$PANL
Pangaea Logistics Solutions Ltd. Stock $panl

$panl Overview Financials Valuation SEC Filings Company Website

2023 Q4 Form 10-Q Financial Statement

#000160690923000131 Filed on November 08, 2023

Income Statement

Concept	2023 Q4	2023 Q3
Revenue	$131.9M	$135.6M
YoY Change	3.11%	-26.49%
Cost Of Revenue	$92.85M	$88.10M
YoY Change	12.72%	-29.78%
Gross Profit	$39.02M	$47.60M
YoY Change	-14.33%	-19.34%
Gross Profit Margin	29.59%	35.1%
Selling, General & Admin	$5.666M	$5.500M
YoY Change	44.99%	-4.79%
% of Gross Profit	14.52%	11.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$7.524M	$8.000M
YoY Change	-0.07%	8.61%
% of Gross Profit	19.28%	16.81%
Operating Expenses	$27.90M	$115.9M
YoY Change	-74.45%	-24.72%
Operating Profit	$11.12M	$19.71M
YoY Change	-40.53%	-35.39%
Interest Expense	-$9.848M	$1.000M
YoY Change	300.73%	-111.59%
% of Operating Profit	-88.55%	5.07%
Other Income/Expense, Net	$904.5K	$478.9K
YoY Change	-131.19%	-104.46%
Pretax Income	$2.178M	$20.20M
YoY Change	-86.23%	2.22%
Income Tax
% Of Pretax Income
Net Earnings	$1.136M	$18.87M
YoY Change	-92.67%	0.43%
Net Earnings / Revenue	0.86%	13.91%
Basic Earnings Per Share	$0.03	$0.42
Diluted Earnings Per Share	$0.02	$0.42
COMMON SHARES
Basic Shares Outstanding	46.47M shares	46.47M shares
Diluted Shares Outstanding	45.39M shares	45.08M shares

Balance Sheet

Concept	2023 Q4	2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments	$99.04M	$87.40M
YoY Change	-22.86%	-25.9%
Cash & Equivalents	$48.76M	$87.36M
Short-Term Investments
Other Short-Term Assets	$22.56M	$3.519M
YoY Change	149.7%	13.84%
Inventory	$16.56M	$26.35M
Prepaid Expenses	$7.073M	$6.766M
Receivables	$47.89M	$53.50M
Other Receivables	$5.778M	$8.300M
Total Short-Term Assets	$191.8M	$198.5M
YoY Change	-13.79%	-10.87%
LONG-TERM ASSETS
Property, Plant & Equipment	$504.7M	$480.0M
YoY Change	5.9%	3.19%
Goodwill	$3.105M	$3.105M
YoY Change
Intangibles
YoY Change
Long-Term Investments	$3.813M	$4.100M
YoY Change
Other Assets	$5.590M	$6.073M
YoY Change	5.79%	35.03%
Total Long-Term Assets	$513.4M	$530.1M
YoY Change	-2.35%	2.69%
TOTAL ASSETS
Total Short-Term Assets	$191.8M	$198.5M
Total Long-Term Assets	$513.4M	$530.1M
Total Assets	$705.2M	$728.6M
YoY Change	-5.76%	-1.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$6.278M	$9.300M
YoY Change	-37.09%	-28.77%
Accrued Expenses	$17.05M	$15.70M
YoY Change	44.56%	-28.62%
Deferred Revenue	$15.63M	$13.80M
YoY Change	-25.16%	-19.94%
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$52.72M	$31.51M
YoY Change	64.0%	143.92%
Total Short-Term Liabilities	$105.3M	$115.3M
YoY Change	14.23%	26.55%
LONG-TERM LIABILITIES
Long-Term Debt	$211.7M	$70.95M
YoY Change	-20.81%	-26.43%
Other Long-Term Liabilities	$17.94M	$18.50M
YoY Change	-10.2%	-13.01%
Total Long-Term Liabilities	$229.6M	$89.46M
YoY Change	1049.72%	-24.01%
TOTAL LIABILITIES
Total Short-Term Liabilities	$105.3M	$115.3M
Total Long-Term Liabilities	$229.6M	$89.46M
Total Liabilities	$381.3M	$204.7M
YoY Change	239.88%	-1.95%
SHAREHOLDERS EQUITY
Retained Earnings	$159.0M	$162.5M
YoY Change	5.09%	15.52%
Common Stock	$4.648K	$4.648K
YoY Change	1.26%	1.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$323.9M	$326.7M
YoY Change
Total Liabilities & Shareholders Equity	$705.2M	$728.6M
YoY Change	-5.76%	-1.4%

