---
schema_version: "secwatch.filing_event.v1"
accession: "0001606909-25-000087"
form_type: "8-K"
ticker: "PANL"
cik: "0001606909"
company_name: "Pangaea Logistics Solutions Ltd."
filed_at: "2025-03-13T23:59:59+00:00"
generated_at: "2026-05-24T21:19:52.718673+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Pangaea Q4 net income $8.4M, adj EBITDA up 18%; Q1 TCE rate drops to $11,412/day

## Summary
- Q4 net income $8.4M ($0.18 diluted) vs $1.1M YoY; adjusted net income $7.6M ($0.16 diluted).
- Revenue $147.2M; TCE $15,942/day (down 10% YoY) but 48% above market indices.
- Adjusted EBITDA $23.2M (up 18% YoY); margin improved to 16.4% from 14.9%.
- Closed SSI acquisition of 15 vessels on Dec 30; fleet now 41 owned, total 62 vessels.
- Q1 2025 to-date TCE $11,412/day (4,982 days) signals sharp rate decline from Q4.

## SEC filing metadata
- accession: 0001606909-25-000087
- form_type: 8-K
- ticker: PANL
- cik: 0001606909
- company_name: Pangaea Logistics Solutions Ltd.
- filed_at: 2025-03-13T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- 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/1606909/000160690925000087/0001606909-25-000087-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1606909/000160690925000087/panl-20250313.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001606909-25-000087
- JSON: https://secwatch.observer/filing/0001606909-25-000087.json
- Plain text: https://secwatch.observer/filing/0001606909-25-000087.txt

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