---
schema_version: "secwatch.filing_event.v1"
accession: "0001606909-24-000120"
form_type: "8-K"
ticker: "PANL"
cik: "0001606909"
company_name: "Pangaea Logistics Solutions Ltd."
filed_at: "2024-11-13T23:59:59+00:00"
generated_at: "2026-05-30T00:56:19.011030+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Pangaea Q3 net income $5.1M ($0.11/share); merger of 15 vessels from MTM by year-end

## Summary
- GAAP net income $5.1M ($0.11 diluted) vs $18.9M ($0.42) YoY; adjusted net income $11.1M ($0.24).
- Total revenue $153.1M, +13% YoY; TCE $16,324/day, +4% and 19% above Baltic indices.
- Adj. EBITDA $23.9M, -14.2%; margin 15.6% vs 20.6% on higher voyage/charter costs.
- Board declared $0.10/share quarterly dividend, payable Dec 13 to holders of record Nov 29.
- Agreement to merge 15 dry bulk vessels from MTM in all-stock deal, expected close by year-end pending shareholder approval.

## SEC filing metadata
- accession: 0001606909-24-000120
- form_type: 8-K
- ticker: PANL
- cik: 0001606909
- company_name: Pangaea Logistics Solutions Ltd.
- filed_at: 2024-11-13T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- 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/1606909/000160690924000120/0001606909-24-000120-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1606909/000160690924000120/panl-20241112.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001606909-24-000120
- JSON: https://secwatch.observer/filing/0001606909-24-000120.json
- Plain text: https://secwatch.observer/filing/0001606909-24-000120.txt

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