Pangaea Logistics Solutions Ltd. reported a significant increase in financial performance for the third quarter of 2025, with total revenues reaching $168.7 million, a 10% rise from $153.1 million in the same period last year. The company's voyage revenue increased by 7% to $155.3 million, driven by an 18% increase in voyage days, which rose to 5,377 days. Charter revenue saw a notable 91% increase, totaling $9.3 million, attributed to a 93% rise in time charter days. Terminal and stevedore revenues also grew by 31% to $4.1 million, reflecting the addition of new port operations.
In terms of profitability, Pangaea's net income attributable to the company was approximately $12.2 million for the quarter, compared to $5.1 million in the prior year, resulting in a basic net income per share of $0.19, up from $0.11. The increase in net income was supported by a rise in total shipping days and effective management of operational costs, despite a 57% increase in vessel operating expenses due to fleet expansion. The company’s adjusted EBITDA for the quarter was $28.9 million, compared to $24.0 million in the same quarter of 2024.
Pangaea's operational metrics indicate a strategic expansion, with the total number of owned vessels increasing significantly. The company acquired 15 vessels in December 2024, which contributed to a 54% increase in fleet size. However, one vessel was sold in July 2025, and the total available shipping days increased by 1,067 days compared to the previous year. The company also consolidated Seamar Management S.A. in 2025, which added approximately $1.0 million in general and administrative expenses.
The company’s balance sheet as of September 30, 2025, showed total assets of $932.1 million, slightly down from $936.5 million at the end of 2024. Cash and cash equivalents increased to $94.3 million from $86.8 million, while total liabilities decreased to $466.6 million from $461.8 million. Pangaea's working capital remained stable at $81.7 million, indicating a solid liquidity position. The company also reported compliance with all financial covenants related to its debt agreements.
Looking ahead, Pangaea anticipates continued operational growth, supported by its expanded fleet and strategic chartering practices. The company expects to maintain sufficient capital resources to fund operations for at least the next twelve months, provided that dry bulk shipping rates do not decline significantly. The management remains focused on leveraging its fleet and operational efficiencies to navigate the cyclical nature of the shipping industry.
About Pangaea Logistics Solutions Ltd.
Pangaea Logistics Solutions Ltd. provides drybulk seaborne transportation and logistics services, including cargo loading, port operations, vessel chartering, and technical management. Operating a fleet of ice-class and conventional vessels, it serves global markets with commodities like grains, coal, and iron ore. The company emphasizes niche markets, strategic COAs, vessel utilization, and environmental compliance to deliver reliable, integrated logistics solutions.
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