---
schema_version: "secwatch.filing_event.v1"
accession: "0001606909-23-000114"
form_type: "8-K"
ticker: "PANL"
cik: "0001606909"
company_name: "Pangaea Logistics Solutions Ltd."
filed_at: "2023-08-09T23:59:59+00:00"
generated_at: "2026-06-11T22:20:30.006264+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Pangaea Q2 net income $2.8M ($0.06/diluted), revenue $118M; TCE rates down 43% YoY

## Summary
- Net income attributable to Pangaea $2.8M ($0.06 diluted); adjusted net income $4.6M ($0.10 diluted).
- Revenue $118.1M; TCE rates $15,558/day (-43% YoY); adjusted EBITDA $15.9M (-64% YoY).
- Acquired Bulk Prudence (61,000 dwt) for $26.6M cash and port terminal ops in FL and MD.
- Declared $0.10/share quarterly dividend, payable Sept 15, record Sept 1.
- Q3 guidance: ~3,500 shipping days booked at TCE $16,700/day.

## SEC filing metadata
- accession: 0001606909-23-000114
- form_type: 8-K
- ticker: PANL
- cik: 0001606909
- company_name: Pangaea Logistics Solutions Ltd.
- filed_at: 2023-08-09T23:59:59+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/1606909/000160690923000114/0001606909-23-000114-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1606909/000160690923000114/panl-20230809.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001606909-23-000114
- JSON: https://secwatch.observer/filing/0001606909-23-000114.json
- Plain text: https://secwatch.observer/filing/0001606909-23-000114.txt

## Key facts
- Earnings Releases
  Pangaea Logistics Solutions Ltd. reported three months ended June 30, 2023 results: revenue $118.1 million, net income non-GAAP adjusted net income of $4.6 million, EPS $0.10 per diluted share.
  - Period: three months ended June 30, 2023
  - Revenue: $118.1 million
  - Net income: non-GAAP adjusted net income of $4.6 million
  - EPS: $0.10 per diluted share
  - Result: reported results
  source text: Net income attributable to Pangaea of $2.8 million, or $0.06 per diluted share
  evidence_url: https://www.sec.gov/Archives/edgar/data/1606909/000160690923000114/0001606909-23-000114-index.htm
- Earnings Releases
  Pangaea Logistics Solutions Ltd. reported three months ended June 30, 2023 results: revenue $118.1 million, net income non-GAAP adjusted net income of $4.6 million, EPS $0.10 per diluted share.
  - Period: three months ended June 30, 2023
  - Revenue: $118.1 million
  - Net income: non-GAAP adjusted net income of $4.6 million
  - EPS: $0.10 per diluted share
  - Result: reported results
  source text: Pangaea reported non-GAAP adjusted net income of $4.6 million, or $0.10 per diluted share, on total revenue of $118.1 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1606909/000160690923000114/0001606909-23-000114-index.htm

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