Pangaea Logistics lifts daily shipping rate to $20,414 in third quarter
Key Facts
Pangaea Logistics Solutions reported on November 5, 2026, results for the third quarter ended September 30, noting that its daily voyage-equivalent rate rose to $20,414 from $15,559 in the comparable period of 2025. The company said the rate increased 31% year over year, exceeding the average of the Baltic Panamax, Supramax and Handysize indices by 13%. The improvement in daily returns coincided with an increase in total shipping days, which include voyage and time-charter days, to 6,339 days, up 8% year over year. These indicators reflect improved fleet operating returns and activity during the quarter. The company announced the results in a statement issued via PR Newswire.
Adjusted EBITDA rose 81.3% to $52.4 million, while its margin increased to 23.9% from 17.1% in the third quarter of the prior year. The increase represents an improvement in operating profitability compared with growth in shipping days, as days rose 8% while Adjusted EBITDA increased at a faster pace. Chief Executive Mads Bøe Petersen said the third quarter is the Arctic ice-class fleet’s strongest period of activity. He added that the strength of this seasonal activity coincided this year with an improved dry-bulk shipping market. According to Petersen, the two factors together helped lift TCE rates and profitability.
Growth extended to terminal and stevedoring operations, where revenue rose 73% year over year, and dry bulk tons unloaded across the company’s network increased 65%. Management said the third quarter was the first full quarter of operations at the company’s terminal at Port Tampa Bay. That places terminal performance among the quarter’s results, alongside improved shipping activity and rates. Petersen said the fleet’s strong seasonal Arctic activity supported results as the dry-bulk shipping market strengthened. He said the combined result included quarterly records for Adjusted EBITDA and adjusted net income.
On financing, management said it refinanced $134 million of debt after the end of the quarter at a lower margin, which it described as materially lower. It said the move is part of its focus on reducing the cost of capital, as well as simplifying its financing structure. The board also declared a quarterly cash distribution of $0.10 per common share. It is scheduled to be paid on December 15, 2026, to shareholders of record at the close of business on December 1. The post-quarter updates therefore combine debt refinancing with the scheduling of the cash distribution.
In an update on subsequent activity, management said it had completed 5,040 shipping days from the start of the quarter through November 5, at an average TCE of $21,423 per day. It added that seasonally delayed Arctic voyages continued to contribute in October. Management was scheduled to discuss the results on a call on November 6, 2026, at 8:00 a.m. Eastern time. The company’s statement made a replay of the call available through November 13. PANL shares closed at $7.37 on November 5; Investing.com, in an item attributed to Reuters, said the stock had fallen 0.670% over the previous three months and risen 49.490% over the previous twelve months.
Third-quarter 2025 results provide a basis for the year-over-year comparison: the company then reported revenue of $168.7 million and Adjusted EBITDA of about $28.9 million, up 20.3% from the comparable period of 2024. Those quarterly results also showed adjusted net income of $11.2 million, or $0.17 per share. In the third quarter of 2026, the published operating indicators focused on the rise in TCE rates, growth in shipping days and terminal operations. Management also highlighted the convergence of peak Arctic activity and an improved dry-bulk shipping market as factors supporting profitability. The results call scheduled for November 6 remains the next announced opportunity to discuss performance.