Pangaea Logistics Solutions Q1 Earnings Call Highlights

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Tue, May 12, 2026 astatine 8:07 AM CDT 7 min read

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Revenue and profits improved sharply successful Q1, with Pangaea reporting adjusted EBITDA of $25.2 million, up astir $10 cardinal twelvemonth implicit year, driven by a 34% summation successful TCE net and a 20% premium to marketplace rates. GAAP nett income came successful astatine $13.3 million, oregon $0.21 per diluted share.
Management leaned connected a larger chartered-in fleet to seizure favorable marketplace opportunities, with chartered-in days up 54% successful the quarter. Pangaea said this is portion of its strategy, not a replacement for owned vessels, and it continues to look for secondhand vas additions.
Terminal and larboard operations are becoming a bigger maturation driver, delivering a 2nd consecutive 4th of grounds EBITDA publication arsenic the institution expanded into Aransas, Lake Charles and soon Tampa. Management said the concern adds recurring gross and expects adust bulk enactment and margins to stay coagulated aboriginal successful the year.

Pangaea Logistics Solutions (NASDAQ:PANL) reported a stronger commencement to 2026, with absorption pointing to higher shipping activity, firmer adust bulk marketplace conditions and continued benefits from its integrated logistics exemplary during the company’s first-quarter net call.

Chief Executive Officer Mads Petersen said the institution delivered year-over-year maturation successful gross and profitability, supported by a 14% summation successful full shipping days and greater usage of chartered-in vessels. He said Pangaea’s clip charter equivalent, oregon TCE, rates averaged 20% supra prevailing marketplace rates for Panamax, Supramax and Handysize vessels during the quarter.

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“This premium reflects the worth of our operating platform, long-standing lawsuit relationships, and quality to negociate a volatile marketplace efficaciously crossed commercialized routes,” Petersen said.

Adjusted EBITDA rises connected higher TCE net

Chief Financial Officer Gianni Del Signore said first-quarter TCE rates were $15,252 per day, representing a 20% premium to mean published marketplace rates for comparable vas categories. Adjusted EBITDA roseate to $25.2 million, an summation of astir $10 cardinal from the prior-year period, driven by a 34% year-over-year summation successful TCE earnings.

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Pangaea reported GAAP nett income of $13.3 million, oregon $0.21 per diluted share. Del Signore said GAAP results included a important summation tied to the company’s bunker substance hedging strategy, arsenic substance prices accrued successful caller months. Excluding unrealized gains from derivative instruments and different non-GAAP adjustments, adjusted nett income was $7 million, oregon $0.11 per diluted share.

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