Overview
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- TickerPANL on Nasdaq2
- IndustryDeep Sea Foreign Transportation of Freight2
- HeadquartersHamilton, Bermuda2
- Incorporated inBermuda3
- Business address109 Long Wharf, Newport, Ri 028403
- Filer categoryAccelerated filer, Smaller reporting company3
- Legal formLimited2
- LEI529900ME30ZCKCKBAE352
- StatusActive2
- LEI statusIssued and current2
- Registered addressc/-CONSOLIDATED SERVICES LIMITED, Par La Ville Place, 14 Par La Ville Road, HM 08 Hamilton, Bermuda2
- Registered withRegistrar of Companies (Ministry of Economic Development), 490202
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Pangaea Logistics Solutions Ltd. and its subsidiaries collectively, Pangaea or the Company, provide seaborne drybulk logistics and transportation services as well as terminal and stevedoring services. Pangaea utilizes its logistics expertise to service a broad base of industrial customers who require the transportation of a wide variety of drybulk cargoes, including grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The Company addresses the logistics needs of its customers by undertaking a comprehensive set of services and activities, including cargo loading, cargo discharge, port and terminal operations, vessel chartering, voyage planning, and vessel technical management.5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
6.5%Operating margin6
3.1%Net margin6
17.8%Revenue growth, 20256
4.5%Return on equity6
0.23×Debt to equity6
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Voyage brought in 91% of the revenue Pangaea Logistics Solutions Ltd. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| Voyage | $494.1M | $577.5M |
| Charter | $30.3M | $39.3M |
| Terminal & Stevedore Revenue | $12.1M | $15.2M |
Regions
Other brought in 35% of the revenue Pangaea Logistics Solutions Ltd. broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| Other | $175.2M | $222.8M |
| United States | $169.4M | $177.7M |
| CA [member] | $72.8M | $65.0M |
| Country_Germany | $44.1M | $59.4M |
| Country_Singapore | $39.4M | $59.2M |
| United Kingdoms | $35.5M | $48.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs97¢$612.3M
- Income tax0¢$366.0K
- Profit3¢$19.4M
Out of $632.0M in revenue.6
Where each dollar of operating cash went, fiscal 2025
- Dividends paid30¢$16.3M
- Kept or used elsewhere70¢$37.4M
Out of $53.7M of cash from operations.6
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenues | $632.0M | $536.5M |
| Voyage expense | $283.7M | $237.5M |
| Charter hire expense | $129.7M | $130.8M |
| Terminal & stevedore expenses | $12.2M | $9.3M |
| Vessel operating expenses (1) | $94.9M | $55.5M |
| General and administrative | $31.1M | $24.6M |
| Depreciation and amortization | $42.5M | $30.4M |
| Gain on sale of vessels | -$3.0M | $0 |
| Total operating expenses | $591.1M | $488.1M |
| Income from operations | $40.9M | $48.4M |
| Interest expense | -$24.0M | -$17.1M |
| Interest income | $1.6M | $3.0M |
| Income attributable to Non-controlling interest recorded as long-term liability interest expense | $0 | -$3.1M |
| Unrealized loss on derivative instruments | -$1.4M | -$953.0K |
| Other income | $3.0M | $1.4M |
| Total other expense, net | -$20.8M | -$16.7M |
| Net income | $20.2M | $31.8M |
| Income attributable to noncontrolling interests | -$798.0K | -$2.9M |
| Net income attributable to Pangaea Logistics Solutions Ltd. | $19.4M | $28.9M |
| Basic (in dollars per share) | $0.30 | $0.64 |
| Diluted (in dollars per share) | $0.30 | $0.63 |
| Basic (in shares) | 63.8M shares | 45.4M shares |
| Diluted (in shares) | 64.7M shares | 46.0M shares |
| Technical management fees | $2.2M | $12.0K |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $103.1M | $86.8M | |
| Accounts receivable (net of allowance of $6,017 and $5,493 at December 31, 2025 and 2024, respectively) | $55.9M | $42.4M | |
| Inventories | $28.4M | $32.8M | |
| Advance hire, prepaid expenses and other current assets | $28.5M | $30.0M | |
| Total current assets | $215.8M | $192.0M | |
| Restricted cash | $270.0K | $0 | |
| Fixed assets, at cost, net of accumulated depreciation of $179,988 and $151,952, at December 31, 2025 and 2024, respectively | $677.5M | $707.8M | |
| Vessels under finance lease | $26.9M | $28.8M | |
| Goodwill | $3.1M | $3.1M | |
| Other Assets, Noncurrent | $4.6M | $4.8M | |
| Total assets | $928.1M | $936.5M | |
| Accounts payable, accrued expenses and other current liabilities | $54.3M | $46.6M | |
| Deferred revenue | $24.9M | $15.4M | |
| Current portion of long-term debt | $16.9M | $16.6M | |
| Current portion of financing obligations | $27.9M | $25.3M | |
| Current portion of finance lease liabilities | $2.1M | $2.8M | |
| Dividends payable | $1.2M | $1.2M | |
| Total current liabilities | $128.0M | $109.1M | |
| Secured long-term debt, net | $97.2M | $112.7M | |
| Financing Obligations, net | $219.8M | $229.5M | |
| Finance lease liabilities, net | $8.4M | $10.4M | |
| Common stock, $0.0001 par value, 100,000,000 shares authorized, 64,973,988 and 64,961,433 shares issued and outstanding at December 31, 2025 and 2024, respectively | $7.0K | $6.0K | |
| Additional paid-in capital | $257.1M | $258.7M | |
| Retained Earnings | $172.3M | $169.2M | |
| Total Pangaea Logistics Solutions Ltd. equity | $429.3M | $427.8M | |
| Non-controlling interests | $45.4M | $46.8M | |
| Total stockholders' equity | $474.7M | $474.7M | $370.2M |
