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NEWPORT, R.I. - Pangaea Logistics Solutions Ltd. (NASDAQ:PANL) reported third quarter 2025 adjusted net income of $11.2 million, or $0.17 per diluted share, on total revenue of $168.7 million, according to a press release statement issued Thursday. The company, currently trading at a P/E ratio of 30.54 with a market cap of $320.34 million, is considered slightly undervalued according to InvestingPro analysis.
The global maritime logistics provider saw a 20.3% increase in adjusted EBITDA to $28.9 million compared to the same period last year, while adjusted EBITDA margin improved to 17.1% from 15.7% in the prior year period. This quarterly performance contributes to Pangaea’s trailing twelve-month EBITDA of $72.39 million, with revenue growth of 15.1% over the same period.
Time Charter Equivalent (TCE) rates earned by the company averaged $15,559 per day during the quarter, exceeding benchmark Baltic Panamax, Supramax, and Handysize indices by 10%. This performance was supported by the company’s long-term contracts of affreightment, specialized fleet, and cargo-focused strategy. InvestingPro identifies that while PANL has been profitable over the last twelve months, net income is expected to drop this year, with EPS forecast at $0.25 for FY2025.
Total shipping days increased 22% to 5,872 days compared to the third quarter of 2024, primarily due to the acquisition of fifteen handy-sized vessels completed in late 2024.
The company maintained strong liquidity with $94.0 million in unrestricted cash and cash equivalents as of September 30. During the quarter, Pangaea repaid $7.2 million in finance leases and $4.1 million in long-term debt. InvestingPro data shows the company operates with a current ratio of 1.46, confirming liquid assets exceed short-term obligations, though it carries a significant debt burden with total debt of $375.79 million and a debt-to-equity ratio of 0.91.
Pangaea’s Board of Directors declared a quarterly cash dividend of $0.05 per common share, payable on December 15, 2025, to shareholders of record as of December 1, 2025. This translates to an annual dividend yield of 4.02%, with the company maintaining a dividend per share of $0.20 annually.
The company also entered into an agreement in October to sell the 2005-built Bulk Freedom for $9.6 million, which is expected to generate a gain of approximately $2.7 million upon completion in the fourth quarter. This transaction follows the third-quarter sale of the Strategic Endeavor for $7.7 million, reflecting the company’s ongoing fleet renewal strategy. Despite a 20.54% decline in share price over the past year, PANL has seen a strong 27.09% price uptick over the last six months, potentially reflecting positive market sentiment toward these strategic moves. For deeper insights into PANL’s financial health and comprehensive analysis, investors can access the Pro Research Report available on InvestingPro.
In other recent news, Pangaea Logistics Solutions reported its second-quarter earnings for 2025, showing a revenue of $156.68 million. This figure surpassed analysts’ forecasts of $129.24 million by 21.23%, demonstrating a strong performance despite an adjusted net loss of $1.4 million. The company met its earnings per share (EPS) forecast of -$0.02. Additionally, Pangaea Logistics announced a CEO succession plan, with current Chief Executive Officer Mark Filanowski set to retire on January 1, 2026. Mads Petersen, who has been with the company for 16 years and is currently the Chief Operating Officer, will succeed Filanowski as President and CEO. Petersen has extensive experience in the dry bulk shipping industry and has been instrumental in various company operations. These developments reflect significant changes within the company, both in terms of financial performance and leadership.
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