# EDGAR Filing Document

**Accession Number:** 0001606909
**File Stem:** 0001628280-26-016596
**Filing Date:** 2026-3
**Character Count:** 48929
**Document Hash:** 3eac20aefe2c5a81bc1d9c12f69314d6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-016596.hdr.sgml**: 20260311

**ACCESSION NUMBER**: 0001628280-26-016596

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260310

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260311

**DATE AS OF CHANGE**: 20260310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pangaea Logistics Solutions Ltd.
- **CENTRAL INDEX KEY:** 0001606909
- **STANDARD INDUSTRIAL CLASSIFICATION:** DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36798
- **FILM NUMBER:** 26740770

**BUSINESS ADDRESS:**
- **STREET 1:** 109 LONG WHARF
- **CITY:** NEWPORT
- **STATE:** RI
- **ZIP:** 02840
- **BUSINESS PHONE:** 401-457-9552

**MAIL ADDRESS:**
- **STREET 1:** 109 LONG WHARF
- **CITY:** NEWPORT
- **STATE:** RI
- **ZIP:** 02840

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Quartet Holdco Ltd.
- **DATE OF NAME CHANGE:** 20140430

?xml version='1.0' encoding='ASCII'? panl-20260310

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**______________**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(D) OF THE**

**SECURITIES EXCHANGE ACT OF 1934** 

Date of Report (Date of earliest event reported): March 10, 2026

**<u>PANGAEA LOGISTICS SOLUTIONS LTD.</u>**

(Exact Name of Registrant as Specified in Charter)

---

| | | |
|:---|:---|:---|
| Bermuda | 001-36798 | 98-1205464 |
| (State or Other Jurisdiction | (Commission | (IRS Employer |
| of Incorporation) | File Number) | Identification No.) |

---

<u>c/o Phoenix Bulk Carriers (US) LLC</u>

<u>109 Long Wharf, Newport, Rhode Island 02840</u>

(Address of Principal Executive Offices) (Zip Code)

<u>(401) 846-7790</u>

(Registrant's Telephone Number, Including Area Code)

**Not Applicable**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

 ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of exchange on which registered <br> Common Stock PANL Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On March 10, 2026, the Company issued a press release announcing financial results for the three months ended December 31, 2025. The press release is furnished as Exhibit 99.1, and the Quarterly Investor Presentation is furnished as Exhibit 99.2.

The information contained in, or incorporated into, this Current Report on Form 8-K is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in any such filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

(d)Exhibits

<u>Exhibit</u> <u>Description</u>

<u>[99.1](q42025earningspressrelease.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp;March 10, 2026 press release entitled "Pangaea Logistics Solutions Ltd. Reports Fourth Quarter 2025 Financial Results" (furnished pursuant to Item 2.02)

<u>[99.2](a12312025earningspresent.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp;Q4 2025 Investor Presentation of Pangaea Logistics Solutions Ltd. dated March 10, 2026

104&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (embedded within Inline XBRL document)

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 10, 2026

---

| | |
|:---|:---|
| PANGAEA LOGISTICS SOLUTIONS LTD. | PANGAEA LOGISTICS SOLUTIONS LTD. |
| By: | /s/ Gianni Del Signore |
|  | Name: Gianni Del Signore<br>Title: Chief Financial Officer |

---

## Exhibit 99.1

**Pangaea Logistics Solutions Ltd. Reports Financial Results for the Fourth Quarter Ended December 31, 2025**

NEWPORT, RI - March 10, 2026 - Pangaea Logistics Solutions Ltd. ("Pangaea" or the "Company") (Nasdaq: PANL), a global provider of comprehensive maritime logistics solutions, announced today its results for the three months ended December 31, 2025.

**FOURTH QUARTER 2025 RESULTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* GAAP net income attributable to Pangaea of $11.9 million, or $0.19 per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net income attributable to Pangaea of $10.1 million, or $0.16 per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA of $28.7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating cash flow of $15.1 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Time Charter Equivalent ("TCE") rates earned by Pangaea of $17,773 per day

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pangaea's TCE rates exceeded the average Baltic Panamax, Supramax, and Handysize indices by 19%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Declared quarterly cash dividend of $0.05 per common share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entered into a memorandum of agreement in February 2026 to sell the 2006-built Bulk Xaymaca for $9.6 million.

For the three months ended December 31, 2025, Pangaea reported non-GAAP adjusted net income of $10.1 million, or $0.16 per share, on total revenue of $183.9 million. Fourth quarter TCE rates increased 11% on a year-over-year basis, while total shipping days, which include both voyage and time charter days, increased 26% to 6,025 days. The increase in shipping days relative to the year-ago period was primarily due to the acquisition of fifteen handy-size vessels completed at the end of the fourth quarter of 2024.