| Total liabilities and stockholders' equity | $928.1M | $936.5M | |
| Allowance for doubtful accounts receivable | $6.0M | $5.5M | |
| Fixed assets, accumulated depreciation | $180.0M | $152.0M | |
| Finance lease right of use assets, accumulated amortization | $12.7M | $10.7M | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Shares authorized (in shares) | 100.0M shares | 100.0M shares | |
| Common stock, shares issued (in shares) | 65.0M shares | 65.0M shares | |
| Common stock, shares outstanding (in shares) | 65.0M shares | 65.0M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $103.1M | $86.8M | |
| Accounts receivable (net of allowance of $6,017 and $5,493 at December 31, 2025 and 2024, respectively) | $55.9M | $42.4M | |
| Inventories | $28.4M | $32.8M | |
| Advance hire, prepaid expenses and other current assets | $28.5M | $30.0M | |
| Total current assets | $215.8M | $192.0M | |
| Restricted cash | $270.0K | $0 | |
| Fixed assets, at cost, net of accumulated depreciation of $179,988 and $151,952, at December 31, 2025 and 2024, respectively | $677.5M | $707.8M | |
| Vessels under finance lease | $26.9M | $28.8M | |
| Goodwill | $3.1M | $3.1M | |
| Other Assets, Noncurrent | $4.6M | $4.8M | |
| Total assets | $928.1M | $936.5M | |
| Accounts payable, accrued expenses and other current liabilities | $54.3M | $46.6M | |
| Deferred revenue | $24.9M | $15.4M | |
| Current portion of long-term debt | $16.9M | $16.6M | |
| Current portion of financing obligations | $27.9M | $25.3M | |
| Current portion of finance lease liabilities | $2.1M | $2.8M | |
| Dividends payable | $1.2M | $1.2M | |
| Total current liabilities | $128.0M | $109.1M | |
| Secured long-term debt, net | $97.2M | $112.7M | |
| Financing Obligations, net | $219.8M | $229.5M | |
| Finance lease liabilities, net | $8.4M | $10.4M | |
| Common stock, $0.0001 par value, 100,000,000 shares authorized, 64,973,988 and 64,961,433 shares issued and outstanding at December 31, 2025 and 2024, respectively | $7.0K | $6.0K | |
| Additional paid-in capital | $257.1M | $258.7M | |
| Retained Earnings | $172.3M | $169.2M | |
| Total Pangaea Logistics Solutions Ltd. equity | $429.3M | $427.8M | |
| Non-controlling interests | $45.4M | $46.8M | |
| Total stockholders' equity | $474.7M | $474.7M | $370.2M |
| Total liabilities and stockholders' equity | $928.1M | $936.5M | |
| Allowance for doubtful accounts receivable | $6.0M | $5.5M | |
| Fixed assets, accumulated depreciation | $180.0M | $152.0M | |
| Finance lease right of use assets, accumulated amortization | $12.7M | $10.7M | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Shares authorized (in shares) | 100.0M shares | 100.0M shares | |
| Common stock, shares issued (in shares) | 65.0M shares | 65.0M shares | |
| Common stock, shares outstanding (in shares) | 65.0M shares | 65.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net income | $20.2M | $31.8M |
| Depreciation and amortization expense | $42.5M | $30.4M |
| Amortization of deferred financing costs | $1.2M | $1.0M |
| Amortization of prepaid rent | $118.0K | $122.0K |
| Unrealized loss on derivative instruments | $1.4M | $953.0K |
| Income from equity method investee | -$3.0M | -$1.7M |
| Earnings attributable to non-controlling interest recorded as interest expense | $0 | $3.1M |
| Provision for doubtful accounts | $1.5M | $1.8M |
| Gain on sales of vessels | -$3.0M | $0 |
| Drydocking costs | -$17.4M | -$6.2M |
| Share-based compensation | $4.1M | $2.8M |
| Accounts receivable | -$15.0M | $3.7M |
| Inventories | $4.5M | -$11.0M |
| Advance hire, prepaid expenses and other current assets | -$194.0K | -$2.7M |
| Accounts payable, accrued expenses, other current liabilities and related party payable | $7.5M | $11.8M |
| Deferred revenue | $9.4M | -$182.0K |
| Net cash provided by operating activities | $53.7M | $65.7M |
| Purchase of vessels and vessel improvements | -$2.2M | -$69.3M |
| Net proceeds from sale of vessels | $17.2M | $0 |
| Acquisition of non-controlling interest | -$2.7M | $0 |
| Purchase of equipment and internal use software | -$4.3M | -$167.0K |
| Contribution Payments To Acquire Non-Controlling Interest | -$733.0K | -$172.0K |
| Dividends received from equity method investments | $4.1M | $1.9M |
| Net cash provided by (used in) investing activities | $11.4M | -$67.7M |
| Proceeds from long-term debt | $705.0K | $64.2M |
| Payments of financing and issuance costs | -$45.0K | -$2.0M |
| Payments of long-term debt | -$16.6M | -$33.1M |
| Proceeds from financing obligations | $18.0M | $25.0M |
| Payments on financing obligations | -$26.1M | -$19.2M |
| Repayments of Other Long-term Debt | -$2.8M | -$3.0M |
| Dividends paid to non-controlling interests | -$2.5M | -$2.3M |
| Common stock accrued dividends paid | -$16.3M | -$18.7M |
| Payments to non-controlling interest recorded as long-term liability | $0 | -$21.0M |
| Net cash used in financing activities | -$48.6M | -$10.2M |
| Net increase (decrease) in cash and cash equivalents | $16.5M | -$12.2M |
| Cash paid for interest | $24.3M | $18.0M |
| Acquisition of Strategic Shipping Inc. through issuance of 18,059,342 shares of common stock, with a value of $91,019 as non-cash consideration. | $0 | $91.0M |
| Fair value of loans and lease liabilities (ASC 842) assumed | $0 | $100.0M |
| Payment, Tax Withholding, Share-Based Payment Arrangement | $3.0M | $0 |
No quarter-by-quarter statement was filed.
