Pangaea Logistics Solutions Ltd (NASDAQ: PANL) is a dry bulk shipping company that provides ocean transportation and port logistics services for bulk cargo. Revenue comes from three streams: voyage charters, time charters, and terminal and stevedore operations. Voyage revenue was $577.5M in FY2025, charter revenue was $39.3M, and terminal and stevedore revenue was $15.2M, totaling $632.0M in FY2025 versus $536.5M in FY2024. The company owns and operates a fleet of Panamax, Post-Panamax, Supramax, and Ultramax vessels, supplemented by chartered-in tonnage. It also operates port terminal and cargo handling facilities in multiple U.S. locations, including subsidiaries in Rhode Island, Maryland, Florida, Texas, and a 50% joint venture in Associated Terminals Pangaea Logistics. Total assets were $928.1M and total secured debt, financing obligations, and finance leases were $372.2M as of December 31, 2025. The company is incorporated in Bermuda with operational entities across Marshall Islands, Denmark, Greece, Cyprus, Canada, and Singapore.

Revenue model

Transactional voyage charter revenue (per-voyage contracts where Pangaea bears fuel and port costs), time charter revenue (fixed daily hire from chartering owned vessels to third parties), and terminal and stevedore revenue (per-unit cargo handling fees at company-operated ports). FY2025: voyage revenue $577.5M (91% of total), charter revenue $39.3M (6%), terminal and stevedore revenue $15.2M (2%).

Products and services

Ocean voyage charters for dry bulk cargo; time charter contracts on owned vessels; cargo handling and stevedoring services at company-operated port terminals; chartered-in vessel capacity to supplement the owned fleet.

Customers and end markets

Dry bulk cargo shippers and receivers. End markets supported by the fleet include commodities transported via Panamax, Post-Panamax, Supramax, and Ultramax vessel classes. Specific customer names and concentration data are not disclosed in the excerpts.

Value-chain role

Asset-owning ocean carrier and port terminal operator. Owns vessels outright, charters in additional tonnage from third-party owners, and operates port stevedoring facilities. Sits between cargo owners and end destinations, bearing voyage costs on spot charters and providing per-unit handling at terminals.

Geographic exposure

Global dry bulk trade routes with U.S. port operations in Rhode Island, Maryland (Baltimore), Florida (Port Everglades), and Texas. International operational entities in Marshall Islands, Bermuda, British Virgin Islands, Denmark, Greece, Cyprus, Canada (Newfoundland and Labrador), and Singapore. Arctic-capable fleet suggested by Post-Panamax vessel names (Nordic Nuluujaat, Nordic Qinnguaq, Nordic Sanngijuq).

Source: SEC 10-K, filed 2026-03-16

Industry: Deep Sea Foreign Transportation of Freight Peers: Matson Inc Eagle Bulk Shipping Inc. Genco Shipping & Trading Ltd Kirby Corp