The TCE earned was $17,773 per day for the three months ended December 31, 2025, compared to an average of $15,942 per day for the same period in 2024. The Company's average TCE exceeded the benchmark Baltic Panamax, Supramax, and Handysize indices by 19%, supported by its long-term COAs, specialized fleet, and cargo-focused strategy.

Total Adjusted EBITDA increased by 23% to $28.7 million in the fourth quarter of 2025, compared to the prior-year quarter. Total Adjusted EBITDA margin was 16% during the fourth quarter of 2025 and 2024.

As of December 31, 2025, the Company had $103.1 million in unrestricted cash and cash equivalents. Total debt, including finance lease obligations was $375.6 million. During the three months ending December 31, 2025, the Company repaid $7.6 million in finance leases and $4.2 million in long term debt, and received $0.7 million from installment sale contract in connection with purchase Caterpillar equipment. In addition the Company paid $3.2 million in dividends, and repurchased $1.0 million of its common stock.

On February 17, 2026 the Company's Board of Directors declared a quarterly cash dividend of $0.05 per common share, payable on March 13, 2026, to all shareholders of record as of February 27, 2026.

**MANAGEMENT COMMENTARY** 

"We delivered strong fourth quarter results, supported by solid Arctic trade activity, robust utilization across our niche ice class fleet, and the stability of our long term COAs," said Mads Boye Petersen, President and Chief Executive Officer of Pangaea Logistics Solutions. "As we entered 2026 and completed a smooth leadership transition, I want to thank Mark Filanowski for his many years of leadership and support during the transition. Our results reflect the strength and continuity of Pangaea's differentiated operating model and expanded fleet, driving TCE rates 19% above the market and meaningfully improving year over year profitability for the quarter"

"Dry bulk fundamentals remain healthy as we enter the seasonally softer first quarter, supported by a constructive market backdrop. We are positioning our fleet to maximize TCE premiums, and thus far in the first quarter of 2026 have executed 5,920 shipping days at an average TCE of $14,917 per day, reflecting a stronger than expected first quarter" Petersen added. "Looking ahead, we continue to see a favorable medium-term environment, underpinned by constrained vessel supply and positive market sentiment."

"We remain committed to disciplined, returns-focused capital allocation, including sustainable return of capital, organic growth investment and ongoing fleet renewal," continued Petersen. "Most recently, we entered an agreement to sell the Bulk Xaymaca for $9.6 million, with delivery expected in the second quarter of 2026. We also commenced operations in Lake Charles under a multi-year contract and are advancing strategic investments across our terminal network, with new activities underway at Port Everglades and Tampa operations set to launch in second half of 2026."

"As we move into 2026, our strategic direction remains unchanged, and we will continue executing the proven operating model that differentiates Pangaea," concluded Petersen. "With over $100 million in cash at year-end, we maintain strong liquidity to support balance sheet flexibility, capital returns, and disciplined investment. We remain committed to delivering consistent shareholder returns."

------

**STRATEGIC UPDATE**

Pangaea remains committed to developing a leading dry bulk logistics and transportation services company of scale, providing its customers with specialized shipping and supply chain and logistics offerings in commodity and niche markets that drive premium returns measured in time charter equivalent per day.

**Leverage integrated shipping and logistics model.** Pangaea continues to leverage its integrated shipping and logistics model to deliver value across the supply chain. In addition to operating the world's largest high ice-class dry bulk fleet of Panamax and post-Panamax vessels, the Company provides stevedoring services and maintains robust port and terminal operations capabilities. The Company is advancing organic growth initiatives to scale its terminal operations business. Key projects include the expansion at the Port of Tampa and the launch of new operations at the Ports of Aransas, Texas; Lake Charles, Louisiana; and Pascagoula, Mississippi. As of the end of the fourth quarter of 2025, operations have commenced at Pascagoula, Lake Charles and Aransas, while Tampa operations are on track to begin early in the second half of 2026. These investments position Pangaea to capture growing demand for integrated logistics services and reinforce our commitment to long-term growth.

**Continue to drive strong fleet utilization**. Pangaea delivered strong fleet utilization during the fourth quarter, supported by robust demand across key Arctic trade routes. The Company's owned fleet of 39 vessels operated at high efficiency, supplemented by an average of 2,439 chartered-in vessels to fulfill cargo and COA commitments. Following the successful integration of the recently acquired handy-size fleet, Pangaea remains focused on optimizing utilization across its expanded platform and enhancing flexibility to meet the evolving needs of its customers.