Compare Pangaea Logistics Solutions Ltd. with another company
Corporate structure
Pangaea Logistics Solutions Ltd. sits at the top of its group. 68 entities, 8 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Pangaea Logistics Solutions Ltd.
- Maureen Maze Filed SCHEDULE 13G/A on Pangaea Logistics Solutions Ltd., latest May 28, 2026 (2 filings since Dec 7, 2023)
- Strategic Shipping Inc. Filed SCHEDULE 13D/A on Pangaea Logistics Solutions Ltd., latest Dec 18, 2025 (4 filings since Jan 6, 2025)
- BlackRock Filed SCHEDULE 13G/A on Pangaea Logistics Solutions Ltd., latest Feb 5, 2025 (5 filings since Feb 2, 2024)
- Carl Claus Boggild Filed SCHEDULE 13D/A on Pangaea Logistics Solutions Ltd., latest Jan 14, 2025
- VR Advisory Services Ltd Filed SC 13G/A on Pangaea Logistics Solutions Ltd., latest Feb 13, 2024 (3 filings since Feb 14, 2022)
- WELLINGTON TRUST Co N A Filed SC 13G/A on Pangaea Logistics Solutions Ltd., latest Feb 8, 2024 (3 filings since Feb 4, 2022)
- Wellington Management Company Filed SC 13G/A on Pangaea Logistics Solutions Ltd., latest Feb 8, 2024 (3 filings since Feb 4, 2022)
- Wellington Trust Company, National Association Multiple Common Trust Funds Trust, Micro Cap Equity Portfolio Filed SC 13G/A on Pangaea Logistics Solutions Ltd., latest Feb 8, 2024 (4 filings since Oct 25, 2021)
- SwissMarine Pte. Ltd. Filed SC 13G/A on Pangaea Logistics Solutions Ltd., latest Jan 9, 2024 (2 filings since Oct 6, 2023)
- Pangaea Logistics Solutions Ltd. Hamilton, Bermuda
- 109 Long Wharf LLC (“Long Wharf”) Subsidiary · Delaware, United States
- Allseas Logistics Bermuda Ltd. Subsidiary · Bermuda
- Americas Bulk Transport (BVI) Limited Subsidiary · British Virgin Islands
- Bay Stevedoring LLC Subsidiary · Delaware, United States
- Bulk Brenton (MI) Corp. (“Bulk Brenton") Subsidiary · Marshall Islands
- Bulk Courageous Corp. ("Bulk Courageous") Subsidiary · Marshall Islands
- Bulk Endurance (MI) Corp. (“Bulk Endurance") Subsidiary · Marshall Islands
- Bulk Freedom Corp. ("Bulk Freedom") Subsidiary · Marshall Islands
- Bulk Friendship Corp. ("Bulk Friendship") Subsidiary · Marshall Islands
- Bulk Independence Corp. ("Bulk Independence") Subsidiary · Marshall Islands
- Bulk Nordic Eight LLC (“Eight”) Subsidiary · Marshall Islands
- Bulk Nordic Five Ltd. (“Five”) Subsidiary · Bermuda
- Bulk Nordic Nine LLC (“Nine”) Subsidiary · Marshall Islands
- Bulk Nordic Oasis (MI) Corp.. (“Bulk Oasis”) Subsidiary · Marshall Islands
- Bulk Nordic Odin (MI) Corp. (“Bulk Odin”) Subsidiary · Marshall Islands
- Bulk Nordic Odyssey Corp. (MI) ("Bulk Odyssey") Subsidiary · Marshall Islands
- Bulk Nordic Olympic (MI) Corp. (“Bulk Olympic”) Subsidiary · Marshall Islands
- Bulk Nordic Orion Corp. (MI) ("Bulk Orion") Subsidiary · Marshall Islands
- Bulk Nordic Oshima (MI) Corp. (“Bulk Oshima”) Subsidiary · Marshall Islands
- Bulk Nordic Seven LLC (“Seven”) Subsidiary · Marshall Islands
- Bulk Nordic Six Ltd. (“Six”) Subsidiary · Bermuda
- Bulk Nordic Ten LLC (“Ten”) Subsidiary · Marshall Islands
- Bulk Ocean Shipping Company (Bermuda) Ltd. Subsidiary · Bermuda
- Bulk Patience (MI) Corp. (“Bulk Patience") Subsidiary · Marshall Islands
- Bulk Phoenix Ltd. ("Bulk Newport") Subsidiary · Bermuda
- and 42 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Pangaea Logistics Solutions Ltd. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Accumulated depreciation | $180.0M6 Dec 31, 2025 | $152.0M6 Dec 31, 2024 | +18.5% |
| Property and equipment, net | $677.5M6 Dec 31, 2025 | $707.8M6 Dec 31, 2024 | −4.3% |
| Finance-lease assets | $26.9M6 Dec 31, 2025 | $28.8M6 Dec 31, 2024 | −6.6% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $103.1M6 Dec 31, 2025 | $86.8M6 Dec 31, 2024 | +18.7% |
| Stakes in other companies (equity method) | $2.6M6 Dec 31, 2025 | $2.4M6 Dec 31, 2024 | +6.5% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $3.1M6 Dec 31, 2025 | $3.1M6 Dec 31, 2024 | 0% |
| Intangible assets, net (excluding goodwill) | $1.7M6 Dec 31, 2025 | $1.2M11 Dec 31, 2024 | +34.8% |
Inventory
Properties, in its own words
Phoenix Bulk Carriers (US) LLC, the administrative agent for the Company, maintains office space at 109 Long Wharf, Newport, Rhode Island 02840. The building is owned by 109 Long Wharf LLC (“Long Wharf”), a wholly-owned subsidiary of the Company since September 1, 2014. The property at 109 Long Wharf is owned free of any encumbrances. The Company leases office space in Copenhagen, Athens, Singapore, Port Everglades, FL, and Southport, CT.
