Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q3 2026 Earnings Presentation
15 slides from Pangaea Logistics Solutions's earnings presentation, Nov 5, 2026
Slide 1: Earnings Call Presentation
2Q26 Earnings Call Presentation
Slide 2: Safe Harbor
Safe Harbor 3Q26 Earnings Call Presentation This presentation may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statement
Slide 3: 3Q26 Performance Highlights
3Q26 Performance Highlights Robust growth driven by strong execution and strategic fleet positioning Higher freight rates and peak seasonal activity in our Arctic trades drove TCE rates outperforming benchmark Panamax, Supramax and Handysize indices by 13%. Third quarter 2026 GAAP net income of $38.
Slide 4: 3Q 2026 Performance Summary
3Q 2026 Performance Summary Adjusted EBITDA Adjusted EPS $s in Millions $s per Share TCE Rate Operating Cash $s per Flow Shipping Day $s in Millions 4
Slide 5: Outperforming Industry Benchmark
Outperforming Industry Benchmark Our TCE has exceeded the market by an average of 26% on a trailing 5-year basis Cargo Focused Business Model Consistently Delivers Above-Market Performance • Current 4Q26 booked TCE rate of $21,423, a 11% premium to the market average through the quarter.* • Our nich
Slide 6: Return of Capital Program
Return of Capital Program Quarterly cash dividend and share repurchase program, support long-term shareholder value creation Strong cash flow and profitability support consistent Consistent dividend payout amid strategic execution and $12 million repurchase authorization allows for flexible return o
Slide 7: Balance Sheet Update
Balance Sheet Update Ample liquidity to support ongoing growth of business Continue to opportunistically invest in modern and Strong financial position underpinned by $144.9 million Capital allocation priorities will be balanced between fleet regulatory compliant vessel fleet to meet customer cargo
Slide 8: Macro Shipping Outlook
Macro Shipping Outlook Focused on providing comprehensive logistics solutions with targeted dry bulks Near Term Outlook Medium Term Outlook Long-Term Outlook (Q4 2026 & 1H 2027) (2027) (2028 & Beyond) • Positive seasonal momentum in iron ore, • Long-haul Atlantic-to-Asia and West • Aging global flee
Slide 9: Value Creation Strategy
Value Creation Strategy Durable business model insulated from macro volatility – focused on deploying capital to drive above-sector growth 9
Slide 10: Investment Conclusion
Integrated shipping-logistics model Focused on consistently delivering consistent, above-market high fleet utilization to drive operating returns leverage Positioned to benefit from tightening Growing on-shore logistics offering global supply of dry-bulk vessels amid provides significant, incrementa
Slide 11: Appendix
Appendix Confidential: Pangaea Logistics Solutions
Slide 12: Selected Balance Sheet Data
Selected Balance Sheet Data September 30, 2026 December 31, 2025 (in thousands,may not foot due to rounding) Current Assets Cash and cash equivalents $ 144,924 $ 103,054 Accounts receivable, net 64,275 55,854 Other current assets 101,228 56,868 Total current assets $ 310,426 $ 215,776 Restricted cas
Slide 13: Selected Income Statement Data
Selected Income Statement Data Three Months Ended September 30, Nine Months Ended September 30, (in thousands,may not foot due to rounding) 2026 2026 Revenues: Voyage revenue $ 193,141 $ 155,271 $ 516,838 $ 411,200 Charter revenue 18,814 9,298 42,725 26,141 Terminal & stevedore revenue 7,102 4,101 1
Slide 14: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net Transportation and Service Revenue Gross Profit $ 51,272 $ 26,545 $ 102,641 $ 47,624 Add: Vessel Depreciation
Slide 15: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In thousands, except per share amounts (earnings per common share and Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended adjusted earnings per common share). September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Earning
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