---
schema_version: "secwatch.filing_event.v1"
accession: "0001606909-22-000051"
form_type: "8-K"
ticker: "PANL"
cik: "0001606909"
company_name: "Pangaea Logistics Solutions Ltd."
filed_at: "2022-05-10T23:59:59+00:00"
generated_at: "2026-06-25T21:43:03.842191+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Pangaea Q1 net income $20.2M, up 245% YoY; TCE $26,472/day beats market by 17%

## Summary
- Net income attributable to Pangaea of $20.2M ($0.45 diluted EPS) vs $5.9M ($0.13) YoY; adjusted EPS $0.35 vs $0.09.
- Revenue $191.8M, up 53% YoY; TCE rate $26,472/day outperformed Baltic supramax/panamax index ($22,637) by 17%.
- Adjusted EBITDA $31.3M, up 159% from $12.1M in Q1 2021; cash from operations $32.1M vs $4.9M.
- Board declared quarterly dividend of $0.075/share, payable June 15, 2022 to holders of record June 1, 2022.
- Sold 1999-built m/v Bulk Pangaea for $8.6M net; recorded $3.0M impairment and classified as held for sale.

## SEC filing metadata
- accession: 0001606909-22-000051
- form_type: 8-K
- ticker: PANL
- cik: 0001606909
- company_name: Pangaea Logistics Solutions Ltd.
- filed_at: 2022-05-10T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1606909/000160690922000051/0001606909-22-000051-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1606909/000160690922000051/panl-20220510.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001606909-22-000051
- JSON: https://secwatch.observer/filing/0001606909-22-000051.json
- Plain text: https://secwatch.observer/filing/0001606909-22-000051.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.