Item 2 of the 10-K filed Mar 16, 2026.5
Leadership
Who has led Pangaea Logistics Solutions Ltd., and when. Pick a name to see everywhere that person has worked.
President
Chief financial officer
Chief operating officer
201520202025
- Chief executive officerMads Rosenber Boye Petersen Mar 18, 2026 to now15
- Chief executive officerMark L. Filanowski Dec 13, 2021 to Mar 18, 202616
- Chief executive officerEdward Coll Oct 14, 2014 to Feb 20, 201817
- PresidentCarl Claus Boggild Oct 14, 2014 to Oct 14, 201418
- Chief financial officerGianni Delsignore Jun 20, 2017 to now19
- Chief operating officerMads Rosenber Boye Petersen Dec 14, 2022 to now20
- Chief operating officerMark L. Filanowski Apr 18, 2017 to Dec 29, 202021
Board members and other officers (17)
- Chief Strategic OfficerDaniel Schildt Jan 31, 2025 to now22
- OfficerAnthony Laura Oct 14, 2014 to Oct 14, 201423
- Board memberPaul M. Leand Jr. Feb 18, 2026 to now24
- Board memberChristina Tan Jan 24, 2025 to now25
- Board memberGary Vogel Jan 24, 2025 to now26
- Board memberEugene I. Davis Dec 22, 2025 to now27
- Board memberKaren H. Beachy Apr 18, 2022 to now28
- Board memberNam Trinh Feb 21, 2018 to Sep 23, 201929
- Board memberAnthony Laura Jun 19, 2017 to now30
- Board memberMoulin Richard T. Du Jan 5, 2015 to now31
- Board memberMark L. Filanowski Jan 6, 2015 to now32
- Board memberPaul Hong Jan 6, 2015 to Aug 31, 201533
- Board memberCarl Claus Boggild Oct 14, 2014 to now18
- Board memberDavid Sgro Oct 14, 2014 to now34
- Board memberEdward Coll Oct 14, 2014 to Feb 20, 201817
- Board memberEric Rosenfeld Oct 14, 2014 to now35
- Board memberPeter Yu Oct 14, 2014 to Feb 21, 201836
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- 109 Long Wharf LLC (“Long Wharf”) Delaware4
- Allseas Logistics Bermuda Ltd. Bermuda4
- Americas Bulk Transport (BVI) Limited British Virgin Islands4
- Bay Stevedoring LLC Delaware4
- Bulk Brenton (MI) Corp. (“Bulk Brenton") Marshall Islands4
- Bulk Courageous Corp. ("Bulk Courageous") Marshall Islands4
- Bulk Endurance (MI) Corp. (“Bulk Endurance") Marshall Islands4
- Bulk Freedom Corp. ("Bulk Freedom") Marshall Islands4
- Bulk Friendship Corp. ("Bulk Friendship") Marshall Islands4
- Bulk Independence Corp. ("Bulk Independence") Marshall Islands4
- Bulk Nordic Eight LLC (“Eight”) Marshall Islands4
- Bulk Nordic Five Ltd. (“Five”) Bermuda4
- Bulk Nordic Nine LLC (“Nine”) Marshall Islands4
- Bulk Nordic Oasis (MI) Corp.. (“Bulk Oasis”) Marshall Islands4
- Bulk Nordic Odin (MI) Corp. (“Bulk Odin”) Marshall Islands4
- Bulk Nordic Odyssey Corp. (MI) ("Bulk Odyssey") Marshall Islands4
- Bulk Nordic Olympic (MI) Corp. (“Bulk Olympic”) Marshall Islands4
- Bulk Nordic Orion Corp. (MI) ("Bulk Orion") Marshall Islands4
- Bulk Nordic Oshima (MI) Corp. (“Bulk Oshima”) Marshall Islands4
- Bulk Nordic Seven LLC (“Seven”) Marshall Islands4
- Bulk Nordic Six Ltd. (“Six”) Bermuda4
- Bulk Nordic Ten LLC (“Ten”) Marshall Islands4
- Bulk Ocean Shipping Company (Bermuda) Ltd. Bermuda4
- Bulk PODS Ltd. ("Bulk PODS") Marshall Islands4
All 73 listed subsidiaries
- Bulk Patience (MI) Corp. (“Bulk Patience") Marshall Islands4
- Bulk Phoenix Ltd. ("Bulk Newport") Bermuda4
- Bulk Pride Corp. ("Bulk Pride") Marshall Islands4
- Bulk Promise Corp. ("Bulk Promise") Marshall Islands4
- Bulk Prudence Corp. ("Bulk Prudence") Marshall Islands4
- Bulk Sachuest Corp. ("Bulk Sachuest") Marshall Islands4
- Bulk Spirit Ltd. ("Bulk Spirit") Marshall Islands4
- Bulk Trident Ltd. (“Bulk Trident”) Bermuda4
- Bulk Valor Corp. ("Bulk Valor") Marshall Islands4
- Flintstone Ventures Limited ("FVL") Newfoundland and Labrador4
- Narragansett Bulk Carriers (US) Corp. Rhode Island4
- Nordic Bulk Holding Company Ltd. (“NBHC”) Bermuda4
- Nordic Bulk Partners LLC (“NBP”) Marshall Islands4
- Nordic Bulk Ventures Holding Company Ltd. (“BVH”) Bermuda4
- Pangaea Baltimore LLC Delaware4
- Pangaea Florida LLC Delaware4
- Pangaea Logistics Solutions (BVI) Limited (“Pangaea BVI”) British Virgin Islands4
- Pangaea Logistics Solutions (US) LLC ("PANL US") Delaware4
- Pangaea Logistics Solutions Denmark A/S. ("Pangaea Denmark") Denmark4
- Pangaea Logistics Solutions Singapore Pte. Ltd. Singapore4
- Pangaea Port Everglades LLC Delaware4
- Pangaea Texas LLC Texas4
- Patriot Stevedoring & Logistics, LLC Massachusetts4
- Phoenix Bulk 25 Corp. ("Phoenix Bulk 25") Marshall Islands4
- Phoenix Bulk Carriers (US) LLC Delaware4
- Phoenix Bulk Management Bermuda Limited Bermuda4
