---
schema_version: "secwatch.filing_event.v1"
accession: "0001606909-22-000097"
form_type: "8-K"
ticker: "PANL"
cik: "0001606909"
company_name: "Pangaea Logistics Solutions Ltd."
filed_at: "2022-11-09T23:59:59+00:00"
generated_at: "2026-06-22T01:19:27.659832+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Pangaea Q3 GAAP EPS $0.42 (-30% y/y), adjusted $0.52 (+8%); revenue $184.5M

## Summary
- GAAP net income $18.8M ($0.42 diluted EPS) vs $27.0M ($0.60) in Q3 2021.
- Adjusted net income $23.3M ($0.52 diluted EPS), up 8% y/y; Adjusted EBITDA $38.5M, up 14%.
- TCE rate $24,107/day (-16% y/y) but 41% above benchmark Baltic Panamax/Supramax indices.
- Cash $117.9M (up $68.8M y/y); net debt/EBITDA 1.2x; declared $0.10 dividend payable Dec 15.
- Acquired supramax Bulk Sachuest for $16.6M; owned fleet now 25 vessels, operates ~55 total.

## SEC filing metadata
- accession: 0001606909-22-000097
- form_type: 8-K
- ticker: PANL
- cik: 0001606909
- company_name: Pangaea Logistics Solutions Ltd.
- filed_at: 2022-11-09T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1606909/000160690922000097/0001606909-22-000097-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1606909/000160690922000097/panl-20221109.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001606909-22-000097
- JSON: https://secwatch.observer/filing/0001606909-22-000097.json
- Plain text: https://secwatch.observer/filing/0001606909-22-000097.txt

## Key facts
- Earnings Releases
  Pangaea Logistics Solutions Ltd. reported three months ended September 30, 2022 results: revenue $184.5 million, net income $18.8 million, EPS $0.42 per diluted share.
  - Period: three months ended September 30, 2022
  - Revenue: $184.5 million
  - Net income: $18.8 million
  - EPS: $0.42 per diluted share
  - Result: reported results
  source text: its results for the three months ended September 30, 2022. THIRD QUARTER 2022 RESULTS (As compared to the Third Quarter 2021) • Total revenue decreased 13% year over year to $184.5 million; voyage revenue decreased 7% year over year • Net income attributable to Pangaea of $18.8 million, or $0.42 per diluted share, a decline of 30% y/y - Adjusted net income
  evidence_url: https://www.sec.gov/Archives/edgar/data/1606909/000160690922000097/0001606909-22-000097-index.htm

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