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Get filing alertsPangaea reports Q2 net income $10.2M, adjusted EBITDA up 125% YoY to $35.0M, raises dividend
Filed August 10, 2026 · Period ending August 10, 2026 · ~1 min read
Key Changes
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Q2 2026 adjusted EBITDA $35.0M, up 125% YoY; GAAP net income $10.2M ($0.16/share), adjusted net income $16.9M ($0.26/share); operating cash flow $21.1M.
Exhibit 99.1 view on EDGAR → -
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TCE rates $18,153/day, up 50% YoY from $12,108/day, exceeding Baltic indices by 10%; Q3 2026 bookings 4,873 days at $20,258/day (14% premium to market).
Exhibit 99.1 view on EDGAR → -
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Board declared $0.10/share quarterly dividend, payable Sept 15, 2026 to shareholders of record Sept 1, 2026.
Exhibit 99.1 view on EDGAR → -
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Unrestricted cash $105.7M at June 30, 2026; total debt $352.4M; net debt to trailing twelve-month adjusted EBITDA 2.1x; Q2 debt/lease payments $11.6M.
Exhibit 99.1 view on EDGAR → -
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Started operations at Port Tampa Bay, Florida; completed sale of 2006-built Bulk Xaymaca for $9.6M.
Exhibit 99.1 view on EDGAR →
Summary
Pangaea Logistics Solutions reported strong second quarter 2026 results driven by a sharp improvement in shipping rates. Adjusted EBITDA more than doubled year-over-year to $35.0 million, reflecting TCE rates of $18,153 per day—a 50% increase from the prior-year quarter and 10% above benchmark Baltic indices. The company's specialized fleet positioning and long-term contract base supported the outperformance.
GAAP net income turned positive at $10.2 million ($0.16 per share) versus a $2.7 million loss in Q2 2025, while adjusted net income reached $16.9 million ($0.26 per share). Operating cash flow of $21.1 million funded $11.6 million in debt and lease payments and $3.2 million in dividends. The Board raised the quarterly dividend to $0.10 per share, payable September 15, 2026.
Pangaea ended the quarter with $105.7 million in unrestricted cash and net leverage of 2.1x. The company expanded its integrated logistics footprint with the start-up of operations at Port Tampa Bay, Florida, and completed the sale of the Bulk Xaymaca for $9.6 million as part of fleet renewal. As of August 10, 2026, Pangaea had booked 4,873 days for Q3 at an average TCE rate of $20,258 per day, a 14% premium to market averages, signaling continued strength in premium cargo demand despite higher fuel costs.
Section-by-Section Diff
Event · Exhibit 99.1
Pangaea reports Q2 2026 results: net income $10.2M ($0.16/share), adjusted EBITDA $35.0M, TCE rates up 50% YoY, and declares $0.10 quarterly dividend.
Added in current filing · view on EDGAR →
GAAP net income attributable to Pangaea of $10.2 million, or $0.16 per share •Adjusted net income attributable to Pangaea of $16.9 million, or $0.26 per share •Adjusted EBITDA of $35.0 million •Operating cash flow of $21.1 million
Pangaea reported second quarter 2026 GAAP net income of $10.2 million ($0.16 per share) and adjusted net income of $16.9 million ($0.26 per share). Adjusted EBITDA reached $35.0 million, up 125.1% year-over-year, with operating cash flow of $21.1 million. Total revenue was $187.1 million.
Added in current filing · view on EDGAR →
Time Charter Equivalent ("TCE") rates earned by Pangaea of $18,153 per day •Pangaea’s TCE rates exceeded the average Baltic Panamax, Supramax, and Handysize indices by 10%
The company earned TCE rates of $18,153 per day in Q2 2026, a 50% increase from $12,108 per day in Q2 2025. Pangaea's rates exceeded benchmark Baltic indices by 10%, supported by long-term contracts and specialized fleet positioning. Total shipping days decreased 8% to 5,735 days due to the sale of two vessels.
Added in current filing · view on EDGAR →
During the second quarter ... of 2026, the Company continued to advance its organic growth strategy by scaling its port and terminal operations with the start-up of new operations at Port Tampa Bay, Florida. ... In February 2026, the Company entered into an agreement to sell the 2006-built Bulk Xaymaca for $9.6 million, a transaction that was completed in the second quarter of 2026.
Pangaea started operations at Port Tampa Bay, Florida during Q2 2026, expanding its integrated logistics capabilities. The company also completed the sale of the 2006-built vessel Bulk Xaymaca for $9.6 million as part of its fleet renewal strategy.
Event · Exhibit 99.2
Pangaea Logistics Solutions reported Q2 2026 results with Adjusted EBITDA of $35.0 million (up 125% YoY) and increased its quarterly dividend to $0.10/share.
Added in current filing · view on EDGAR →
Adjusted EBITDA of $35.0 million, increase of 125% year-over-year, driven by a 50% improvement in TCE rates. ... Continue to execute on key capital allocation priorities, including increasing the quarterly cash dividend to $0.10 per common share, payable on September 15, 2026. ... Second quarter 2026 GAAP net income of $10.2 million, or $0.16 per share and Adjusted net income of $16.9 million, or $0.26 per share.
Pangaea Logistics Solutions reported second quarter 2026 Adjusted EBITDA of $35.0 million, a 125% increase year-over-year, driven by a 50% improvement in time charter equivalent (TCE) rates. GAAP net income was $10.2 million ($0.16 per share) and Adjusted net income was $16.9 million ($0.26 per share). The company increased its quarterly cash dividend to $0.10 per common share, payable September 15, 2026.
Added in current filing · view on EDGAR →
Second quarter of 2026 cash flow from operations was $21.1 million, combined with vessel sale, debt repayment, and shareholder capital returns during the quarter resulted in unrestricted cash and cash equivalents of $105.7 million at quarter-end and net leverage of 2.1x.
Pangaea generated $21.1 million in operating cash flow during Q2 2026. After the vessel sale, debt repayment, and shareholder capital returns, the company ended the quarter with $105.7 million in unrestricted cash and cash equivalents and net leverage of 2.1x, reflecting a strong balance sheet position.
Added in current filing · view on EDGAR →
Total revenue 187,119 156,689 357,699 279,491 ... Net income (loss) attributable to Pangaea Logistics Solutions Ltd. $ 10,201 $ (2,742) $ 23,496 $ (4,723) Adjusted EBITDA (1) $ 35,013 $ 15,554 $ 60,212 $ 30,381
For the three months ended June 30, 2026, Pangaea reported total revenue of $187.1 million (vs. $156.7 million in Q2 2025), net income attributable to the company of $10.2 million (vs. a loss of $2.7 million in Q2 2025), and Adjusted EBITDA of $35.0 million (vs. $15.6 million in Q2 2025). For the six months ended June 30, 2026, total revenue was $357.7 million, net income was $23.5 million, and Adjusted EBITDA was $60.2 million.
Show 1 minor / wording change
Added in current filing · view on EDGAR →
In 2Q26, completed the sale of the 2006-built Bulk Xaymaca for $9.6 million.
The company sold the 2006-built vessel Bulk Xaymaca for $9.6 million during the second quarter of 2026. This transaction contributed to the company's cash position and debt reduction efforts during the quarter.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 11, 2026 · How we verify