- RHI Alliance Pte. Ltd. (“SBC Alliance”) Singapore4
- RHI Fortitude Pte. Ltd. (“SBC Fortitude”) Singapore4
- RHI Savannah Pte. Ltd. (“SBC Savannah”) Singapore4
- RHI Synergy Pte. Ltd. (“SBC Synergy”) Singapore4
- RHI Tenacity Pte. Ltd. (“SBC Tenacity”) Singapore4
- RHI Unity Pte. Ltd. (“SBC Unity”) Singapore4
- Renaissance Holdings LLC Marshall Islands4
- SBC Endeavor LLC ("SBC Endeavor") Marshall Islands4
- SBC Endeavor Pte. Ltd. ("SBC Endeavor") Singapore4
- SBC Entity LLC ("SBC Entity") Marshall Islands4
- SBC Entity Pte. Ltd. ("SBC Entity") Singapore4
- SBC Equity Pte. Ltd. ("SBC Equity") Singapore4
- SBC Explorer LLC ("SBC Explorer") Marshall Islands4
- SBC Explorer Pte. Ltd. ("SBC Explorer") Singapore4
- SBC Resolve LLC ("SBC Resolve") Marshall Islands4
- SBC Resolve Pte. Ltd. ("SBC Resolve") Singapore4
- SBC Spirit LLC ("SBC Spirit") Marshall Islands4
- SBC Spirit Pte. Ltd. ("SBC Spirit") Singapore4
- SBC Venture Pte. Ltd. ("SBC Venture") Singapore4
- SBC Vision LLC ("SBC Vision") Marshall Islands4
- SBC Vision Pte. Ltd. ("SBC Vision") Singapore4
- Seamar Management S.A. Greece4
- Venture Logistics NL Inc. ("VLNL") Canada4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
- Quartet Holdco Ltd.May 1, 2014 to Oct 2, 20143
Timeline
- Aug 10, 20268-K Results of operations37
- Jun 8, 20268-K Executive or director change38
- May 12, 20268-K Shareholder vote39
- May 11, 20268-K Results of operations40
- Mar 18, 2026New chief executive Mads Rosenber Boye Petersen becomes CEO15
- Mar 11, 20268-K Results of operations41
- Feb 17, 20268-K Other events42
- Dec 18, 20258-K Executive or director change; Regulation FD disclosure43
- Nov 28, 20258-K Entered a material agreement; Executive or director change; Regulation FD disclosure44
- Nov 6, 20258-K Results of operations45
- Sep 17, 20258-K Executive or director change46
- Aug 29, 20258-K Change of auditor47
- Aug 7, 20258-K Results of operations48
- Dec 13, 2021New chief executive Mark L. Filanowski becomes CEO16
- Oct 14, 2014New chief executive Edward Coll becomes CEO17
- Apr 29, 2014Founded Pangaea Logistics Solutions Ltd. is founded2
Calendar
Coming up
- Nov 5, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.17 a share, on Nov 6, 2025.49
When it reported results
- Aug 10, 2026Reported quarterly or annual results37
- May 11, 2026Reported quarterly or annual results40
- Mar 11, 2026Reported quarterly or annual results41
- Nov 6, 2025Reported quarterly or annual results45
- Aug 7, 2025Reported quarterly or annual results48
- May 12, 2025Reported quarterly or annual results50
- Mar 13, 2025Reported quarterly or annual results51
- Nov 13, 2024Reported quarterly or annual results52
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
244 filings to the SEC since October 2021: 6 annual reports, 17 quarterly reports, 51 major events, 94 insider forms, 28 large holders, 48 other. The latest 20:
- Aug 10, 202610-Q EDGAR
- Aug 10, 20268-K EDGAR
- Jun 9, 20264 EDGAR
- Jun 8, 20268-K EDGAR
- May 28, 2026SCHEDULE 13G/A EDGAR
- May 27, 20264 EDGAR
- May 15, 2026144 EDGAR
- May 12, 20268-K EDGAR
- May 11, 20268-K EDGAR
- May 11, 202610-Q EDGAR
- Mar 27, 2026DEF 14A EDGAR
- Mar 26, 20264 EDGAR
- Mar 26, 20264 EDGAR
- Mar 26, 20264 EDGAR
- Mar 20, 20264 EDGAR
- Mar 18, 20264 EDGAR
- Mar 17, 2026144 EDGAR
- Mar 17, 2026144 EDGAR
- Mar 16, 202610-K EDGAR
- Mar 11, 20268-K EDGAR
The 244 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
46 open-market trades by officers, directors and large owners since October 2021: 17 buys and 29 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 26, 2026 | ROSENFELD ERICDirector | Sale | 100,000 | $8.37 | $837.0K | Form 4 |
| Mar 19, 2026 | DelSignore GianniChief Financial Officer | Sale | 23,779 | $6.99 | $166.2K | Form 4 |
| Mar 18, 2026 | Petersen Mads Rosenber BoyeChief Executive Officer | Sale | 19,572 | $7.06 | $138.2K | Form 4 |
| Jun 16, 2025 | Strategic Shipping Inc.10% owner | Buy | 39,524 | $4.63 | $183.0K | Form 4 |
| Jun 5, 2025 | Strategic Shipping Inc.10% owner | Buy | 5,918 | $4.49 | $26.6K | Form 4 |
| Jun 3, 2025 | Strategic Shipping Inc.10% owner | Buy | 25,500 | $4.48 | $114.2K | Form 4 |
| Jun 2, 2025 | Strategic Shipping Inc.10% owner | Buy | 50,000 | $4.44 | $222.0K | Form 4 |
| May 30, 2025 | Strategic Shipping Inc.10% owner | Buy | 19,205 | $4.49 | $86.2K | Form 4 |
| May 29, 2025 | Strategic Shipping Inc.10% owner | Buy | 3,620 | $4.49 | $16.3K | Form 4 |
