PANL on Nasdaq

Pangaea Logistics Solutions Ltd.

Deep Sea Foreign Transportation of Freight company based in Hamilton, Bermuda.

Price unavailable

Last updated Oct 18, 2026.

Overview

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  • TickerPANL on Nasdaq
  • IndustryDeep Sea Foreign Transportation of Freight
  • HeadquartersHamilton, Bermuda
  • Incorporated inBermuda2
  • Business address109 Long Wharf, Newport, Ri 028402
  • Filer categoryAccelerated filer, Smaller reporting company2

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

6.5%Operating margin3
3.1%Net margin3
17.8%Revenue growth, 20253
4.5%Return on equity3
0.23×Debt to equity3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Voyage brought in 91% of the revenue Pangaea Logistics Solutions Ltd. broke down this way in fiscal 2025.

  1. Voyage$577.5M391%up 17% from 2024
  2. Charter$39.3M36%up 29% from 2024
  3. Terminal & Stevedore Revenue$15.2M32%up 26% from 2024
Products and services by year
Products and services20242025
Voyage$494.1M$577.5M
Charter$30.3M$39.3M
Terminal & Stevedore Revenue$12.1M$15.2M

Regions

Other brought in 35% of the revenue Pangaea Logistics Solutions Ltd. broke down this way in fiscal 2025.

  1. Other$222.8M335%up 27% from 2024
  2. United States$177.7M328%up 5% from 2024
  3. CA [member]$65.0M310%down 11% from 2024
  4. Country_Germany$59.4M39%up 35% from 2024
  5. Country_Singapore$59.2M39%up 50% from 2024
  6. United Kingdoms$48.0M38%up 35% from 2024
Regions by year
Regions20242025
Other$175.2M$222.8M
United States$169.4M$177.7M
CA [member]$72.8M$65.0M
Country_Germany$44.1M$59.4M
Country_Singapore$39.4M$59.2M
United Kingdoms$35.5M$48.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs97¢$612.3M
  • Income tax0¢$366.0K
  • Profit3¢$19.4M

Out of $632.0M in revenue.3

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid30¢$16.3M
  • Kept or used elsewhere70¢$37.4M

Out of $53.7M of cash from operations.3

Financial statements

Revenue456783$632.0M in 2025+53% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $412.2M$412.2M20192020: $382.9M$382.9M2020−7%2021: $718.1M$718.1M2021+88%2022: $699.7M$699.7M2022−3%2023: $499.3M$499.3M2023−29%2024: $536.5M$536.5M2024+7%2025: $632.0M$632.0M2025+18%
Operating income456783$40.9M in 2025+76% since 2019
0$50.0M$100.0M$150.0M2019: $23.3M$23.3M20192020: $19.7M$19.7M2020−15%2021: $78.9M$78.9M2021+300%2022: $105.5M$105.5M2022+34%2023: $44.6M$44.6M2023−58%2024: $48.4M$48.4M2024+9%2025: $40.9M$40.9M2025−15%
Net income456783$19.4M in 2025+66% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $11.7M$11.7M20192020: $11.4M$11.4M2020−3%2021: $67.2M$67.2M2021+492%2022: $79.5M$79.5M2022+18%2023: $26.3M$26.3M2023−67%2024: $28.9M$28.9M2024+10%2025: $19.4M$19.4M2025−33%

Every line of the income statement as filed: the last 2 fiscal years, latest first.3

Period ending2025-12-312024-12-31
Revenues$632.0M$536.5M
Voyage expense$283.7M$237.5M
Charter hire expense$129.7M$130.8M
Terminal & stevedore expenses$12.2M$9.3M
Vessel operating expenses (1)$94.9M$55.5M
General and administrative$31.1M$24.6M
Depreciation and amortization$42.5M$30.4M
Gain on sale of vessels-$3.0M$0
Total operating expenses$591.1M$488.1M
Income from operations$40.9M$48.4M
Interest expense-$24.0M-$17.1M
Interest income$1.6M$3.0M
Income attributable to Non-controlling interest recorded as long-term liability interest expense$0-$3.1M
Unrealized loss on derivative instruments-$1.4M-$953.0K
Other income$3.0M$1.4M
Total other expense, net-$20.8M-$16.7M
Net income$20.2M$31.8M
Income attributable to noncontrolling interests-$798.0K-$2.9M
Net income attributable to Pangaea Logistics Solutions Ltd.$19.4M$28.9M
Basic (in dollars per share)$0.30$0.64
Diluted (in dollars per share)$0.30$0.63
Basic (in shares)63.8M shares45.4M shares
Diluted (in shares)64.7M shares46.0M shares
Technical management fees$2.2M$12.0K

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Leadership

Who has led Pangaea Logistics Solutions Ltd., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Edward Coll2014–2018
  2. Mark L. Filanowski2021–2026
  3. Mads Rosenber Boye Petersen2026–now

President

  1. Carl Claus Boggild2014

Chief financial officer

  1. Gianni Delsignore2017–now

Chief operating officer

  1. Mark L. Filanowski2017–2020
  2. Mads Rosenber Boye Petersen2022–now
201520202025
Board members and other officers (17)

Former names

  • Quartet Holdco Ltd.May 1, 2014 to Oct 2, 20142

Timeline

  1. Mar 18, 2026New chief executive Mads Rosenber Boye Petersen becomes CEO12
  2. Dec 13, 2021New chief executive Mark L. Filanowski becomes CEO13
  3. Oct 14, 2014New chief executive Edward Coll becomes CEO14
  4. Apr 29, 2014Founded Pangaea Logistics Solutions Ltd. is founded34

Filings

244 filings to the SEC since October 2021: 6 annual reports, 17 quarterly reports, 51 major events, 94 insider forms, 28 large holders, 48 other. The latest 20:

  1. Aug 10, 202610-Q EDGAR
  2. Aug 10, 20268-K EDGAR
  3. Jun 9, 20264 EDGAR
  4. Jun 8, 20268-K EDGAR
  5. May 28, 2026SCHEDULE 13G/A EDGAR
  6. May 27, 20264 EDGAR
  7. May 15, 2026144 EDGAR
  8. May 12, 20268-K EDGAR
  9. May 11, 20268-K EDGAR
  10. May 11, 202610-Q EDGAR
  11. Mar 27, 2026DEF 14A EDGAR
  12. Mar 26, 20264 EDGAR
  13. Mar 26, 20264 EDGAR
  14. Mar 26, 20264 EDGAR
  15. Mar 20, 20264 EDGAR
  16. Mar 18, 20264 EDGAR
  17. Mar 17, 2026144 EDGAR
  18. Mar 17, 2026144 EDGAR
  19. Mar 16, 202610-K EDGAR
  20. Mar 11, 20268-K EDGAR

The 244 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 28 such filings since October 2021, the latest 10:

  1. May 28, 2026SCHEDULE 13G/A
  2. Dec 18, 2025SCHEDULE 13D/A
  3. Nov 28, 2025SCHEDULE 13D/A
  4. Nov 6, 2025SCHEDULE 13D/A
  5. Feb 5, 2025SCHEDULE 13G/A
  6. Jan 14, 2025SCHEDULE 13D/A
  7. Jan 6, 2025SCHEDULE 13D
  8. Nov 8, 2024SC 13G
  9. Oct 23, 2024SC 13G
  10. Jul 8, 2024SC 13G/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Sources

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