**Continue to upgrade fleet, while divesting older, non-core assets**. Pangaea continues to execute its disciplined fleet renewal strategy, selectively investing in modern assets to maximize TCE performance, comply with evolving regulatory standards, and meet customer cargo requirements on demand. During the fourth quarter, the Company completed the sale of the Bulk Freedom for $9.6 million. In February 2026, Pangaea entered into an agreement to sell the Bulk Xaymaca for $9.6 million. Built in 2006, the sale of the Bulk Xaymaca underscores our commitment to maintaining a modern, efficient platform. Delivery to the buyer is expected in the second quarter of 2026.

**FOURTH QUARTER 2025 CONFERENCE CALL** 

The Company's management team will host a conference call to discuss the Company's financial results on Wednesday, March 11, 2026 at 8:00 a.m., Eastern Time (ET). Accompanying presentation materials will be available in the Investor Relations section of the Company's website at https://www.pangaeals.com/investors/.

To participate in the live teleconference:

**Domestic Live:** 1-833-316-1983

**International Live:** 1-785-838-9310

**Conference ID:** PANLQ425

To listen to a replay of the teleconference, which will be available through March 18, 2026:

**Domestic Replay:** 1-800-839-5492

**International Replay:** 1-402-220-2251

------

**Pangaea Logistics Solutions Ltd.**

**Unaudited Consolidated Statements of Operations <br>(U.S. dollars in thousands, except per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the three Months Ended December 31,** | **For the three Months Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Voyage revenue | $166348 | $137601 | $577547 | $494107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charter revenue | 13117 | 6588 | 39258 | 30326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Port terminal & stevedore revenue | 4415 | 2986 | 15236 | 12103 |
| Total revenues, net | 183880 | 147175 | 632041 | 536536 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Voyage expense | 72382 | 67674 | 283679 | 237479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charter hire expense | 46788 | 34425 | 129735 | 130764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vessel operating expense | 27658 | 14254 | 94948 | 55544 |
| &nbsp;&nbsp;&nbsp; Terminal & Stevedore Expenses | 3818 | 1974 | 12189 | 9299 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 6743 | 6277 | 31071 | 24626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 11740 | 7766 | 42475 | 30376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of vessel and equipment | (2692) |  | (3000) |  |
| Total expenses | 166438 | 132370 | 591097 | 488088 |
| Income from operations | 17442 | 14805 | 40944 | 48449 |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (5920) | (4708) | (24006) | (17073) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 539 | 588 | 1632 | 3023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income attributable to non-controlling interest recorded as long-term liability interest expense |  | (2682) |  | (3103) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (loss) gain on derivative instruments | (903) | 851 | (1355) | (953) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 1121 | 198 | 2952 | 1428 |
| Total other expense, net | (5164) | (5752) | (20777) | (16679) |
| Net income | 12278 | 9053 | 20167 | 31769 |
| Income attributable to non-controlling interests | (394) | (618) | (798) | (2866) |
| Net income attributable to Pangaea Logistics Solutions Ltd. | $11884 | $8435 | $19369 | $28903 |
| Earnings per common share: |  |  |  |  |
| Basic | $0.19 | $0.18 | $0.30 | $0.64 |
| Diluted | $0.19 | $0.18 | $0.30 | $0.63 |
| Weighted average shares used to compute earnings per common share: |  |  |  |  |
| Basic | 63510714 | 45792112 | 63802958 | 45391855 |
| Diluted | 64176117 | 46527775 | 64703473 | 46046044 |

---

*Amounts presented in the accompanying consolidated financial statements are expressed in thousands of U.S. dollars unless otherwise indicated. Certain amounts may not sum due to rounding.*

