The strong Q1 beat and Q2-to-date booking at $18,808/day TCE (24% above market) suggest sustained earnings momentum. Monitor the Q2 2026 earnings release for confirmation of TCE premium and fleet utilization; the stock may re-rate higher if guidance is maintained or raised.
Price Chart
Executive Summary
Pangaea Logistics Solutions reported Q1 2026 GAAP net income of $13.3M ($0.21/share) vs a net loss of -$1.98M (-$0.03/share) in the prior year, driven by a 39% surge in total revenue to $170.6M and a 34% increase in TCE rates. Adjusted EBITDA rose 70% to $25.2M, and management noted 2Q26 booked days at an average TCE of $18,808/day, signaling continued momentum. The strong beat versus consensus (EPS $0.21 vs $0.05 est) and robust operational metrics support a bullish read.
Key Financial Metrics
Key Facts
- Q1 2026 GAAP net income attributable to Pangaea of $13.3M, or $0.21 per share, vs net loss of $1.98M (-$0.03) in Q1 2025
- Total revenue of $170.6M, up 39% YoY from $122.8M
- Adjusted EBITDA of $25.2M, up 70% YoY from $14.8M
- TCE rates of $15,252/day, up 34% YoY from $11,390/day, exceeding benchmark indices by 20%
- Operating cash flow of $4.5M vs -$4.4M in prior year
- Declared quarterly cash dividend of $0.05 per common share, payable June 15, 2026
- As of May 11, 2026, booked 4,051 shipping days at average TCE of ~$18,808/day for Q2 2026
- Cash and cash equivalents of $89.7M; net debt to trailing twelve-month Adjusted EBITDA of 2.4x
Financial Impact
Revenue up 39% YoY to $170.6M; GAAP EPS of $0.21 vs consensus $0.05 (220% beat); Adjusted EBITDA up 70% to $25.2M
Risk Factors
- Dry bulk shipping rates are cyclical and could soften in H2 2026 if global demand weakens
- Geopolitical disruptions (Middle East) increase fuel costs and operational risk
- Net debt of 2.4x EBITDA leaves limited balance sheet flexibility for downturns
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-033663 |
| Document: panl-20260511.htm | 0001628280-26-033663 |
| Document: a03312026earningspresent.htm | 0001628280-26-033663 |
| Document: 0001628280-26-033663-index-headers.html | 0001628280-26-033663 |
| Document: 0001628280-26-033663-index.html | 0001628280-26-033663 |
| Document: 0001628280-26-033663.txt | 0001628280-26-033663 |
| 8-K Data (Synthetic) | 0001628280-26-033663 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 11w ago | Press Release | $6.91 $8.30 | ▼ −20.12% | ▼ −21.17% | $7.98 (−15.48%) |
Jun 8, 2026 20w ago | 8-K | $7.23 $6.84 | ▼ −5.39% | ▼ −7.03% | $7.98 (+10.37%) |
May 15, 2026 23w ago | 144 | $8.19 $7.57 | ▼ −7.57% | ▼ −9.69% | $7.98 (−2.56%) |
May 11, 2026 24w ago | 8-K | $8.64 $7.30 | ▼ −15.51% | ▼ −13.78% | $7.98 (−7.64%) |
Mar 18, 2026 31w ago | Insider Cluster | $7.07 $7.90 | ▲ +11.74% | ▲ +4.11% | $7.98 (+12.87%) |
Mar 18, 2026 31w ago | Insider Cluster | $7.07 $7.90 | ▲ +11.74% | ▲ +4.11% | $7.98 (+12.87%) |
Mar 11, 2026 32w ago | 8-K | $7.22 $7.45 | ▲ +3.26% | ▲ +2.73% | $7.98 (+10.60%) |
US Market Status
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