Q3 FY2026
Filed Nov 5, 2026Pangaea reports Q3 2026 GAAP net income attributable of $38,261 thousand ($0.59 per diluted share) and Adjusted EBITDA of $52,384 thousand, with TCE of $20,414 per day.
GAAP net income attributable to Pangaea rose from $12,208 thousand to $38,261 thousand, Adjusted EBITDA rose 81.3% to $52,384 thousand, the Adjusted EBITDA margin reached 23.9% against 17.1%, TCE rates rose 31% year over year, and the company reports net debt at 1.4x trailing twelve-month Adjusted EBITDA. The release provides no guidance and no prior-period outlook to test against.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, net (Q3 2026)GAAP | $219.1M | – | – |
| Voyage revenue (Q3 2026)GAAP | $193.1M | – | – |
| Charter revenue (Q3 2026)GAAP | $18.81M | – | – |
| Port terminal and stevedore revenue (Q3 2026)GAAP | $7.10M | – | 73% |
| Voyage expenses (Q3 2026)GAAP | $77.29M | – | – |
| Charter hire expenses (Q3 2026)GAAP | $50.72M | – | – |
| Vessel operating expenses (Q3 2026)GAAP | $22.61M | – | – |
| Terminal and stevedore expenses (Q3 2026)GAAP | $5.29M | – | – |
| General and administrative expenses (Q3 2026)GAAP | $7.63M | – | – |
| Depreciation and amortization (Q3 2026)GAAP | $11.91M | – | – |
| Loss (gain) on vessel and equipment sold (Q3 2026)GAAP | nil (shown as a dash) | – | – |
| Total operating expenses (Q3 2026)GAAP | $175.5M | – | – |
| Income from operations (Q3 2026)GAAP | $43.60M | – | – |
| Interest expense (Q3 2026)GAAP | −$5.30M | – | – |
| Interest income (Q3 2026)GAAP | $884K | – | – |
| Total other expense, net (Q3 2026)GAAP | −$4.05M | – | – |
| Net income (Q3 2026)GAAP | $39.55M | – | – |
| Net income attributable to Pangaea Logistics Solutions Ltd. (Q3 2026)GAAP | $38.26M | – | – |
| Diluted net income per share (Q3 2026)GAAP | $0.59 | – | – |
| Basic net income per share (Q3 2026)GAAP | $0.59 | – | – |
| Adjusted net income attributable to Pangaea Logistics Solutions Ltd. (Q3 2026)non-GAAP | $33.65M | – | – |
| Adjusted EPS, diluted (Q3 2026)non-GAAP | $0.52 | – | – |
| Adjusted EPS, basic (Q3 2026)non-GAAP | $0.52 | – | – |
| Adjusted EBITDA (Q3 2026)non-GAAP | $52.38M | – | 81.3% |
| Adjusted EBITDA margin (Q3 2026)non-GAAP | 23.9% | – | – |
| Net Transportation and Service Revenue Gross Profit (Q3 2026)other | $51.27M | – | – |
| Adjusted gross profit (Q3 2026)non-GAAP | $63.15M | – | – |
| Operating cash flow (Q3 2026)GAAP | $57.2M | – | – |
| Time charter equivalent rate earned by Pangaea (Q3 2026)other | $20,414 per day | – | 31% |
| Total shipping days (Q3 2026)other | 6,339 days | – | 8% |
| Pangaea TCE premium to average Baltic Panamax, Supramax and Handysize indices (Q3 2026)other | 13% | – | – |
| Ratio of net debt to trailing twelve-month Adjusted EBITDA (as of Sept 30, 2026)other | 1.4x | – | – |
| Total revenues, net (nine months ended Sept 30, 2026)GAAP | $576.8M | – | – |
| Voyage revenue (nine months ended Sept 30, 2026)GAAP | $516.8M | – | – |
| Charter revenue (nine months ended Sept 30, 2026)GAAP | $42.73M | – | – |
| Port terminal and stevedore revenue (nine months ended Sept 30, 2026)GAAP | $17.19M | – | – |
| Voyage expenses (nine months ended Sept 30, 2026)GAAP | $229.9M | – | – |
| Charter hire expenses (nine months ended Sept 30, 2026)GAAP | $129.0M | – | – |
| Vessel operating expenses (nine months ended Sept 30, 2026)GAAP | $66.43M | – | – |
| Terminal and stevedore expenses (nine months ended Sept 30, 2026)GAAP | $12.62M | – | – |
| General and administrative expenses (nine months ended Sept 30, 2026)GAAP | $26.62M | – | – |
| Depreciation and amortization (nine months ended Sept 30, 2026)GAAP | $36.22M | – | – |
| Loss (gain) on vessel and equipment sold (nine months ended Sept 30, 2026)GAAP | $358K | – | – |
| Total operating expenses (nine months ended Sept 30, 2026)GAAP | $501.2M | – | – |
| Income from operations (nine months ended Sept 30, 2026)GAAP | $75.55M | – | – |
| Interest expense (nine months ended Sept 30, 2026)GAAP | −$16.97M | – | – |
| Interest income (nine months ended Sept 30, 2026)GAAP | $4.00M | – | – |
| Net income (nine months ended Sept 30, 2026)GAAP | $63.70M | – | – |
| Net income attributable to Pangaea Logistics Solutions Ltd. (nine months ended Sept 30, 2026)GAAP | $61.76M | – | – |
| Diluted net income per share (nine months ended Sept 30, 2026)GAAP | $0.95 | – | – |
| Basic net income per share (nine months ended Sept 30, 2026)GAAP | $0.96 | – | – |
| Adjusted net income attributable to Pangaea Logistics Solutions Ltd. (nine months ended Sept 30, 2026)non-GAAP | $57.59M | – | – |
| Adjusted EPS, diluted (nine months ended Sept 30, 2026)non-GAAP | $0.89 | – | – |