------

**Pangaea Logistics Solutions Ltd.** 

**Unaudited Consolidated Balance Sheets As of December 31, 2025 and 2024**

**(U.S. dollars in thousands, except per share data)**

<br> ---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **Assets** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $103054 | $86805 |
| Accounts receivable (net of allowance of $6,017 and $5,493 at December 31, 2025 and 2024, respectively) | 55854 | 42371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 28389 | 32848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance hire, prepaid expenses and other current assets | 28478 | 29969 |
| Total current assets | 215776 | 191994 |
| Restricted cash | 270 |  |
| Fixed assets, net | 677518 | 707826 |
| Right of use assets, net | 26866 | 28772 |
| Goodwill | 3105 | 3105 |
| Other non-current Assets | 4561 | 4761 |
| **Total assets** | $928096 | $936457 |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other current liabilities | $54257 | $46582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related party payable | 806 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 24891 | 15447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of secured long-term debt | 16910 | 16576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of financing obligations | 27896 | 25267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of finance lease liabilities | 2076 | 2844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend payable | 1198 | 1211 |
| Total current liabilities | 128034 | 109108 |
| Non current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured long-term debt, net | 97157 | 112721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing obligations, net | 219774 | 229530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance lease liabilities, net | 8395 | 10434 |
| Total non current liabilities | 325326 | 352685 |
| Stockholders' equity: |  |  |
| Common stock, $0.0001 par value, 100,000,000 shares authorized, 64,971,288 and 64,961,433 shares issued and outstanding at December 31, 2025 and 2024, respectively | 7 | 6 |
| Additional paid-in capital | 257072 | 258660 |
| Retained earnings | 172255 | 169155 |
| **Total Pangaea Logistics Solutions Ltd. equity** | 429333 | 427822 |
| Non-controlling interests | 45403 | 46843 |
| Total stockholders' equity | 474736 | 474664 |
| **Total liabilities and stockholders' equity** | $928096 | $936457 |

---

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**Pangaea Logistics Solutions, Ltd.**

**Unaudited Consolidated Statements of Cash Flows**

**(U.S. dollars in thousands, except per share data)**

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,** | **Years ended December 31,** |
| | **2025** | **2024** |
| **Operating activities** |  |  |
| Net income | $20167 | $31769 |
| Adjustments to reconcile net income to net cash provided by operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 42475 | 30376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 1152 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of prepaid rent | 118 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on derivative instruments | 1355 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from equity method investee | (2952) | (1710) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings attributable to non-controlling interest recorded as interest expense |  | 3103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for doubtful accounts | 1540 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of vessel and equipment | (3000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drydocking costs | (17395) | (6202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 4111 | 2788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (15024) | 3686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 4459 | (11030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance hire, prepaid expenses and other current assets | (194) | (2689) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses, other current liabilities and related party payable | 7471 | 11839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 9444 | (182) |
| Net cash provided by operating activities | 53726 | 65691 |
| **Investing activities** |  |  |
| Purchase of vessels and vessel improvements | (2188) | (69265) |
| Net proceeds from sale of vessels | 17196 |  |
| Acquisition of non-controlling interest | (2700) |  |
| Purchase of equipment and internal use software | (4299) | (167) |
| Contribution to non-consolidated subsidiaries and other investments | (733) | (172) |
| Dividends received from equity method investments | 4135 | 1910 |
| Net cash provided by (used in) investing activities | 11411 | (67694) |
| **Financing activities** |  |  |
| Proceeds from long-term debt | 705 | 64150 |
| Payments of financing fees and issuance costs | (45) | (2044) |
| Payments of long-term debt | (16590) | (33082) |
| Proceeds from financing obligation | 18000 | 25000 |
| Payments of financing obligations | (26052) | (19181) |
| Payments of finance leases | (2844) | (2990) |
| Dividends paid to non-controlling interests | (2490) | (2333) |
| Cash dividends paid | (16303) | (18710) |
| Payments to repurchase ordinary shares | (2999) |  |
| Payments to non-controlling interest |  | (21040) |
| Net cash (used in) provided by financing activities | (48619) | (10230) |
| Net change in cash, cash equivalents and restricted cash | 16519 | (12232) |
| Cash and cash equivalents at beginning of period | $86805 | $99038 |
| Cash, cash equivalents, and restricted cash at end of period | $103324 | $86805 |

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**Pangaea Logistics Solutions, Ltd.**

**Unaudited Consolidated Statements of Cash Flows**

**(U.S. dollars in thousands, except per share data)**

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,** | **Years ended December 31,** |
| **Supplemental cash flow information** | | |
| Cash paid for interest | 24315 | $17983 |
| 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. | $— | $91019 |
| Fair value of loans and lease liabilities (ASC 842) assumed | $— | 100049 |

---

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**Pangaea Logistics Solutions Ltd.**

