Pangaea Logistics Solutions (PANL) investor relations material

Executive summary

• Achieved GAAP net income of $10.2 million ($0.16 per share) and adjusted net income of $16.9 million ($0.26 per share) for Q2 2026, reversing a prior-year loss, driven by higher freight rates and improved market conditions.

• Adjusted EBITDA rose 125% year-over-year to $35.0 million, supported by a 50% increase in TCE rates to $18,153 per day, outperforming market indices by 10%.

• Total revenue reached $187.1 million, with strong cash flow from operations of $21.1 million and cash reserves at $105.9 million at quarter-end.

• Expanded onshore logistics platform with new operations at Port Tampa Bay and other U.S. ports under multi-year contracts.

• Continued disciplined fleet renewal, selling older vessels such as Bulk Xaymaca for $9.6 million and investing in modern assets.

Financial highlights

• Q2 2026 revenue was $187.1 million, up 19% year-over-year, with adjusted EBITDA of $35.0 million and adjusted net income of $16.9 million ($0.26/share).

• Operating cash flow for Q2 2026 was $21.1 million; unrestricted cash at quarter-end was $105.7 million.

• Terminal and stevedore revenue rose 11% year-over-year to $4 million.

• Quarterly dividend increased to $0.10 per share, payable September 15, 2026.

• Total debt at quarter end was approximately $350 million; net leverage was 2.1x.

Outlook and guidance

• Management expects continued strong demand for dry bulk shipping, supported by Chinese iron ore imports, Atlantic-to-Asia grain flows, and seasonal tailwinds from the ice class fleet.

• Booked 4,873 shipping days at a TCE of $20,258 per day for Q3, a 14% premium to the market average.

• Nine vessel drydockings are planned for the remainder of 2026, with estimated costs of $14 million.

• Depreciation expense is expected to increase by $2.8 million in the second half of 2026 due to revised vessel depreciation assumptions.

• Focus remains on commercial discipline, efficient execution, and expanding integrated logistics capabilities.