| Adjusted EBITDA (nine months ended Sept 30, 2026)non-GAAP | $112.6M | – | – |
| Adjusted gross profit (nine months ended Sept 30, 2026)non-GAAP | $138.8M | – | – |
| Net cash provided by operating activities (nine months ended Sept 30, 2026)GAAP | $83.14M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Voyage revenueReported as a line in the statement of operations. The release attributes the TCE increase to Arctic ice-class seasonality and a strengthening dry bulk market, and cites a 13% premium to benchmark indices supported by COAs, a specialized fleet and a cargo-focused strategy. | $193,141 thousand (Q3 2026); prior year $155,271 thousand | – | – |
| Charter revenueReported as a line in the statement of operations. The release states an average of 31 chartered-in vessels supplemented the owned fleet of 38 vessels to fulfill cargo and COA commitments. | $18,814 thousand (Q3 2026); prior year $9,298 thousand | – | – |
| Port terminal and stevedore revenueThe CEO states the increase reflects the full contribution of port operations that commenced over the past year. The release notes the first full quarter of terminal operations in the port of Tampa Bay, Florida. | $7,102 thousand (Q3 2026); prior year $4,101 thousand | – | 73% |
Capital returns
- Declared a quarterly cash dividend of $0.10 per common share, payable on December 15, 2026, to shareholders of record as of the close of business on December 1, 2026.
- Cash dividends paid in Q3 2026 were $6.4 million.
- Cash dividends paid for the nine months ended Sept 30, 2026 were $(13,561) thousand, against $(13,126) thousand for the nine months ended Sept 30, 2025.
- Payments to repurchase ordinary shares were nil (shown as a dash) for the nine months ended Sept 30, 2026, against $(1,991) thousand for the nine months ended Sept 30, 2025.
- The CEO states the company intends to sustain a consistent return of capital to shareholders.
What drove it
- The CEO states that Arctic ice-class seasonality, reinforced by a strengthening dry bulk market, drove a significant increase in TCE rates and profitability.
- The company states that TCE rates earned were $20,414 per day, up 31% year over year, against $15,559 per day, and exceeded the benchmark indices by 13%.
- Total shipping days increased 8% to 6,339 days, which the release says include both voyage and time charter days.
- The CEO attributes the 65% increase in dry bulk tons discharged across the network to the full contribution of port operations that commenced over the past year.
- Port terminal and stevedore revenue rose 73% year over year, per the CEO.
- Quarter-to-date (October), the company reports 5,040 shipping days at an average TCE of $21,423 per day, with late-season Arctic voyages continuing to contribute.
Concerns
- Charter hire expenses rose from $33,882 thousand to $50,717 thousand in Q3, while charter revenue rose from $9,298 thousand to $18,814 thousand. The release reports both lines without comment on their relationship.
- Voyage expenses rose from $73,208 thousand to $77,292 thousand in Q3, against voyage revenue of $193,141 thousand (prior year $155,271 thousand).
- Vessel operating expenses for the nine months were $66,432 thousand, against $67,289 thousand in the prior year period, while Q3 vessel operating expenses rose to $22,607 thousand from $21,736 thousand.
- Current portion of financing obligations rose to $35,775 thousand from $27,896 thousand at Dec 31, 2025, and the current portion of secured long-term debt rose to $37,758 thousand from $16,910 thousand.
- Interest income was $884 thousand in Q3, while interest expense was $(5,297) thousand. The filing does not state the net interest cost after the refinancing.
What to watch
- The Q4 2026 contribution from late-season Arctic voyages, which the release says continued in October.
- The reported October TCE of $21,423 per day against the Q3 average of $20,414 per day.
- Terms of the refinanced $134 million of debt, which the filing describes only as at a meaningfully lower margin.
- Whether charter hire expenses continue to grow faster than charter revenue as chartered-in vessels support COA commitments.
- The fleet renewal program, which the CEO describes as the next step after the refinancing.
- Net debt to trailing twelve-month Adjusted EBITDA, reported at 1.4x for Sept 30, 2026.
Balance sheet and cash flow
- Unrestricted cash and cash equivalents were $144.9 million at Sept 30, 2026 ($144,924 thousand on the balance sheet), against $103,054 thousand at Dec 31, 2025.
- Total debt, including finance lease obligations, was $340.9 million at Sept 30, 2026.
