---
schema_version: "secwatch.filing_event.v1"
accession: "0001606909-23-000040"
form_type: "8-K"
ticker: "PANL"
cik: "0001606909"
company_name: "Pangaea Logistics Solutions Ltd."
filed_at: "2023-03-15T23:59:59+00:00"
generated_at: "2026-06-18T02:02:47.512937+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Pangaea Logistics reports record FY2022 results; Q4 net income flat, adjusted EPS down 43% YoY

## Summary
- Full-year 2022 net income $79.5M ($1.76 diluted) up 17% YoY; adjusted net income $82.1M ($1.82 diluted) up 29%.
- Q4 2022 revenue $127.9M (down 45% YoY); adjusted EBITDA $26.9M (down 29%); TCE $20,023/day, 41% premium over market.
- Q4 adjusted EPS $0.32 vs $0.56 prior year, decline of 43%; net income flat at $15.5M.
- Ended 2022 with $128.4M cash; net debt/EBITDA 1.25x; declared $0.10 quarterly dividend paid March 15.
- Sold m/v Bulk Newport for $9.2M in Q1 2023; Q1-to-date TCE booked at $15,065/day for 3,970 ship days.

## SEC filing metadata
- accession: 0001606909-23-000040
- form_type: 8-K
- ticker: PANL
- cik: 0001606909
- company_name: Pangaea Logistics Solutions Ltd.
- filed_at: 2023-03-15T23:59:59+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/1606909/000160690923000040/0001606909-23-000040-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1606909/000160690923000040/panl-20230315.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001606909-23-000040
- JSON: https://secwatch.observer/filing/0001606909-23-000040.json
- Plain text: https://secwatch.observer/filing/0001606909-23-000040.txt

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