| May 22, 2025 | Beachy Karen HDirector | Sale | 11,000 | $4.54 | $49.9K | Form 4 |
| May 21, 2025 | FILANOWSKI MARK L | Buy | 20,000 | $4.75 | $95.0K | Form 4 |
| May 20, 2025 | Strategic Shipping Inc.10% owner | Buy | 23,547 | $4.43 | $104.3K | Form 4 |
| May 19, 2025 | Strategic Shipping Inc.10% owner | Buy | 17,384 | $4.36 | $75.8K | Form 4 |
| May 16, 2025 | Strategic Shipping Inc.10% owner | Buy | 16,966 | $4.35 | $73.8K | Form 4 |
| May 15, 2025 | Strategic Shipping Inc.10% owner | Buy | 75,000 | $4.29 | $321.8K | Form 4 |
| Apr 11, 2025 | Strategic Shipping Inc.10% owner | Buy | 6,504 | $4.24 | $27.6K | Form 4 |
| Apr 10, 2025 | Strategic Shipping Inc.10% owner | Buy | 75,000 | $4.24 | $318.0K | Form 4 |
| Apr 9, 2025 | Strategic Shipping Inc.10% owner | Buy | 7,807 | $4.10 | $32.0K | Form 4 |
| Apr 8, 2025 | Strategic Shipping Inc.10% owner | Buy | 75,000 | $4.16 | $312.0K | Form 4 |
| Apr 7, 2025 | Strategic Shipping Inc.10% owner | Buy | 50,000 | $4.14 | $207.0K | Form 4 |
All 46 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Maureen MazeSCHEDULE 13G/A, 2 filings Dec 7, 2023 to May 28, 202653
- Strategic Shipping Inc.SCHEDULE 13D/A, 4 filings Jan 6, 2025 to Dec 18, 202554
- BlackRockSCHEDULE 13G/A, 5 filings Feb 2, 2024 to Feb 5, 202555
- Carl Claus BoggildSCHEDULE 13D/A, 1 filing Jan 14, 202556
- VR Advisory Services LtdSC 13G/A, 3 filings Feb 14, 2022 to Feb 13, 202457
- WELLINGTON TRUST Co N ASC 13G/A, 3 filings Feb 4, 2022 to Feb 8, 202458
- Wellington Management CompanySC 13G/A, 3 filings Feb 4, 2022 to Feb 8, 202459
- Wellington Trust Company, National Association Multiple Common Trust Funds Trust, Micro Cap Equity PortfolioSC 13G/A, 4 filings Oct 25, 2021 to Feb 8, 202460
- SwissMarine Pte. Ltd.SC 13G/A, 2 filings Oct 6, 2023 to Jan 9, 202461
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Mark L. Filanowski | $600.0K | $1.2M62 | |
| 2025 | Mads Rosenberg Boye Petersen | 46 | $450.0K | $1.2M62 |
| 2025 | Gianni Del Signore | $370.0K | $878.2K62 | |
| 2024 | Chief Executive Officer | $550.0K | $1.7M62 | |
| 2024 | Chief Operating Officer | $425.0K | $1.1M62 | |
| 2024 | Chief Financial Officer | $350.0K | $952.6K62 |
SEC filer profile
How Pangaea Logistics Solutions Ltd. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARPangaea Logistics Solutions Ltd.1
- CIK0001606909
- Employer ID (EIN)98-12054645
- Filer statusAccelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
- Incorporated inBermuda5
- Fiscal year endsDecember 311
- Industry code (SIC)4412 Deep Sea Foreign Transportation of Freight1
- SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
- Business address109 Long Wharf, Newport, RI 028401
- Phone401-457-95521
- Shares outstanding65,473,772 as of Aug 7, 202613
- Public float$139.7M as of Jun 30, 20255
- AuditorDeloitte & Touche LLP, New York, New York PCAOB ID 34; it also attests to the company’s internal control over financial reporting5
- On EDGAR sinceMay 1, 20141
- Filings626 in all: 4 (245), 8-K (122), 10-Q (36), UPLOAD (23), 3 (22), CORRESP (22), SC 13G/A (15), DEF 14A (13)1
All 43 form types
10-K (12), SC 13D/A (12), 144 (10), 425 (10), SC 13G (10), 4/A (8), EFFECT (8), S-3 (5), S-8 (5), S-4/A (4), SC 13D (4), SCHEDULE 13D/A (4), PRE 14A (3), S-1/A (3), 10-Q/A (2), 3/A (2), 424B3 (2), 5 (2), 8-K/A (2), POS AM (2), PRER14A (2), S-3/A (2), SCHEDULE 13G/A (2), 10-K/A (1), 424B5 (1), 8-A12B (1), AW (1), CERTNAS (1), DEF 14C (1), DEFA14A (1), NT 10-K (1), PRE 14C (1), S-1 (1), S-4 (1), SCHEDULE 13D (1)
- Latest filingsAnnual report (10-K) Mar 16, 2026
Quarterly report (10-Q) Aug 10, 2026
Proxy statement (DEF 14A) Mar 27, 2026
Latest 8-K (8-K) Aug 10, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Shares, $0.0001 par value | PANL | The Nasdaq Stock Market LLC |
From the cover page of the 10-K filed Mar 16, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks Pangaea Logistics Solutions Ltd. names in Item 1A of its 10-K filed Mar 16, 2026: 56 risks under these headings, as written.5
- The seaborne drybulk transportation industry is cyclical and volatile, and this may lead to reductions in our charter hire rates, vessel values and results of operations.
- Our business is affected by macroeconomic conditions, including rising inflation, interest rates, market volatility, economic uncertainty, and supply chain constraints, and global economic conditions may negatively impact drybulk shipping industry.