Cashflow Statement

Concept	2023 Q4	2023 Q3
OPERATING ACTIVITIES
Net Income	$1.136M	$18.87M
YoY Change	-92.67%	0.43%
Depreciation, Depletion And Amortization	$7.524M	$8.000M
YoY Change	-0.07%	8.61%
Cash From Operating Activities	$23.90M	$16.30M
YoY Change	-27.41%	-50.07%
INVESTING ACTIVITIES
Capital Expenditures	$46.68K	$200.0K
YoY Change	-99.74%	-1.14%
Acquisitions
YoY Change
Other Investing Activities	$9.081M	-$1.200M
YoY Change	785.38%	-21.18%
Cash From Investing Activities	$9.035M	-$1.300M
YoY Change	-153.15%	-1.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-21.26M	-11.90M
YoY Change	286.55%	-23.47%
NET CHANGE
Cash From Operating Activities	23.90M	16.30M
Cash From Investing Activities	9.035M	-1.300M
Cash From Financing Activities	-21.26M	-11.90M
Net Change In Cash	11.68M	3.100M
YoY Change	11.92%	-80.35%
FREE CASH FLOW
Cash From Operating Activities	$23.90M	$16.30M
Capital Expenditures	$46.68K	$200.0K
Free Cash Flow	$23.86M	$16.10M
YoY Change	60.01%	-50.37%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2023Q3	us-gaap	Tangible Asset Impairment Charges TangibleAssetImpairmentCharges	0	usd
CY2022Q3	us-gaap	Tangible Asset Impairment Charges TangibleAssetImpairmentCharges	0	usd
	us-gaap	Tangible Asset Impairment Charges TangibleAssetImpairmentCharges	0	usd
	us-gaap	Gain Loss On Sale Of Properties GainLossOnSaleOfProperties	-1172196	usd
	us-gaap	Gain Loss On Sale Of Properties GainLossOnSaleOfProperties	-318032	usd
	us-gaap	Operating Income Loss OperatingIncomeLoss	86772711	usd
	us-gaap	Interest And Other Income InterestAndOtherIncome	2867914	usd
	us-gaap	Interest And Other Income InterestAndOtherIncome	323025	usd
	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	517117	usd
	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-7702109	usd
	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-17077051	usd
	us-gaap	Profit Loss ProfitLoss	26359872	usd
	us-gaap	Profit Loss ProfitLoss	69695660	usd
	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	1172774	usd
	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	5706848	usd
	us-gaap	Net Income Loss NetIncomeLoss	25187098	usd
	us-gaap	Net Income Loss NetIncomeLoss	63988812	usd
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.56
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	1.44
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.56
CY2022Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	368721530	usd
	us-gaap	Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	1393514	usd
	us-gaap	Minority Interest Decrease From Distributions To Noncontrolling Interest Holders MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	5000000	usd
	us-gaap	Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	-127283	usd
	us-gaap	Tangible Asset Impairment Charges TangibleAssetImpairmentCharges	3007809	usd
	us-gaap	Operating Expenses OperatingExpenses	333328936	usd
	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	2760059	usd
	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	-510093	usd
	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	422636	usd
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	1.43
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	44754620	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	44386628	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	45108039	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	44624228	shares
CY2023Q2	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	361571731	usd
CY2023Q3	us-gaap	Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	270007	usd
CY2023Q3	us-gaap	Profit Loss ProfitLoss	20190102	usd
CY2023Q3	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	377377795	usd
	us-gaap	Profit Loss ProfitLoss	26359872	usd
CY2023Q3	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	377377795	usd
CY2022Q2	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	340853878	usd
CY2022Q3	us-gaap	Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	319188	usd
CY2022Q3	us-gaap	Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	0	usd
	us-gaap	Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	-287629	usd
	us-gaap	Minority Interest Decrease From Distributions To Noncontrolling Interest Holders MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	5000000	usd
	us-gaap	Tangible Asset Impairment Charges TangibleAssetImpairmentCharges	0	usd
	us-gaap	Tangible Asset Impairment Charges TangibleAssetImpairmentCharges	3007809	usd
	us-gaap	Gain Loss On Sale Of Other Assets GainLossOnSaleOfOtherAssets	-1172196	usd
	us-gaap	Gain Loss On Sale Of Other Assets GainLossOnSaleOfOtherAssets	-318032	usd
	panl	Payment For Drydocking Costs PaymentForDrydockingCosts	3368800	usd
	panl	Payment For Drydocking Costs PaymentForDrydockingCosts	5972024	usd
	us-gaap	Share Based Compensation ShareBasedCompensation	1393514	usd
	us-gaap	Share Based Compensation ShareBasedCompensation	1457972	usd
	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	17676862	usd
	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	-10633346	usd
	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	-2757206	usd
	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	3504215	usd
	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	-885264	usd
	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	-14095660	usd
