---
schema_version: "secwatch.filing_event.v1"
accession: "0001606909-23-000129"
form_type: "8-K"
ticker: "PANL"
cik: "0001606909"
company_name: "Pangaea Logistics Solutions Ltd."
filed_at: "2023-11-08T23:59:59+00:00"
generated_at: "2026-06-08T09:34:09.327084+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Pangaea Q3 net income flat at $18.9M; revenue down 26% YoY; TCE rates fall 35%

## Summary
- Net income $18.9M ($0.42 diluted EPS); adjusted net income $14.4M ($0.32 adjusted EPS).
- Revenue $135.6M, down from $184.5M YoY; TCE rate $15,748/day, -35% vs $24,107.
- TCE exceeded Baltic Panamax/Supramax indices by 49%; Adj. EBITDA $27.9M (vs $38.5M).
- Q4-to-date TCE $19,000/day on ~2,715 days; declared $0.10 dividend payable Dec 15.
- Sold Bulk Trident for $9.8M in Oct; net debt/EBITDA 2.2x; operating cash flow $16.3M.

## SEC filing metadata
- accession: 0001606909-23-000129
- form_type: 8-K
- ticker: PANL
- cik: 0001606909
- company_name: Pangaea Logistics Solutions Ltd.
- filed_at: 2023-11-08T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1606909/000160690923000129/0001606909-23-000129-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1606909/000160690923000129/panl-20231108.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001606909-23-000129
- JSON: https://secwatch.observer/filing/0001606909-23-000129.json
- Plain text: https://secwatch.observer/filing/0001606909-23-000129.txt

## Key facts
- Earnings Releases
  Pangaea Logistics Solutions Ltd. reported three months ended September 30, 2023 results: revenue $135.6 million, net income $18.9 million, or $0.42 per diluted share, EPS $0.42 per diluted share.
  - Period: three months ended September 30, 2023
  - Revenue: $135.6 million
  - Net income: $18.9 million, or $0.42 per diluted share
  - EPS: $0.42 per diluted share
  - Result: reported results
  source text: For the third quarter ended September 30, 2023, Pangaea reported non-GAAP adjusted net income of $14.4 million, or $0.32 per diluted share, on total revenue of $135.6 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1606909/000160690923000129/0001606909-23-000129-index.htm

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