7, 2025 at 8:00 a.m ...

Core Viewpoint - Pangaea Logistics Solutions Ltd. announces the retirement of CEO Mark Filanowski and the appointment of Mads Petersen as the new CEO effective January 1, 2026, following a successful eleven-year tenure by Filanowski [1][3]. Company Leadership Transition - Mark Filanowski will retire as CEO and step down from the Board of Directors on January 1, 2026, after eleven years with Pangaea [1]. - Mads Petersen, currently the Chief Operating Officer, will succeed Filanowski as President and CEO and will also join the Board of Directors on the same date [1][2]. Mads Petersen's Background - Mads Petersen has been with Pangaea for 16 years and has over 20 years of experience in the dry bulk shipping industry [2]. - He joined Pangaea in 2009 and has played a key role in the company's growth, particularly in ice-class vessel activities and overseeing newbuilding activities in Japan and China [2]. Achievements Under Filanowski - Under Filanowski's leadership, Pangaea's owned vessel fleet has tripled, and the company has expanded its port and logistics operations to 10 marine terminals across the U.S. Gulf Coast and Mid-Atlantic regions [3]. - Filanowski has been credited with navigating a dynamic global shipping environment and sustaining Pangaea's growth following the passing of its founder, Ed Coll [3]. Future Outlook - Petersen expressed his commitment to building on Pangaea's proven business model and delivering innovative, customer-focused maritime solutions to drive long-term value for shareholders [3]. - The Board of Directors believes Petersen's deep industry expertise and operational insight position him well to lead the company into its next phase of growth [3].

Core Viewpoint - Pangaea Logistics Solutions Ltd. reported a non-GAAP adjusted net loss of $1.4 million for Q2 2025, with total revenue of $156.7 million, reflecting challenges in the maritime logistics sector due to decreased TCE rates and increased shipping days [3][4][5]. Financial Performance - The company experienced a non-GAAP adjusted net loss of $1.4 million, or $0.02 per share, compared to a net income of $3.7 million in the same period of 2024 [3][12]. - Total revenue for the second quarter of 2025 was $156.7 million, up from $131.5 million in Q2 2024 [3][16]. - Adjusted EBITDA decreased by 4.1% to $15.3 million, with an adjusted EBITDA margin of 9.8%, down from 12.1% in the prior year [5][12]. Shipping Operations - The average TCE rate earned was $12,108 per day, a decrease from $16,223 per day in Q2 2024, but exceeded benchmark averages by 17% [4][12]. - Total shipping days increased by 51% to 6,222 days, primarily due to the acquisition of fifteen handy-sized vessels [3][5]. Debt and Cash Position - As of June 30, 2025, the company had $59.3 million in cash and cash equivalents, with total debt of $379.7 million [6][12]. - The company repaid $7.1 million in finance leases and $4.1 million in long-term debt during the quarter [6][12]. Strategic Developments - Pangaea sold the Strategic Endeavor for $7.7 million and purchased the remaining 49% equity ownership of Seamar Management for $2.7 million [7][12]. - The company is focused on disciplined capital deployment, including share repurchases and financing for new vessels [9][10]. Market Outlook - The CEO noted a dynamic global trade environment with signs of stabilization and increased activity in the panamax and supramax segments as the company enters the peak arctic trade season [9][10]. - The company is expanding its terminal operations, with new operations planned in multiple ports [9][11].

Company Overview - Pangaea Logistics Solutions Ltd. (Nasdaq: PANL) is a global provider of comprehensive maritime logistics solutions, catering to a diverse range of industrial customers requiring transportation of various dry bulk cargoes such as grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone [3]. Financial Results Announcement - The company will release its second quarter 2025 financial results after the market closes on August 7, 2025, followed by a conference call on August 8, 2025, at 8:00 a.m. ET to discuss the results and conduct a Q&A session [1]. Conference Call Details - The conference call will include presentation materials available on the company's SEC filing and Investor Relations section of its website [2]. - Domestic participants can join the live teleconference at 1-833-316-1983, while international participants can call 1-785-838-9310, using Conference ID: PANLQ225 [2]. - A replay of the teleconference will be available until August 15, 2025, with domestic and international replay numbers provided [2].