	panl	Increase Decrease In Account Payable Accrued Expenses And Other Current Liabilities IncreaseDecreaseInAccountPayableAccruedExpensesAndOtherCurrentLiabilities	3324586	usd
	panl	Increase Decrease In Account Payable Accrued Expenses And Other Current Liabilities IncreaseDecreaseInAccountPayableAccruedExpensesAndOtherCurrentLiabilities	-2946749	usd
	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	-7086632	usd
	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	-14971451	usd
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	29882569	usd
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	101868254	usd
	panl	Payment For Purchase Of Vessels PaymentForPurchaseOfVessels	27217355	usd
	panl	Payment For Purchase Of Vessels PaymentForPurchaseOfVessels	18370977	usd
	panl	Advance Payment For Vessel Purchase AdvancePaymentForVesselPurchase	0	usd
	panl	Advance Payment For Vessel Purchase AdvancePaymentForVesselPurchase	-1710000	usd
	panl	Payments To Acquire And Write Off Of Productive Assets PaymentsToAcquireAndWriteOffOfProductiveAssets	0	usd
	panl	Payments To Acquire And Write Off Of Productive Assets PaymentsToAcquireAndWriteOffOfProductiveAssets	-187638	usd
	panl	Proceedsfrom Saleof Vessel ProceedsfromSaleofVessel	8037804	usd
	panl	Proceedsfrom Saleof Vessel ProceedsfromSaleofVessel	8400000	usd
	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	7200000	usd
	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	0	usd
	us-gaap	Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital	1637500	usd
	us-gaap	Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital	0	usd
	panl	Payments For Proceeds From Non Controlling Interest PaymentsForProceedsFromNonControllingInterest	275000	usd
	panl	Payments For Proceeds From Non Controlling Interest PaymentsForProceedsFromNonControllingInterest	18505	usd
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-25017051	usd
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-11511844	usd
	us-gaap	Payment Of Financing And Stock Issuance Costs PaymentOfFinancingAndStockIssuanceCosts	0	usd
	us-gaap	Payment Of Financing And Stock Issuance Costs PaymentOfFinancingAndStockIssuanceCosts	331317	usd
	us-gaap	Repayments Of Secured Debt RepaymentsOfSecuredDebt	12435039	usd
	us-gaap	Repayments Of Secured Debt RepaymentsOfSecuredDebt	12223052	usd
	panl	Proceeds From Finance Lease ProceedsFromFinanceLease	0	usd
	panl	Proceeds From Finance Lease ProceedsFromFinanceLease	15000000	usd
	us-gaap	Finance Lease Principal Payments FinanceLeasePrincipalPayments	12211158	usd
	us-gaap	Finance Lease Principal Payments FinanceLeasePrincipalPayments	11808661	usd
	us-gaap	Repayments Of Other Long Term Debt RepaymentsOfOtherLongTermDebt	0	usd
	us-gaap	Repayments Of Other Long Term Debt RepaymentsOfOtherLongTermDebt	5000000	usd
	us-gaap	Payments Of Dividends Minority Interest PaymentsOfDividendsMinorityInterest	5000000	usd
	us-gaap	Payments Of Dividends Minority Interest PaymentsOfDividendsMinorityInterest	5000000	usd
	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	13618424	usd
	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	8966039	usd
	us-gaap	Payments Related To Tax Withholding For Share Based Compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation	127283	usd
	us-gaap	Payments Related To Tax Withholding For Share Based Compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation	287629	usd
	us-gaap	Payments To Minority Shareholders PaymentsToMinorityShareholders	2500000	usd
	us-gaap	Payments To Minority Shareholders PaymentsToMinorityShareholders	0	usd
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-45891904	usd
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-28616698	usd
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-41026386	usd
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	61739712	usd
CY2022Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	128384606	usd
	panl	Gain Loss On Sale Of Vessel GainLossOnSaleOfVessel	-1200000	usd
CY2022Q2	panl	Proceedsfrom Saleof Vessel ProceedsfromSaleofVessel	8600000	usd
	us-gaap	Impairment Of Long Lived Assets To Be Disposed Of ImpairmentOfLongLivedAssetsToBeDisposedOf	3000000	usd
CY2021Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	56208902	usd
CY2023Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	87358220	usd
CY2022Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	117948614	usd
	us-gaap	Basis Of Accounting BasisOfAccounting	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited consolidated financial statements have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q. Accordingly, these interim financial statements do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements. The accompanying financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the interim period results. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022.</span></div><div style="margin-bottom:8pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of January 1, 2023, we adopted ASU No. 2016-13, "Financial Instruments—Credit Losses" ("ASU 2016-13"). ASU 2016-13 amends the current financial instrument impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The adoption of the accounting standard did not have any material impact on our consolidated financial statements.