- Variable rate indebtedness could subject us to interest rate risk, which could cause our debt service obligations to increase significantly.
- The invasion of Ukraine by Russia and resulting sanctions by the United States, European Union and other countries have contributed to inflation, market disruptions and increased volatility in commodity prices in the United States and a slowdown in global economic growth.
- Any change in drybulk carrier capacity in the future may result in lower charter and freight rates which, in turn, will adversely affect our profitability.
- The market values of our owned vessels may decrease, which could limit the amount of funds that we can borrow or cause us to breach certain covenants in our credit facilities and we may incur impairment or a loss if we sell vessels following a decline in their market value.
- The current state of the global financial markets and economic conditions may adversely impact our ability to obtain additional financing on acceptable terms and otherwise negatively impact our business.
- Changes in the economic and political environment in China and policies adopted by the government to regulate its economy may have a material adverse effect on our business, financial condition and results of operations.
- Acts of piracy on ocean-going vessels could adversely affect our business.
- The smuggling of drugs or other contraband onto our vessels may lead to governmental claims against us.
- Our operations outside the United States expose us to global risks, such as political instability, terrorist attacks, international hostilities. economic sanctions or other trade restrictions, and global public health concerns, which may affect the seaborne transportation industry and adversely affect our business.
- Our revenues are subject to seasonal fluctuations, which could affect our operating results and our ability to pay dividends, if any, in the future.
The other 44 risks
- Risks associated with operating ocean-going vessels could affect our business and reputation, which could adversely affect our revenues and the price of our common shares.
- The operation of drybulk carriers entails certain unique operational risks.
- If our vessels call on ports located in countries or territories that are the subject of sanctions or embargoes imposed by the United States, the United Kingdom, the European Union, the United Nations, or other governmental authorities, or engage in other transactions or dealings that would be violative of applicable sanctions laws, it could lead to monetary fines or other penalties and may adversely affect our reputation and the market for our securities.
- We are subject to international safety regulations and the failure to comply with these regulations may subject us to increased liability, may adversely affect our insurance coverage and may result in a denial of access to, or detention in, certain ports.
- We are subject to complex laws and regulations, including environmental regulations that can adversely affect the cost, manner or feasibility of doing business.
- Regulations relating to ballast water discharge may adversely affect our revenues and profitability.
- Increased inspection procedures and tighter import and export controls could increase costs and disrupt our business.
- Maritime claimants could arrest one or more of our vessels, which could interrupt our cash flow.
- Governments could requisition our vessels during a period of war or emergency, resulting in a loss of earnings.
- Changes in fuel prices may adversely affect profits.
- In the highly competitive international shipping industry, we may not be able to compete successfully for chartered-in vessels or for vessel employment and, as a result, we may be unable to charter-in vessels at reasonable rates or employ our vessels profitably.
- Labor interruptions could disrupt our business.
- Increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our ESG policies may impose additional costs on us or expose us to additional risks.
- Our insurance may not be adequate to cover our losses that may result from our operations due to the inherent operational risks of the seaborne transportation industry.
- The logistics industry has its own set of risks, including infrastructure issues, operational efficiencies, lack of digital culture and training, labor relations and operational costs. We may not be able to provide logistics solutions to our customers in the face of obstacles created as a result of one of these factors.
