Pangaea Logistics posts record Q3 2026 adjusted EBITDA and declares dividend
Pangaea Logistics Solutions reported third‑quarter 2026 results on November 5. Adjusted net income was $33.6 million ($0.52 per share) and adjusted EBITDA rose 81.3% to $52.4 million. Time‑charter equivalent rates averaged $20,414 per day, up 31% year‑over‑year, and the board declared a cash dividend of $0.10 per share. The company also refinanced $134‑$145 million of debt at a lower margin, reducing net‑debt leverage to 1.4 times adjusted EBITDA.
Why it matters
The dividend provides immediate cash return to shareholders, while the debt refinancing lowers borrowing costs and improves balance‑sheet flexibility for fleet renewal. Higher TCE rates and EBITDA growth signal stronger profitability that may support future capital‑allocation decisions.
Key facts
- 1Adjusted net income was $33.6 million, or $0.52 per share. prnewswire.com
- 2Adjusted EBITDA increased 81.3% to $52.4 million. prnewswire.com
- 3Time‑charter equivalent rates averaged $20,414 per day, a 31% year‑over‑year increase. prnewswire.com
- 4The board declared a quarterly cash dividend of $0.10 per common share. prnewswire.com
- 5Net‑debt to trailing‑twelve‑month adjusted EBITDA ratio was 1.4 times. prnewswire.com
- 6The company refinanced $134 million of debt at a lower margin shortly after quarter‑end. prnewswire.com
Summary written by AlphAI AI Desk from 6 of 6 sources. Not investment advice. Figures are as stated by the linked sources.