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the percentage completion of spot voyages, the establishment of the allowance for credit losses and the estimate of salvage value used in determining vessel depreciation expense. Actual results could differ from those estimates.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of credit risk</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s accounts receivable balance includes outstanding receivables from two significant customers. These balances comprise 32% and 31% of accounts receivable, respectively, as of September 30, 2023.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Advance hire, prepaid expenses and other current assets</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Advance hire, prepaid expenses and other current assets were comprised of the following: </span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:63.392%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.146%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.004%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(unaudited)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Advance hire</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">3,283,793</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,491,835 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepaid expenses</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">6,766,441</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,777,648 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accrued receivables</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">8,325,946</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,721,500 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash margin on deposit</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1,154,720</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,239,947 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Derivative assets</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">8,230,260</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,892,144 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other current assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">3,519,265</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,143,757 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">31,280,425</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28,266,831 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Other non-current Assets</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other non-current assets were comprised of the following:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:63.682%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.146%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.714%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Name</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(unaudited)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Intangible Assets - Note 12: Acquisitions</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,012,240</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Investment in Seamar Management</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">803,027</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">598,725 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Investment in unconsolidated joint ventures</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1,823,898</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,954,605 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Investment in Narragansett Bulk Carriers (US) Corp</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">519,975</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">234,141 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other investments</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">913,862</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">496,656 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">6,073,002</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,284,127 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Accounts payable, accrued expenses and other current liabilities</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accounts payable, accrued expenses and other current liabilities were comprised of the following:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:63.682%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.146%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.714%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(unaudited)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts payable</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">9,321,153</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,979,451 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accrued expenses</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">12,649,770</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,795,973 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Bunkers suppliers</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">4,788,647</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,526,725 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Charter hire payable</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">12,583,093</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,337,941 