- Payments in Q3 2026 were $4.3 million on long-term debt, $7.0 million on financing obligations and $0.3 million on finance lease liabilities.
- Total assets were $995,995 thousand at Sept 30, 2026, against $928,096 thousand at Dec 31, 2025.
- Total stockholders' equity was $528,333 thousand at Sept 30, 2026, against $474,736 thousand at Dec 31, 2025.
- Inventories rose to $58,687 thousand at Sept 30, 2026 from $28,389 thousand at Dec 31, 2025, and deferred revenue rose to $38,132 thousand from $24,891 thousand.
- Secured long-term debt, net (noncurrent) fell to $64,838 thousand from $97,157 thousand at Dec 31, 2025, and the current portion of secured long-term debt rose to $37,758 thousand from $16,910 thousand.
- Capital expenditures included in accounts payable and accrued expenses were $4,404 thousand for the nine months ended Sept 30, 2026.
- Shortly after quarter end the company refinanced $134 million of debt at a meaningfully lower margin, as stated by the CEO. The filing does not give the new terms.
Analysis
Pangaea reported Q3 2026 GAAP net income attributable to Pangaea of $38,261 thousand, or $0.59 per diluted share, against $12,208 thousand, or $0.19, in Q3 2025. Income from operations rose to $43,601 thousand from $16,922 thousand. Total revenues, net were $219,057 thousand against $168,670 thousand. The release does not print a year-over-year percentage for total revenue. Non-GAAP adjusted net income was $33,645 thousand, or $0.52 per diluted share, and Adjusted EBITDA was $52,384 thousand, with a margin of 23.9% against 17.1%. The release gives Adjusted EBITDA growth as 81.3%.
The company attributes the quarter's TCE strength to Arctic ice-class seasonality and a strengthening dry bulk market. TCE earned was $20,414 per day, up 31% from $15,559 per day, and 13% above the benchmark indices. Total shipping days rose 8% to 6,339. Voyage revenue was $193,141 thousand, against $155,271 thousand, and charter revenue was $18,814 thousand, against $9,298 thousand. Charter hire expenses rose to $50,717 thousand from $33,882 thousand over the same period. The release reports the average of 31 chartered-in vessels alongside the owned fleet of 38 vessels, which is the company's stated context for those costs.
The port and terminal business is the second quantified driver. Port terminal and stevedore revenue was $7,102 thousand, up 73% from $4,101 thousand, and terminal and stevedore expenses were $5,293 thousand, against $3,134 thousand. The CEO links the 65% rise in dry bulk tons discharged to the full contribution of port operations that commenced over the past year. Q3 2026 was the first full quarter of terminal operations at Tampa Bay, Florida.
Cash generation and the balance sheet improved over the nine months. Net cash provided by operating activities was $83,141 thousand, against $38,601 thousand. Unrestricted cash was $144,924 thousand at Sept 30, 2026, against $103,054 thousand at Dec 31, 2025. Total debt including finance lease obligations was $340.9 million, and net debt was 1.4x trailing twelve-month Adjusted EBITDA. The company paid $6.4 million in cash dividends in Q3 and declared a $0.10 quarterly dividend. Shortly after quarter end it refinanced $134 million of debt at a meaningfully lower margin, but the release does not give the new terms.
The release contains no guidance, no prior-period outlook and no quarter-on-quarter comparison. Several prior-period and sequential figures are not printed for the line items, so those fields are left null. Management's most specific forward statement is the quarter-to-date figure of 5,040 shipping days at an average TCE of $21,423 per day in October.
Management, verbatim
The third quarter represents our strongest period for Arctic ice-class activity, and this year that seasonal strength was reinforced by a strengthening dry bulk market,
Mads Boye Petersen, President and Chief Executive Officer
Terminal and stevedore revenue increased 73% year-over-year, and dry bulk tons discharged across our network increased 65%, reflecting the full contribution of the port operations that have commenced over the past year,
Mads Boye Petersen, President and Chief Executive Officer
Shortly after quarter end, we refinanced $134 million of debt at a meaningfully lower margin, continuing our focus on reducing our cost of capital, maintaining a well-capitalized balance sheet and simplifying our capital structure.
Mads Boye Petersen, President and Chief Executive Officer
Not in the filing
stated, not guessed- No forward guidance for revenue, margins, tax rate or operating expenses is given in the release, so guidance is null and vs_prior_guidance is empty.
- No prior-quarter (Q2 2026) figures are printed for the income statement, so qoq_change and prior_quarter are null for all line items.
- The release does not print year-over-year percentage changes for total revenue, voyage revenue, charter revenue, operating expenses, net income or EPS.
- No prior-year figure is printed for Q3 2026 operating cash flow, total debt, total assets, total equity or unrestricted cash as of Sept 30, 2025 other than the nine-month reconciliation cash balance.
- No prior-year figure is printed for total shipping days or the 13% benchmark premium.
- Free cash flow, net debt in dollars and the terms of the $134 million refinancing are not given.
- Share price reaction and analyst consensus are not in the documents.
- Fleet count changes and vessel sale or purchase details beyond the statement lines are not given.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.