---
schema_version: "secwatch.filing_event.v1"
accession: "0001606909-23-000061"
form_type: "8-K"
ticker: "PANL"
cik: "0001606909"
company_name: "Pangaea Logistics Solutions Ltd."
filed_at: "2023-05-10T23:59:59+00:00"
generated_at: "2026-06-15T06:26:43.143243+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Pangaea Q1 net income $3.5M, down 83% YoY; TCE rates $14,372/day, -46%

## Summary
- Net income $3.5M ($0.08 diluted EPS) vs $20.2M YoY; adjusted net income $5.1M ($0.11).
- Revenue $113.7M, down 41% YoY; TCE $14,372/day, down 46% but 48% above Baltic indices.
- Adjusted EBITDA $16.2M, down 48% YoY; cash $129.1M; net debt/EBITDA 1.3x.
- Declared $0.10/share quarterly dividend (paid June 15); increased 100% YoY.
- Acquired terminal ops for $7.2M (Port Everglades, Palm Beach, Baltimore); purchased vessel Bulk Prudence for $26.6M.

## SEC filing metadata
- accession: 0001606909-23-000061
- form_type: 8-K
- ticker: PANL
- cik: 0001606909
- company_name: Pangaea Logistics Solutions Ltd.
- filed_at: 2023-05-10T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1606909/000160690923000061/0001606909-23-000061-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1606909/000160690923000061/panl-20230510.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001606909-23-000061
- JSON: https://secwatch.observer/filing/0001606909-23-000061.json
- Plain text: https://secwatch.observer/filing/0001606909-23-000061.txt

## Key facts
- Earnings Releases
  Pangaea Logistics Solutions Ltd. reported the first quarter ended March 31, 2023 results: revenue $113.7 million, net income $5.1 million, EPS $0.11 per diluted share.
  - Period: the first quarter ended March 31, 2023
  - Revenue: $113.7 million
  - Net income: $5.1 million
  - EPS: $0.11 per diluted share
  - Result: reported results
  source text: For the first quarter ended March 31, 2023, Pangaea reported non-GAAP adjusted net income of $5.1 million, or $0.11 per diluted share, on total revenue of $113.7 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1606909/000160690923000061/0001606909-23-000061-index.htm

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