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other accrued liabilities</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">3,032,176</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">914,041 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">42,374,839</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">38,554,131 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Leases</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Time charter in contracts</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company charters in vessels to supplement its owned fleet to support its voyage charter operations. The Company hires vessels under time charters with third party vessel owners, and recognizes the charter hire payments as an expense on a straight-line basis over the term of the charter. Charter hire payments are typically made in advance, and the unrecognized portion is reflected as advance hire in the accompanying consolidated balance sheets. Under the time charters, the vessel owner is responsible for the vessel operating costs such as crews, maintenance and repairs, insurance, and stores. As allowed by a practical expedient under ASC 842, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Leases</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> ("ASC 842"), the Company made an accounting policy election by class of underlying asset for leases with a term of 12 months or less, to forego recognizing a right-of-use asset and lease liability on its balance sheet. For the quarter ending September 30, 2023, the Company did not have any time charter in contracts with terms greater than 12 months, as such charter hire expense presented on the consolidated statements of income are lease expenses for chartered in contracts less than 12 months.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Time charter out contracts</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Charter revenue is earned when the Company lets a vessel it owns or operates to a charterer for a specified period of time. Charter revenue is based on the agreed rate per day. The charterer has the power to direct the use and receives substantially all of the economic benefits from the use of the vessel. The Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At September 30, 2023, the Company had two vessel chartered to customers under time charters that contained a lease. These two leases varied in original length from 30 days to 32 days. The lease payments due under these arrangements totaled approximately $247,000 and each of the time charters were due to be completed in 10 days or less. </span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At September 30, 2022, the Company had seven vessels chartered to customers under time charters that included a lease. These seven leases varied in original length from 27 days to 66 days. The lease payments due under this arrangement totaled approximately $2,481,000 and each time charter was due to be completed in 44 days or less. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company does not have any sales-type or direct financing leases.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Office leases</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has four non-cancelable office and office equipment leases. The resulting lease assets and liabilities are not material.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Revenue</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Recognition</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage, which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or "dead" freight. The voyage contract generally has standard payment terms of 95% freight paid within three days after completion of loading. The voyage charter party generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses the Company for any delays that exceed the agreed to laytime at the ports visited, with the amounts recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime which is known as despatch and results in a reduction of revenue. In a voyage charter contract, the performance obligations begin to be satisfied once the vessel begins loading the cargo. The Company determined that its voyage charter contracts consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses, and the revenue is recognized on a straight-line basis over the voyage days from the commencement of the loading of cargo to completion of discharge.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The voyage contracts are considered service contracts which fall under the provisions of ASC 606, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Revenue from Contracts with Customers </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">because the Company, as the shipowner, retains control over the operations of the vessel such as directing the routes taken or the vessel speed. The voyage contracts generally have variable consideration in the form of demurrage or despatch. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During time charter agreements, the Company is paid to provide transportation services on a per day basis for a specified period of time. Revenues from time charters are earned and recognized on a straight-line basis over the term of the charter, the charterers have substantive decision-making rights to direct how and for what purpose the vessel is used. As such, the Company has identified that time charter agreements contain a lease in accordance with ASC 842. Revenue is not earned when vessels are offhire.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In a stevedore service contract, the Company is paid to provide cargo handling services on a per unit basis for a specified quantity of cargo. The consideration in such a contract is determined on the basis of a rate per unit of cargo handled. The contract may contain minimum quantities. Revenues from stevedore service contracts are earned and recognized on a per unit basis as completed over the performance period. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Recently Issued Accounting Pronouncements Not Yet Adopted</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients and exceptions for applying generally accepted accounting principles (“GAAP”) to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope,” which clarified that certain optional expedients and exceptions in Topic 848 apply to derivatives that are affected by the discounting transition due to reference rate reform. In December 2022, the FASB issued ASU No. 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848," which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief under Topic 848. The Company is currently evaluating the impact that adopting this new accounting standard will have on its consolidated financial statements and related disclosures.</span></div>
CY2023Q3	panl	Advance Hire AdvanceHire	3283793	usd
CY2022Q4	panl	Advance Hire AdvanceHire	3491835	usd
CY2023Q3	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	6766441	usd
CY2022Q4	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	4777648	usd
CY2023Q3	panl	Accrued Receivable AccruedReceivable	8325946	usd
CY2022Q4	panl	Accrued Receivable AccruedReceivable	7721500	usd
CY2023Q3	panl	Margin Deposit Asset Liability MarginDepositAssetLiability	1154720	usd
CY2022Q4	panl	Margin Deposit Asset Liability MarginDepositAssetLiability	3239947	usd
CY2023Q3	us-gaap	Derivative Assets Current DerivativeAssetsCurrent	8230260	usd
CY2022Q4	us-gaap	Derivative Assets Current DerivativeAssetsCurrent	4892144	usd
CY2023Q3	us-gaap	Other Assets Current OtherAssetsCurrent	3519265	usd
CY2022Q4	us-gaap	Other Assets Current OtherAssetsCurrent	4143757	usd
CY2023Q3	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	31280425	usd
CY2022Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	28266831	usd
CY2023Q3	us-gaap	Other Intangible Assets Net OtherIntangibleAssetsNet	2012240	usd
CY2022Q4	us-gaap	Other Intangible Assets Net OtherIntangibleAssetsNet	0	usd
CY2023Q3	us-gaap	Investments And Other Noncurrent Assets InvestmentsAndOtherNoncurrentAssets	6073002	usd
CY2022Q4	us-gaap	Investments And Other Noncurrent Assets InvestmentsAndOtherNoncurrentAssets	5284127	usd
CY2023Q3	us-gaap	Accounts Payable Current And Noncurrent AccountsPayableCurrentAndNoncurrent	9321153	usd
CY2022Q4	us-gaap	Accounts Payable Current And Noncurrent AccountsPayableCurrentAndNoncurrent	9979451	usd
CY2023Q3	panl	Accrued Voyage Expenses AccruedVoyageExpenses	12649770	usd
CY2022Q4	panl	Accrued Voyage Expenses AccruedVoyageExpenses	11795973	usd
CY2023Q3	us-gaap	Derivative Liabilities DerivativeLiabilities	4788647	usd
CY2022Q4	us-gaap	Derivative Liabilities DerivativeLiabilities	6526725	usd
CY2023Q3	us-gaap	Accounts Payable Other Current And Noncurrent AccountsPayableOtherCurrentAndNoncurrent	12583093	usd
CY2022Q4	us-gaap	Accounts Payable Other Current And Noncurrent AccountsPayableOtherCurrentAndNoncurrent	9337941	usd
CY2023Q3	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	3032176	usd
CY2022Q4	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	914041	usd
CY2023Q3	us-gaap	Accounts Payable And Other Accrued Liabilities Current AccountsPayableAndOtherAccruedLiabilitiesCurrent	42374839	usd
CY2022Q4	us-gaap	Accounts Payable And Other Accrued Liabilities Current AccountsPayableAndOtherAccruedLiabilitiesCurrent	38554131	usd
CY2023Q3	panl	Number Of Vessels Leased To Customers NumberOfVesselsLeasedToCustomers	2	numberofvessel
CY2023Q3	panl	Number Of Vessels Leased To Customers NumberOfVesselsLeasedToCustomers	2	numberofvessel
	us-gaap	Operating Lease Payments OperatingLeasePayments	247000	usd
	panl	Time Charter Term To Completion TimeCharterTermToCompletion	P10D
CY2022Q3	panl	Number Of Vessels Leased To Customers NumberOfVesselsLeasedToCustomers	7	numberofvessel
CY2022Q3	panl	Number Of Vessels Leased To Customers NumberOfVesselsLeasedToCustomers	7	numberofvessel
	us-gaap	Operating Lease Payments OperatingLeasePayments	2481000	usd
	panl	Time Charter Term To Completion TimeCharterTermToCompletion	P44D
CY2023Q3	panl	Number Of Noncancelable Office Leases NumberOfNoncancelableOfficeLeases	4	lease
CY2023Q3	us-gaap	Money Market Funds At Carrying Value MoneyMarketFundsAtCarryingValue	35600618	usd
CY2022Q4	us-gaap	Money Market Funds At Carrying Value MoneyMarketFundsAtCarryingValue	33689361	usd
CY2023Q3	us-gaap	Time Deposits At Carrying Value TimeDepositsAtCarryingValue	17522503	usd
CY2022Q4	us-gaap	Time Deposits At Carrying Value TimeDepositsAtCarryingValue	46000000	usd
