---
schema_version: "secwatch.filing_event.v1"
accession: "0001606909-24-000070"
form_type: "8-K"
ticker: "PANL"
cik: "0001606909"
company_name: "Pangaea Logistics Solutions Ltd."
filed_at: "2024-05-09T23:59:59+00:00"
generated_at: "2026-06-02T06:04:33.635919+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Pangaea Q1 net income $11.7M, adj. EPS $0.14; TCE rates up 23%; acquires two vessels for $56.6M

## Summary
- Q1 net income $11.7M ($0.25 diluted); adjusted net income $6.6M ($0.14 diluted); total revenue $104.7M.
- TCE rate $17,697/day, up 23% YoY; exceeded Baltic Panamax/Supramax indices by 29%.
- Adjusted EBITDA $19.9M, up 23% YoY; margin 19.0% vs 14.3%.
- Acquired two 58,000 dwt bulk vessels for $56.6M; delivery expected Q3 2024.
- Declared $0.10/share quarterly dividend payable June 13, 2024; record May 30, 2024.

## SEC filing metadata
- accession: 0001606909-24-000070
- form_type: 8-K
- ticker: PANL
- cik: 0001606909
- company_name: Pangaea Logistics Solutions Ltd.
- filed_at: 2024-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1606909/000160690924000070/0001606909-24-000070-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1606909/000160690924000070/panl-20240509.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001606909-24-000070
- JSON: https://secwatch.observer/filing/0001606909-24-000070.json
- Plain text: https://secwatch.observer/filing/0001606909-24-000070.txt

## Key facts
- Earnings Releases
  Pangaea Logistics Solutions Ltd. reported three months ended March 31, 2024 results: revenue $104.7 million, net income $11.7 million, EPS $0.25 per diluted share.
  - Period: three months ended March 31, 2024
  - Revenue: $104.7 million
  - Net income: $11.7 million
  - EPS: $0.25 per diluted share
  - Result: reported results
  source text: million in May 2024 For the first quarter ended March 31, 2024, Pangaea reported non-GAAP adjusted net income of $6.6 million, or $0.14 per diluted share, on total revenue of $104.7 million. First quarter TCE rates increased 23% on a year-over-year basis, while total shipping days, which include both voyage and time charter days, declined 7% to 3,685 days, when
  evidence_url: https://www.sec.gov/Archives/edgar/data/1606909/000160690924000070/0001606909-24-000070-index.htm

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