Core Insights - Pangaea Logistics Solutions Ltd. reported a non-GAAP adjusted net loss of $2.2 million for Q1 2025, with total revenue of $122.8 million, reflecting a 36% decrease in TCE rates year-over-year [3][4][10] - The company experienced a 41% increase in total shipping days to 5,210 days, primarily due to the acquisition of fifteen handy-sized vessels at the end of Q4 2024 [3][4] - Total Adjusted EBITDA decreased by 24.2% to $14.8 million, with an Adjusted EBITDA margin of 12.0%, down from 18.6% in the prior year [5][10] Financial Performance - The average TCE earned was $11,390 per day, compared to $17,697 per day in Q1 2024, exceeding the benchmark indices by 33% [4][10] - The company had $63.9 million in cash and cash equivalents as of March 31, 2025, with total debt of $390.8 million [6][10] - Pangaea repaid $11.03 million of long-term debt during the quarter and distributed $6.73 million in cash dividends [6][10] Strategic Developments - A new share repurchase program was authorized, allowing for the repurchase of up to $15 million of common stock, representing 5.6% of the company's market capitalization [7][10] - The Board declared a quarterly cash dividend of $0.05 per common share, to be paid on June 16, 2025 [8][10] - The company is focused on integrating the newly acquired Handysize fleet and advancing infrastructure investments at the Port of Tampa, expected to enhance terminal and stevedore operations [9][14] Market Outlook - The CEO noted that while the global trade environment remains uncertain, demand for core dry bulk commodities has been resilient, and the company’s trade routes are largely insulated from tariff impacts [9][11] - Pangaea aims to adapt to market volatility and create long-term value through targeted fleet investments and disciplined capital allocation [11][12]

Core Insights - Nokia has signed a contract with Maersk to equip 450 vessels with private wireless network solutions for real-time cargo tracking [1][4] - The deployment is part of Maersk's IoT connectivity platform, OneWireless, aimed at enhancing supply chain visibility and operational efficiency [1][4] - The project is expected to be completed by the first quarter of 2026 [7] Technology and Implementation - The new mobile network will support numerous IoT devices and ensure interoperability between private and public networks [3][5] - Nokia's solution includes small cells, Shikra Remote Radio Heads, and a compact baseband, utilizing satellite communication for backhaul [6][11] - MantaRay NM, Nokia's intelligent network management system, will provide a consolidated view for optimal monitoring and management [6][11] Benefits and Future Outlook - The partnership will enable Maersk to offer real-time cargo tracking and improved operational efficiency, particularly for perishables [4][5] - Nokia's technology is positioned to optimize Maersk's marine operations and provide future-ready mobile networks [5][11] - The collaboration reflects Nokia's leadership in private wireless technology and its commitment to enhancing logistics and maritime operations [5][9]

Core Insights - Pangaea Logistics Solutions will release its first quarter 2025 financial results on May 12, 2025, after market close [1] - A conference call to discuss the results will take place on May 13, 2025, at 8:00 a.m. ET [1] - The company provides comprehensive maritime logistics solutions for various industrial customers, focusing on the transportation of dry bulk cargoes [3] Company Overview - Pangaea Logistics Solutions Ltd. (Nasdaq: PANL) specializes in logistics services for a wide range of dry bulk cargoes, including grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone [3] - The company offers a full suite of services, including cargo loading, cargo discharge, vessel chartering, and voyage planning [3] Conference Call Details - Presentation materials for the conference call will be available on the company's website and SEC filing [2] - Domestic and international phone numbers for live participation are provided, along with a conference ID [2] - A replay of the teleconference will be accessible until May 20, 2025 [2]