CY2023Q3	us-gaap	Cash And Due From Banks CashAndDueFromBanks	34235099	usd
CY2022Q4	us-gaap	Cash And Due From Banks CashAndDueFromBanks	48695245	usd
CY2022Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	128384606	usd
CY2023Q3	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	87358220	usd
CY2022Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	128384606	usd
CY2023Q3	panl	Vessels And Vessel Improvements Property Plant And Equipement Gross VesselsAndVesselImprovementsPropertyPlantAndEquipementGross	475697680	usd
CY2022Q4	panl	Vessels And Vessel Improvements Property Plant And Equipement Gross VesselsAndVesselImprovementsPropertyPlantAndEquipementGross	473864407	usd
CY2023Q3	us-gaap	Property Plant And Equipment Other Net PropertyPlantAndEquipmentOtherNet	4282536	usd
CY2022Q4	us-gaap	Property Plant And Equipment Other Net PropertyPlantAndEquipmentOtherNet	2660345	usd
CY2023Q3	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	479980216	usd
CY2022Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	476524752	usd
CY2023Q3	us-gaap	Finance Lease Right Of Use Asset FinanceLeaseRightOfUseAsset	40951455	usd
CY2022Q4	us-gaap	Finance Lease Right Of Use Asset FinanceLeaseRightOfUseAsset	43921569	usd
CY2023Q1	panl	Proceedsfrom Saleof Vessel ProceedsfromSaleofVessel	8900000	usd
CY2023Q3	us-gaap	Debt Instrument Carrying Amount DebtInstrumentCarryingAmount	103598968	usd
CY2023Q3	us-gaap	Unamortized Debt Issuance Expense UnamortizedDebtIssuanceExpense	1139710	usd
CY2022Q4	us-gaap	Unamortized Debt Issuance Expense UnamortizedDebtIssuanceExpense	1431736	usd
CY2023Q3	us-gaap	Long Term Debt LongTermDebt	102459258	usd
CY2022Q4	us-gaap	Long Term Debt LongTermDebt	114602269	usd
CY2023Q3	us-gaap	Long Term Debt Current LongTermDebtCurrent	31505463	usd
CY2022Q4	us-gaap	Long Term Debt Current LongTermDebtCurrent	15782530	usd
CY2023Q3	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	70953795	usd
CY2022Q4	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	98819739	usd
CY2023Q3	us-gaap	Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear	3347491	usd
CY2023Q3	us-gaap	Long Term Debt Maturities Repayments Of Principal In Next Twelve Months LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths	30751725	usd
CY2023Q3	us-gaap	Long Term Debt Maturities Repayments Of Principal In Year Two LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo	10476019	usd
CY2023Q3	us-gaap	Long Term Debt Maturities Repayments Of Principal In Year Three LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree	10638024	usd
CY2023Q3	us-gaap	Long Term Debt Maturities Repayments Of Principal In Year Four LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour	39955014	usd
CY2023Q3	panl	Long Term Debt Maturity After Year Four LongTermDebtMaturityAfterYearFour	8430695	usd
CY2023Q3	us-gaap	Debt Instrument Carrying Amount DebtInstrumentCarryingAmount	103598968	usd
CY2023Q3	us-gaap	Finance Lease Liability FinanceLeaseLiability	175700979	usd
CY2023Q3	panl	Finance Lease Liability Issuance Costs FinanceLeaseLiabilityIssuanceCosts	2596067	usd
CY2023Q3	panl	Finance Lease Liability Net FinanceLeaseLiabilityNet	173104912	usd
CY2022Q3	panl	Finance Lease Liability Net FinanceLeaseLiabilityNet	184879014	usd
CY2023Q3	us-gaap	Finance Lease Liability Current FinanceLeaseLiabilityCurrent	26630754	usd
CY2022Q3	us-gaap	Finance Lease Liability Current FinanceLeaseLiabilityCurrent	16365075	usd
CY2023Q3	us-gaap	Finance Lease Liability Noncurrent FinanceLeaseLiabilityNoncurrent	146474158	usd
CY2022Q3	us-gaap	Finance Lease Liability Noncurrent FinanceLeaseLiabilityNoncurrent	168513939	usd
CY2023Q3	us-gaap	Finance Lease Liability Payments Remainder Of Fiscal Year FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear	12302663	usd
CY2023Q3	us-gaap	Finance Lease Liability Payments Due Next Twelve Months FinanceLeaseLiabilityPaymentsDueNextTwelveMonths	34974182	usd
CY2023Q3	us-gaap	Finance Lease Liability Payments Due Year Two FinanceLeaseLiabilityPaymentsDueYearTwo	25360402	usd
CY2023Q3	us-gaap	Finance Lease Liability Payments Due Year Three FinanceLeaseLiabilityPaymentsDueYearThree	23876137	usd
CY2023Q3	us-gaap	Finance Lease Liability Payments Due Year Four FinanceLeaseLiabilityPaymentsDueYearFour	24796131	usd
CY2023Q3	panl	Finance Lease Liability Payments Due After Year Four FinanceLeaseLiabilityPaymentsDueAfterYearFour	144419951	usd
CY2023Q3	us-gaap	Finance Lease Liability Payments Due FinanceLeaseLiabilityPaymentsDue	265729466	usd
CY2023Q3	us-gaap	Finance Lease Liability Undiscounted Excess Amount FinanceLeaseLiabilityUndiscountedExcessAmount	90028487	usd
CY2023Q3	us-gaap	Finance Lease Liability FinanceLeaseLiability	175700979	usd
CY2023Q3	us-gaap	Finance Lease Liability Current FinanceLeaseLiabilityCurrent	26630754	usd
CY2023Q3	panl	Finance Lease Liability Issuance Costs FinanceLeaseLiabilityIssuanceCosts	2596067	usd
CY2023Q3	us-gaap	Finance Lease Liability Noncurrent FinanceLeaseLiabilityNoncurrent	146474158	usd
CY2023Q3	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	4531912	usd
CY2022Q3	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	-4508758	usd
	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	2760059	usd
	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	-510093	usd
CY2023Q3	panl	Technical Management Fees TechnicalManagementFees	828000	usd