**Reconciliation of Non-GAAP Measures**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In thousands of U.S. dollars, except as indicated)* | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Adjusted Gross Profit |  |  |  |  |
| Gross Profit | $21529 | $21157 | $69154 | $73185 |
| Add: |  |  |  |  |
| Vessel Depreciation and Amortization | 11704 | 7692 | 42336 | 30266 |
| Adjusted Gross Profit (Non-GAAP) <sup>(1)</sup> | $33233 | $28848 | $111490 | $103451 |
| ***Adjusted EBITDA*** |  |  |  |  |
| Net income | 12278 | 9053 | 20167 | 31769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 5382 | 4119 | 22375 | 14051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income attributable to non-controlling interest recorded as long-term liability interest expense |  | 2682 |  | 3103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 11740 | 7766 | 42475 | 30376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (benefit) provision (included in Other income) | (289) | 75 | 533 | 285 |
| EBITDA | $29111 | $23696 | $85549 | $79584 |
| Non-GAAP Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of vessel and equipment | (2692) |  | (3000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 1416 | 475 | 4111 | 2788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss (gain) on derivative instruments, net | 903 | (851) | 1355 | 953 |
| Adjusted EBITDA | $28739 | $23319 | $88015 | $83325 |
| ***Earnings per common share:*** |  |  |  |  |
| Net income attributable to Pangaea Logistics Solutions Ltd. | $11884 | $8435 | $19369 | $28903 |
| Weighted average number of common shares outstanding - basic | 63510714 | 45792112 | 63802958 | 45391855 |
| Weighted average number of common shares outstanding - diluted | 64176117 | 46527775 | 64703473 | 46046044 |
| Basic net income per share | $0.19 | $0.18 | $0.30 | $0.64 |
| Diluted net income per share | $0.19 | $0.18 | $0.30 | $0.63 |
| ***Adjusted EPS*** |  |  |  |  |
| Net income attributable to Pangaea Logistics Solutions Ltd. | $11884 | $8435 | $19369 | $28903 |
| Non-GAAP |  |  |  |  |
| Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of vessels | (2692) |  | (3000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on derivative instruments | 903 | (851) | 1355 | 953 |
| Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. | $10095 | $7584 | $17723 | $29856 |
| Weighted average number of common shares - basic | 63510714 | 45792112 | 63802958 | 45391855 |
| Weighted average number of common shares - diluted | 64176117 | 46527775 | 64703473 | 46046044 |
| Adjusted EPS - basic | $0.16 | $0.17 | $0.28 | $0.66 |
| Adjusted EPS - diluted | $0.16 | $0.16 | $0.27 | $0.65 |

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*Amounts presented in the accompanying consolidated financial statements are expressed in thousands of U.S. dollars unless otherwise indicated. Certain amounts may not sum due to rounding.*

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**INFORMATION ABOUT NON-GAAP FINANCIAL MEASURES**. As used herein, "GAAP" refers to accounting principles generally accepted in the United States of America. To supplement our consolidated financial statements prepared and presented in accordance with GAAP, this earnings release discusses non-GAAP financial measures, including non-GAAP net revenue and non-GAAP adjusted EBITDA. This is considered a non-GAAP financial measure as defined in Rule 101 of Regulation G promulgated by the Securities and Exchange Commission. Generally, a non-GAAP financial measure is a numerical measure of a company's historical or future performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use non-GAAP financial measures for internal financial and operational decision making purposes and as a means to evaluate period-to-period comparisons of the performance and results of operations of our core business. Our management believes that non-GAAP financial measures provide meaningful supplemental information regarding the performance of our core business by excluding charges that are not incurred in the normal course of business. Non-GAAP financial measures also facilitate management's internal planning and comparisons to our historical performance and liquidity. We believe certain non-GAAP financial measures are useful to investors as they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and are used by our institutional investors and the analyst community to help them analyze the performance and operational results of our core business.

**Adjusted gross profit.** Adjusted gross profit is defined as GAAP gross profit excluding transportation and service depreciation and amortization. Management believes this measure provides investors with additional insight into the operating performance of the Company's shipping operations by excluding non-cash depreciation expenses associated with the Company's vessels. Adjusted gross profit is not a measure recognized under U.S. GAAP and should not be considered as an alternative to gross profit, operating income or net income. The Company's definition of adjusted gross profit may not be comparable to similarly titled measures used by other companies.

**Adjusted EBITDA and adjusted EPS.** Adjusted EBITDA represents net income (or loss), determined in accordance with U.S. GAAP, excluding interest expense, interest income, income taxes, depreciation and amortization, loss on impairment, loss on sale and leaseback of vessels, share-based compensation, other non-operating income and/or expense and other non-recurring items, if any. Earnings per share represents net income divided by the weighted average number of common shares outstanding. Adjusted earnings per share represents net income attributable to Pangaea Logistics Solutions Ltd. plus, when applicable, loss on sale of vessel, loss on sale and leaseback of vessel, loss on impairment of vessel, unrealized gains and losses on derivative instruments, and certain non-recurring charges, divided by the weighted average number of shares of common stock.

There are limitations related to the use of net revenue versus income from operations, adjusted EBITDA versus income from operations, and adjusted EPS versus EPS calculated in accordance with GAAP. In particular, Pangaea's definition of adjusted EBITDA used here are not comparable to EBITDA.

