Pangaea Logistics Solutions
Runs the world's largest high ice-class dry-bulk fleet under long-term Arctic and Baltic cargo contracts.
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Profile
Operates a dry-bulk shipping fleet anchored by the world's largest concentration of high ice-class Panamax and post-Panamax vessels, serving Arctic and Baltic routes that standard spot-market carriers avoid. Revenue comes from long-term contracts of affreightment rather than spot exposure, backed by a mix of owned specialized tonnage and chartered-in vessels.
Operates a dry-bulk fleet built around the world's largest concentration of high ice-class Panamax and post-Panamax vessels, serving Arctic and Baltic routes that standard spot-market carriers avoid. Revenue rests on long-term contracts of affreightment rather than spot exposure, pairing owned specialized tonnage with chartered-in vessels to cover contracted volumes.
Port terminal and stevedoring work extends the business beyond ocean transport into integrated logistics. A recent combination with another bulk-vessel owner added smaller handy-size ships to a fleet previously concentrated in larger ice-class tonnage, widening the cargo programs it can serve.
The parent is incorporated in Bermuda while operations run from a Rhode Island headquarters and a Copenhagen ice-class unit. The business traces to a 1996 venture and reached the public market in 2014 through a merger with an already-listed company rather than a conventional stock offering.
Company facts
Categories
Key statistics
Year to date +20.7% · Average volume (30d) 385.9K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | $0.24 | $0.26 | +9.2% | $192.8M | $187.1M | −2.9% | −5.73% |
| May 11, 2026Q1 FY26 | $0.05 | $0.11 | +120.0% | $165.8M | $170.6M | +2.9% | +12.35% |
| Mar 10, 2026Q4 FY25 | $0.18 | $0.16 | −11.1% | $150.4M | $183.9M | +22.3% | −13.53% |
| Nov 6, 2025Q3 FY25 | $0.03 | $0.17 | +466.7% | $181.7M | $168.7M | −7.2% | +18.05% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $122.8M | $156.7M | $168.7M | $183.9M | $170.6M | $187.1M | |
| Gross profit | $20.1M | $10.8M | $26.5M | $21.5M | $20.9M | $42.7M | |
| Operating income | $2.9M | $3.7M | $16.6M | $14.8M | $10.8M | $21.3M | |
| Net income | −$2.0M | −$2.7M | $12.2M | $11.9M | $13.3M | $10.2M | |
| Diluted EPS | −$0.04 | −$0.04 | $0.19 | $0.19 | $0.21 | $0.16 | |
| Gross margin | 16.4% | 6.9% | 15.7% | 11.7% | 12.2% | 22.8% | |
| Operating margin | 2.4% | 2.3% | 9.8% | 8.0% | 6.3% | 11.4% |
Fiscal years (4-quarter sums)FY21 $718.1M · FY22 $699.7M · FY23 $499.3M · FY24 $536.5M · FY25 $632.0M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $105.7M · Total debt $349.5M · Total assets $956.7M · Shareholders' equity $448.6M
Dividends
Last cut to $0.05 from $0.10 in Jun 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 1, 2026 | Jun 1 | Jun 15 | $0.05 | |
| Feb 27, 2026 | Feb 27 | Mar 13 | $0.05 | |
| Dec 1, 2025 | Dec 1 | Dec 15 | $0.05 | |
| Sep 2, 2025 | Sep 2 | Sep 15 | $0.05 | |
| Jun 2, 2025 | Jun 2 | Jun 16 | $0.05 | cut from $0.10 |
| Feb 28, 2025 | Feb 28 | Mar 14 | $0.10 | |
| Nov 29, 2024 | Nov 29 | Dec 13 | $0.10 | |
| Aug 30, 2024 | Sep 2 | Sep 16 | $0.10 |
Ownership
Shares outstanding 65.41M · Float 25.72M · 39.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Pacific Star Private Trust Company Ltd. | 18.87M | 29.00% | 13D | Dec 18, 2025 |
| Strategic Shipping Inc. · 10 percent owner | 18.87M | 28.85% | Form 4 | Jun 18, 2025 |
| Carl Claus Boggild · director, 10 percent owner: | 8.38M | 12.81% | Form 4 | Feb 20, 2026 |
| Carl Claus Boggild | 8.34M | 12.80% | 13D | Jan 14, 2025 |
| Dimensional Fund Advisors LP | 3.16M | 4.83% | 13F | Aug 11, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 26, 2026 | Eric Rosenfeld | director | −100,000 | $8.37 |
| Mar 19, 2026 | Gianni DelSignore | officer: Chief Financial Officer | −23,779 | $6.99 |
| Mar 18, 2026 | Mads Rosenber Boye Petersen | officer: Chief Executive Officer | −19,572 | $7.06 |
Peers
- Star Bulk Carriers
Largest US-listed dry bulk fleet across Capesize to Supramax/Ultramax
- Diana Shipping
Panamax/Ultramax overlap: long-term COAs vs staggered time-charter model
- Safe Bulkers
Panamax/Post-Panamax peer: COAs vs high-utilization period charters
- Navios Maritime Partners
Panamax/Kamsarmax dry bulk and COA overlap within a diversified fleet
- Genco Shipping & Trading
Ultramax/Supramax niche overlap: COAs vs spot-market barbell fleet
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Pangaea Logistics Solutions | $8.06 | −0.06% | $527.2M | 10.7 | 9.4 | 0.7 | +19.4% |
| Star Bulk Carriers | $30.48 | +0.03% | $3.40B | 12.0 | 6.8 | 2.8 | +15.0% |
| Diana Shipping | $2.76 | −0.90% | $343.4M | 5.7 | 8.0 | 1.6 | +4.8% |
| Safe Bulkers | $8.52 | −0.06% | $867.6M | 11.0 | 14.2 | 2.8 | +33.0% |
| Navios Maritime Partners | $87.16 | −0.09% | $2.48B | 5.7 | 4.7 | 1.7 | +25.2% |
| Genco Shipping & Trading | $25.88 | −0.02% | $1.13B | 28.6 | 12.2 | 2.6 | +14.0% |
| Median | 11.0 | 8.0 | 2.6 | +15.0% |