Pangaea Logistics Solutions Declares $0.05 Quarterly Dividend

Pangaea Logistics Solutions Ltd. (Nasdaq: PANL), a global provider of comprehensive maritime logistics solutions, declared a quarterly cash dividend of $0.05 per common share on February 17, 2026. The dividend will be paid on March 13, 2026, to all shareholders of record as of February 27, 2026. Read more dividend announcements.

The Newport, Rhode Island-based company operates a specialized fleet of dry bulk vessels serving niche markets including ice class routes and Arctic trade.

Fourth Quarter Financial Performance

Pangaea reported net income of $11.9 million, or $0.19 per share, for the fourth quarter ended December 31, 2025. Adjusted net income was $10.1 million, or $0.16 per share, on total revenue of $183.9 million. Adjusted EBITDA rose 23% year-over-year to $28.7 million.

The company generated operating cash flow of $15.1 million during the quarter. Time Charter Equivalent rates reached $17,773 per day, up 11% from $15,942 per day in the prior-year quarter. Total shipping days increased 26% to 6,025 days, primarily due to the acquisition of fifteen handy-size vessels completed in late 2024.

Pangaea's TCE rates exceeded the average Baltic Panamax, Supramax, and Handysize indices by 19%, supported by long-term contracts of affreightment, its specialized fleet, and cargo-focused strategy.

Balance Sheet and Capital Allocation

As of December 31, 2025, Pangaea held $103.1 million in unrestricted cash and cash equivalents. Total debt, including finance lease obligations, stood at $375.6 million.

During the fourth quarter, the company repaid $7.6 million in finance leases and $4.2 million in long-term debt. It paid $3.2 million in dividends and repurchased $1.0 million of its common stock. In February 2026, Pangaea entered into an agreement to sell the 2006-built Bulk Xaymaca for $9.6 million.

For the first quarter of 2026 through the announcement date, the company executed 5,920 shipping days at an average TCE of $14,917 per day.