The table set forth above provides a reconciliation of the non-GAAP financial measures presented during the period to the most directly comparable financial measures prepared in accordance with GAAP.

**About Pangaea Logistics Solutions Ltd.**

Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) and its subsidiaries (collectively, "Pangaea" or the "Company") provides 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. Learn more at www.pangaeals.com.

**Investor Relations Contacts**

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| | |
|:---|:---|
| Gianni Del Signore | Stefan C. Neely |
| Chief Financial Officer | Vallum Advisors |
| 401-846-7790 | |
| Investors@pangaeals.com | PANL@val-adv.com |

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**Forward-Looking Statements**

Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Company disclaims any obligation to publicly update or revise these statements whether as a result of new information, future events or otherwise, except as required by law. Such risks and uncertainties include, without limitation, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors, as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov.

## Exhibit 99.2

![](a12312025earningspresent001.jpg)

2 Safe Harbor 3Q25 Earnings Call Presentation This presentation may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Pangaea's and managements' current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of Pangaea's business. These risks, uncertainties and contingencies include: business conditions; weather and natural disasters; changing interpretations of GAAP; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments; requirements or changes adversely affecting the business in which Pangaea is engaged; fluctuations in customer demand; management of rapid growth; intensity of competition from other providers of logistics and shipping services; general economic conditions; geopolitical events and regulatory changes; and other factors set forth in Pangaea's filings with the Securities and Exchange Commission and the filings of its predecessors. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that certain of Pangaea's financial results are unaudited and do not conform to SEC Regulation S-X and as a result such information may fluctuate materially depending on many factors. Accordingly, Pangaea's financial results in any particular period may not be indicative of future results. Pangaea is not under any obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise. 3 4Q25 Performance Highlights Seasonal arctic activity drives strong earnings and operating cash flow Strong seasonal demand in arctic trade routes drove high utilization and supported premium TCE returns amid dry bulk market uncertainty, with TCE rates outperforming benchmark Panamax, Supramax and Handysize indices by 19%. Adjusted EBITDA of $28.7 million, increase of 23% year-over-year, driven by a 26% increase in shipping days and improved market rates. Strong fourth quarter 2025 cash flow from operations of $15.1 million, resulted in year-end cash and cash equivalents of $103 million and net leverage of 2.7x. As of March 9, 2025, booked 5,920 days at an average of $14,917/day driven by seasonally strong market pricing dynamics resulting from geopolitical disruptions. In February 2026, entered into an agreement to sell the 2006-built Bulk Xaymaca for $9.6 million; expected to complete in the second quarter of 2026. Fourth quarter 2025 GAAP net income of $11.9 million, or $0.19 per share and Adjusted net income of $10.1 million, or $0.16 per share. Share repurchases during the fourth quarter totaled 200,231 at an average price of $4.92 per share, leaving $12.0 million of availability under the current share repurchase authorization. 4 4Q & Full Year 2025 Performance Summary Adjusted EBITDA $s in Millions Adjusted EPS $s per Share TCE Rate $s per Shipping Day Operating Cash Flow $s in Millions

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5 Outperforming Industry Benchmark Our TCE has exceeded the market by an average of 23% on a trailing 5-year basis Cargo Focused Business Model Consistently Delivers Above-Market Performance • Current 1Q26 booked TCE rate of $14,917, an 18% premium to the market average through the quarter.\* • Our niche, higher-margin trades, long-term COAs and charter-in strategy remain key areas of differentiation. \* Q1 26 estimated TCE performance based on shipping days booked as of March 9, 2026 \*\*Average of the published Panamax, Supramax and Handysized indices, net of commission 6 Recent Vessel Acquisitions Disciplined acquiror of complementary assets MV Bulk Sachuest - Supramax MV Bulk Courageous - Ultramax MV Bulk Promise - Panamax MV Bulk Valor - Supramax MV Bulk Concord - Panamax MV Nordic Nuluujaak – Post Panamax(1) MV Nordic Qinnqua – Post Panamax(1) MV Nordic Sanngijug – Post Panamax(1) MV Nordic Siku – Post Panamax(1) (1) Vessels are owned through a joint venture, of which Pangaea owns 50% as of September 30, 2024 and December 31, 2023. On November 6, 2024, the Company acquired the remaining 50% interest in NBP from a non-affiliate, resulting in full ownership of NBP's fleet of four Post Panamax Ice Class 1A dry bulk vessels. Purchased 7 vessels for $245 million Purchased 3 vessels for $83 million & Acquired 15 vessels for 18.06 million shares 2023 & 2024 MV Bulk Prudence - Ultramax 2021 & 2022 MV Bulk Brenton - Supramax MV Bulk Patience - Supramax Strategic Handysize Fleet of 15 vessels 7 Return of Capital Program Quarterly cash dividend and share repurchase program, support long-term shareholder value creation Annual Dividend Payout Ratio % of Adjusted Net Income Total Annual Cash Dividend Paid $s per Share Annual Dividend Coverage Ratio Ratio of Operating Cash Flow to Dividends Issued Strong cash flow and profitability support consistent return of capital through the cycle Consistent dividend payout amid strategic execution and fleet growth $12 million repurchase authorization allows for flexible and opportunistic capital deployment 8 Balance Sheet Update Ample liquidity to support ongoing growth of business Continue to opportunistically invest in modern and compliant vessel fleet to meet customer cargo requirements on demand Robust operating cash flow and opportunistic vessel financings, contributed to $103 million in available cash & liquidity at the end of 2025 Capital allocation priorities will be balanced between fleet investment, debt repayment, opportunistic M&A and shareholder returns 1) Total net debt as of 12/31/24 reflects $100mm in incremental finance lease obligations assumed as part of the SSI acquisition, which closed on 12/30/24. 2) Total net debt and total cash for 3Q25 (as of 9/30/25) exclude $0.3 million in restricted cash related to a bank guarantee issued in connection with the Company's insurance arrangements. (1) (2) (2)

