---
schema_version: "secwatch.filing_event.v1"
accession: "0001606909-24-000036"
form_type: "8-K"
ticker: "PANL"
cik: "0001606909"
company_name: "Pangaea Logistics Solutions Ltd."
filed_at: "2024-03-13T23:59:59+00:00"
generated_at: "2026-06-04T22:19:36.306147+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Pangaea Q4 net income $1.1M, adj $7.4M; TCE beats indices 27%; FY net $26.3M

## Summary
- Q4 net income $1.1M ($0.03 diluted EPS); adjusted net income $7.4M ($0.16 diluted EPS).
- Q4 total revenue $131.9M; adjusted EBITDA $19.7M (14.9% margin vs 21% prior year).
- Q4 TCE $17,685/day, down 11.7% YoY, but beat Baltic Panamax and Supramax indices by 27%.
- Full year 2023: net income $26.3M ($0.58 diluted EPS); adjusted $31.4M ($0.69 EPS); revenue $499.3M.
- Cash $99M; net debt/EBITDA 2.12x; quarterly dividend $0.10/share declared for March 15, 2024.

## SEC filing metadata
- accession: 0001606909-24-000036
- form_type: 8-K
- ticker: PANL
- cik: 0001606909
- company_name: Pangaea Logistics Solutions Ltd.
- filed_at: 2024-03-13T23:59:59+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/1606909/000160690924000036/0001606909-24-000036-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1606909/000160690924000036/panl-20240313.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001606909-24-000036
- JSON: https://secwatch.observer/filing/0001606909-24-000036.json
- Plain text: https://secwatch.observer/filing/0001606909-24-000036.txt

## Key facts
- Earnings Releases
  Pangaea Logistics Solutions Ltd. reported year ended December 31, 2023 results: revenue $499.3 million, net income $31.4 million, EPS $0.69 per diluted share.
  - Period: year ended December 31, 2023
  - Revenue: $499.3 million
  - Net income: $31.4 million
  - EPS: $0.69 per diluted share
  - Result: reported results
  source text: For the full year ended December 31, 2023, Pangaea reported non-GAAP adjusted net income of $31.4 million or $0.69 per diluted share, on total revenue of $499.3 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1606909/000160690924000036/0001606909-24-000036-index.htm
- Earnings Releases
  Pangaea Logistics Solutions Ltd. reported three months ended December 31, 2023 results: revenue $131.9 million, net income $7.4 million, EPS $0.16 per diluted share.
  - Period: three months ended December 31, 2023
  - Revenue: $131.9 million
  - Net income: $7.4 million
  - EPS: $0.16 per diluted share
  - Result: reported results
  source text: For the fourth quarter ended December 31, 2023, Pangaea reported non-GAAP adjusted net income of $7.4 million, or $0.16 per diluted share, on total revenue of $131.9 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1606909/000160690924000036/0001606909-24-000036-index.htm

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