Pangaea Q2 2026: GAAP EPS $0.16, adjusted $0.26; TCE up 50% YoY

Pangaea Logistics Solutions Ltd.

Revenue $187.1M (Q2 2025: $156.7M); GAAP net income $10.2M vs. loss $2.7M; adjusted net income $16.9M vs. loss $1.4M.
Adjusted EBITDA $35.0M, +125.1% YoY; margin 18.7% vs. 9.8%; TCE $18,153/day, 10% above Baltic Panamax/Supramax/Handysize indices.
Declared $0.10/share dividend, payable Sept 15, 2026 to holders of record Sept 1, 2026.
Sold 2006-built Bulk Xaymaca for $9.6M in Q2; started Port Tampa Bay operations during the quarter.
Q3-to-date: 4,873 shipping days at average TCE $20,258/day; cash $105.7M, net debt/EBITDA 2.1x.

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