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9 Macro Shipping Outlook Focused on providing comprehensive logistics solutions with targeted dry bulks Near Term Outlook (1H 2026) Medium Term Outlook (2026 - 2027) Long-Term Outlook (2028 & Beyond) • Trade policy uncertainty and geopolitical disruptions continue to delay long-term trade route decisions and impact trade patterns for commodities. • Geopolitical route disruptions create route inefficiencies and tightness in the market, supporting near term pricing. • Global ton-mile demand is expected to grow ~2% in 2026 vs. 2025. • Global dry bulk fleet is expected to remain steady, but the orderbook remains manageable despite continued overall fleet aging. • Effective industry capacity continue to be limited due to emissions-driven fleet inefficiencies and increased dry-docking days. • Clarity in emissions free fuel alternatives creates opportunity for fleet renewal and niche offerings. • Supply chain reorganizations provide the opportunity for the Company to grow its logistics offerings with new and existing customers. • Emissions regulations will continue to put pressure on markets as fleets age amid limited new and compliant vessels are built. 10 Value Creation Strategy Durable business model insulated from macro volatility – focused on deploying capital to drive above-sector growth Integrated shipping- logistics model • Provide solutions to customer supply chain issues • More efficient, lower total cost of delivery for customer • Adds volume and margins to PANL ocean freight offerings High fleet utilization • Utilize chartered in fleet to arbitrage vessel positions and provide more revenue days Organic investment • Expand capabilities to offer cargo movement beyond ocean transportation • Expand owned fleet for growth using our unique business plan • Apply consistent approach to expand and renew fleet Inorganic investment • Purchase vessels in support of existing long-term COAs, to maximize returns • Acquire logistics companies to grow in logistics sector Return of capital • Sustain consistent dividend approach, not a payout formula • Conserve capital for fleet renewal and opportunistic growth • Compensate for volatility of sector by maintaining reasonable liquidity Balance sheet optionality • Promote historical lending relationships, sustainable business plan, and consistent performance to help provide favorable lending terms • Maintain low net leverage and substantial free cash generation to provide flexibility in financing growth projects • Consider joint ventures to help mitigate risks and create synergies 11 Investment Conclusion Small-cap growth play with stable return of capital program Integrated shipping-logistics model delivering consistent, above-market returns Focused on consistently high fleet utilization to drive operating leverage Positioned to benefit from tightening global supply of dry-bulk vessels amid continued demand growth On-shore logistics offering provides significant, incremental revenue opportunities Leading position within Ice-Class trades supports superior earned TCE rates Disciplined capital allocation strategy Long-term cargo-based contracts provide multi-year demand visibility Significant balance sheet optionality to pursue growth, low net leverage Confidential: Pangaea Logistics Solutions Appendix