	us-gaap	Dividends Dividends	5000000	usd
	panl	Noncancelable Office Lease Noncancelable Period NoncancelableOfficeLeaseNoncancelablePeriod	P6M
CY2022Q3	us-gaap	Lease Cost LeaseCost	46000	usd
CY2023Q3	us-gaap	Lease Cost LeaseCost	46000	usd
CY2022Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	19974390	usd
CY2021Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	17806976	usd
	us-gaap	Payments To Minority Shareholders PaymentsToMinorityShareholders	2500000	usd
CY2022	us-gaap	Payments To Minority Shareholders PaymentsToMinorityShareholders	2050000	usd
	panl	Earnings Attributable To Noncontrolling Interest Recorded As Interest Expense EarningsAttributableToNoncontrollingInterestRecordedAsInterestExpense	1027798	usd
CY2022	panl	Earnings Attributable To Noncontrolling Interest Recorded As Interest Expense EarningsAttributableToNoncontrollingInterestRecordedAsInterestExpense	6717414	usd
	panl	Business Combination Deferred Consideration Transferred Non Controlling Interest BusinessCombinationDeferredConsiderationTransferredNonControllingInterest	0	usd
CY2022	panl	Business Combination Deferred Consideration Transferred Non Controlling Interest BusinessCombinationDeferredConsiderationTransferredNonControllingInterest	2500000	usd
	us-gaap	Repayments Of Other Long Term Debt RepaymentsOfOtherLongTermDebt	0	usd
CY2022	us-gaap	Repayments Of Other Long Term Debt RepaymentsOfOtherLongTermDebt	5000000	usd
CY2023Q3	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	18502188	usd
CY2022Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	19974390	usd
CY2023Q3	us-gaap	Net Income Loss NetIncomeLoss	18868291	usd
CY2022Q3	us-gaap	Net Income Loss NetIncomeLoss	18788414	usd
	us-gaap	Net Income Loss NetIncomeLoss	25187098	usd
	us-gaap	Net Income Loss NetIncomeLoss	63988812	usd
CY2023Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	44775438	shares
CY2022Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	44415575	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	44754620	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	44386628	shares
CY2023Q3	us-gaap	Weighted Average Number Diluted Shares Outstanding Adjustment WeightedAverageNumberDilutedSharesOutstandingAdjustment	306230	shares
CY2022Q3	us-gaap	Weighted Average Number Diluted Shares Outstanding Adjustment WeightedAverageNumberDilutedSharesOutstandingAdjustment	224703	shares
	us-gaap	Weighted Average Number Diluted Shares Outstanding Adjustment WeightedAverageNumberDilutedSharesOutstandingAdjustment	353419	shares
	us-gaap	Weighted Average Number Diluted Shares Outstanding Adjustment WeightedAverageNumberDilutedSharesOutstandingAdjustment	237600	shares
CY2023Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	45081668	shares
CY2022Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	44640278	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	45108039	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	44624228	shares
CY2023Q3	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.42
CY2022Q3	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.42
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.56
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	1.44
CY2023Q3	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.42
CY2022Q3	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.42
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.56
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	1.43
CY2023Q3	us-gaap	Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet	1772889	usd
CY2023Q3	us-gaap	Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment	1844100	usd
CY2023Q3	us-gaap	Goodwill Goodwill	3104800	usd
CY2023Q3	us-gaap	Finite Lived Intangible Assets Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization	238860	usd
CY2023Q3	us-gaap	Other Intangible Assets Net OtherIntangibleAssetsNet	2012240	usd
	us-gaap	Fair Value Of Assets Acquired FairValueOfAssetsAcquired	8734029	usd
CY2023Q3	us-gaap	Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents	326888	usd
	us-gaap	Business Combination Consideration Transferred1 BusinessCombinationConsiderationTransferred1	9060917	usd

Files In Submission

Name	View Source	Status
panl-20230930_pre.xml	Edgar Link	unprocessable
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a09302023-ex312.htm	Edgar Link	pending
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a09302023-ex322.htm	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
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panl-20230930_cal.xml	Edgar Link	unprocessable
panl-20230930_def.xml	Edgar Link	unprocessable
panl-20230930_lab.xml	Edgar Link	unprocessable
panl-20230930_htm.xml	Edgar Link	completed
R6.htm	Edgar Link	pending
R7.htm	Edgar Link	pending
R8.htm	Edgar Link	pending
R9.htm	Edgar Link	pending
report.css	Edgar Link	pending
Show.js	Edgar Link	pending

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$PANL
Pangaea Logistics Solutions Ltd. Stock $panl

2023 Q4 Form 10-Q Financial Statement

#000160690923000131 Filed on November 08, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$PANL Pangaea Logistics Solutions Ltd. Stock $panl

2023 Q4 Form 10-Q Financial Statement

#000160690923000131 Filed on November 08, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$PANL
Pangaea Logistics Solutions Ltd. Stock $panl