- Failure to comply with the U.S. Foreign Corrupt Practices Act could result in fines, criminal penalties, charter terminations and an adverse effect on our business.
- Our business strategy includes chartering-in vessels, and we may not be able to charter-in suitable vessels.
- We depend upon a few significant customers for a large part of our revenues and cash flow, and the loss of one or more of these customers could adversely affect our financial performance.
- We are a holding company, and depend on the ability of our subsidiaries, through which we operate our business, to distribute funds to us in order to satisfy our financial obligations or to make dividend payments.
- We are subject to certain risks with counterparties on contracts and the failure of such counterparties to meet their obligations could cause us to suffer losses or otherwise adversely affect our business and ability to comply with covenants in our loan agreements.
- We may be unable to comply with covenants in our credit facilities or any financial obligations that impose operating and financial restrictions on us.
- We may be unable to effectively manage our growth strategy.
- Investment in forward freight agreements and other derivative instruments could result in losses.
- Our long-term COAs, single charter bookings and time-charter agreements may result in significant fluctuations in our quarterly results, which may adversely affect our liquidity, as well as our ability to satisfy our financial obligations.
- We depend on COAs, which could require us to operate at unfavorable rates for a certain amount of time or subject us to other operating risks.
- We are a “smaller reporting company” and an "accelerated filer" and we cannot be certain if the reduced disclosure requirements applicable to smaller reporting companies will make our common shares less attractive to investors.
- Obligations associated with being a public company require significant company resources and management attention, and we incur increased costs as a result of being a public company.
- A failure to pass inspection by classification societies could result in vessels being unemployable until they pass inspection, resulting in a loss of revenues from such vessels for that period.
- Because we purchase and operate secondhand vessels, we may be exposed to increased operating costs which could adversely affect our earnings and, as our fleet ages, the risks associated with older vessels could adversely affect our ability to obtain profitable charters.
- Unless we set aside reserves or are able to borrow funds for vessel replacement, we will be unable to replace the vessels in our fleet at the end of their useful lives.
- Our ability to obtain additional debt financing, or to refinance existing indebtedness, may be dependent on the performance and length of our COAs and charters, and the creditworthiness of our contract counterparties.
- We depend on our Chief Executive Officer, Chief Operating Officer, Chief Financial Officer and other key employees, and the loss of their services would have a material adverse effect on our business, results and financial condition.
- Exposure to currency exchange rate fluctuations will result in fluctuations in our cash flows and operating results.
- We may be subject to litigation, arbitration and other proceedings that could have an adverse effect on our business
- United States tax authorities could treat us as a “passive foreign investment company,” which could have adverse United States federal income tax consequences to U.S. holders
- We may have to pay tax on United States source income, which would reduce our earnings.
- Changes in tax laws and unanticipated tax liabilities could materially and adversely affect the taxes we pay, results of operations and financial results.
- Information technology failures and data security breaches, including as a result of cybersecurity attacks, could negatively impact our results of operations and financial condition, subject us to increased operating costs, and expose us to litigation.
- Future sales of our common shares could cause the market price of our common shares to decline and could dilute our shareholders’ interests in our company.
- We may need to raise additional capital in the future, which may not be available on favorable terms or at all or which may dilute our common shares or adversely affect its market price.
- Volatility in the market price and trading volume of our common shares could adversely impact the trading price of our common shares.
- Our organizational documents contain anti-takeover provisions that may discourage, delay or prevent (1) our merger or acquisition and/or (2) the removal of incumbent directors and officers and (3) the ability of public stockholders to benefit from a change in control.
- We are incorporated in Bermuda and it may not be possible for our investors to enforce U.S. judgments against us.
- Because we are a foreign corporation, you may not have the same rights that a shareholder in a U.S. corporation may have.
Legal proceedings
We have not been involved in any legal proceedings which we believe are likely to have, or have had a significant effect on our business, financial position, results of operations or cash flows, nor are we aware of any proceedings that are pending or threatened which we believe are likely to have a significant effect on our business, financial position, results of operations or liquidity. From time to time, we may be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. We expect that these claims would be covered by insurance, subject to customary deductibles. Those claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources.
The opening of Item 3, Legal Proceedings.5
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 17SEC EDGAREdward Coll, Chief executive officer
- 18SEC EDGARCarl Claus Boggild, President
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- 23SEC EDGARAnthony Laura, Officer
- 24SEC EDGARPaul M. Leand Jr., Board member
- 25SEC EDGARChristina Tan, Board member
- 26SEC EDGARGary Vogel, Board member
- 27SEC EDGAREugene I. Davis, Board member
- 28SEC EDGARKaren H. Beachy, Board member
- 29SEC EDGARNam Trinh, Board member
- 30SEC EDGARAnthony Laura, Board member
- 31SEC EDGARMoulin Richard T. Du, Board member
- 32SEC EDGARMark L. Filanowski, Board member
- 33SEC EDGARPaul Hong, Board member
- 34SEC EDGARDavid Sgro, Board member
- 35SEC EDGAREric Rosenfeld, Board member
- 36SEC EDGARPeter Yu, Board member
- 37SEC EDGARResults of operations
- 38SEC EDGARExecutive or director change
- 39SEC EDGARShareholder vote
- 40SEC EDGARResults of operations
- 41SEC EDGARResults of operations
- 42SEC EDGAROther events
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- 45SEC EDGARResults of operations
- 46SEC EDGARExecutive or director change
- 47SEC EDGARChange of auditor
- 48SEC EDGARResults of operations
- 49NasdaqNasdaq calendar
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