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13 Selected Balance Sheet Data (U.S. dollars in thousands, except per share data) December 31, 2025 December 31, 2024 Current Assets Cash and cash equivalents $103,054 $86,805 Accounts receivable, net 55,854 42,371 Other current assets 56,868 62,818 Total current assets $215,776 $191,994 Restricted cash 270 — Fixed assets, including finance lease right of use assets, net 704,384 736,598 Goodwill 3,105 3,105 Other Non-current Assets 4,561 4,761 Total assets $928,096 $936,457 Current liabilities Accounts payable, accrued expenses and related party payable $55,063 $62,029 Other current liabilities 26,089 2,392 Current portion long-term debt, financing obligation and finance lease obligation 46,882 41,843 Total current liabilities 128,034 106,264 Secured long-term debt and finance lease liabilities, net 325,326 342,250 Total Pangaea Logistics Solutions Ltd. equity 429,333 427,822 Non-controlling interests 45,403 46,843 Total stockholders' equity 474,736 474,664 Total liabilities and stockholders' equity $928,096 $936,457 14 Selected Income Statement Data (1) Adjusted EBITDA is net income (or loss) under U.S. GAAP, excluding interest expense and income, income taxes, depreciation and amortization, impairment losses, gain or loss on vessel sales, sale and leaseback losses, share-based compensation, non-operating items, and other non-recurring items. Management and certain investors use Adjusted EBITDA to assess operating performance, and Pangaea's Board reviews it periodically. It is a non-GAAP measure and may differ from definitions used by other companies. (U.S. dollars in thousands, except per share data) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Revenues: Voyage revenue $166,348 $137,601 $577,547 $494,107 Charter revenue 13,117 6,588 39,258 30,326 Terminal & stevedore revenue 4,415 2,986 15,236 12,103 Total revenue 183,880 147,175 632,041 536,536 Expenses: Voyage expense 72,382 67,674 283,679 237,479 Charter hire expense 46,788 34,425 129,735 130,764 Vessel operating expenses 27,658 14,254 94,948 55,544 Terminal Expenses 3,818 1,974 12,189 9,299 General and administrative 6,743 6,277 31,071 24,626 Depreciation and amortization 11,740 7,766 42,475 30,376 Gain on sale of vessel and equipment (2,692) — (3,000) — Total expenses 166,438 132,370 591,097 488,088 Income from operations 17,442 14,805 40,944 48,449 Total other expense, net (5,164) (5,752) (20,777) (16,679) Net income 12,278 9,053 20,167 31,769 Income attributable to non-controlling interests (394) (618) (798) (2,866) Net income attributable to Pangaea Logistics Solutions Ltd. $11,884 $8,435 $19,369 $28,903 Adjusted EBITDA (1) $28,739 $23,319 $88,015 $83,325 15 Reconciliation of Non-GAAP Measures (In thousands of U.S. dollars, except as indicated) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Adjusted Gross Profit Gross Profit $21,529 $21,157 $69,154 $73,185 Add: Vessel Depreciation and amortization 11,704 7,692 42,336 30,266 Adjusted Gross Profit (Non-GAAP) $33,233 $28,848 $111,490 $103,451 Adjusted EBITDA Net income $12,278 $9,053 $20,167 $31,769 Interest expense, net 5,382 4,119 22,375 14,051 Income attributable to non-controlling interest recorded as long-term liability interest expense — 2,682 — 3,103 Depreciation and amortization 11,740 7,766 42,475 30,376 Income tax (benefit) provision (included in Other income) (289) 75 533 285 EBITDA (Non-GAAP) $29,111 $23,696 $85,549 $79,584 Adjustments to EBITDA Gain on sale of vessel and equipment (2,692) — (3,000) — Share-based compensation 1,416 475 4,111 2,788 Unrealized gain (loss) on derivative instruments, net 903 (851) 1,355 953 Adjusted EBITDA $28,739 $23,319 $88,015 $83,325 16 Reconciliation of Non-GAAP Measures In thousands of U.S. dollars, except per share amounts (earnings per common share and adjusted earnings per common share). Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Earnings Per Common Share Net income attributable to Pangaea Logistics Solutions Ltd. $11,884 $8,435 $19,369 $28,903 Weighted average number of common shares - basic 63,510,714 45,792,112 63,802,958 45,391,855 Weighted average number of common shares - diluted 64,176,117 46,527,775 64,703,473 46,046,044 Earnings per common share - basic $0.19 $0.18 $0.30 $0.64 Earnings per common share - diluted $0.19 $0.18 $0.30 $0.63 Adjusted EPS Net income attributable to Pangaea Logistics Solutions Ltd. $11,884 $8,435 $19,369 $28,903 Non-GAAP Add: Gain on sale of vessel and equipment (2,692) — (3,000) — Unrealized loss on derivative instruments 903 (851) 1,355 953 Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. $10,095 $7,584 $17,723 $29,856 Weighted average number of common shares - basic 63,510,714 45,792,112 63,802,958 45,391,855 Weighted average number of common shares - diluted 64,176,117 46,527,775 64,703,473 46,046,044 Adjusted EPS - basic $0.16 $0.17 $0.28 $0.66 Adjusted EPS - diluted $0.16 $0.16 $0.27 $0.65

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