Pangaea Logistics Solutions (PANL) AI Stock Analysis

• Market Cap: $443.51M
• Dividend Yield: 3.57%
• Average Volume (3M): 708.75K
• Price to Earnings (P/E): 9.2
• Beta (1Y): 1.01
• Revenue Growth: 14.21%
• EPS Growth: -36.71%
• Country: US
• Employees: 170
• Sector: Industrials
• Sector Strength: 72
• Industry: Marine Shipping
• EPS (TTM): 0.16
• Shares Outstanding: 65,318,650
• 10 Day Avg. Volume: 947,025
• 30 Day Avg. Volume: 708,749
• PEG Ratio: -0.43
• Price to Book (P/B): 1.02
• Price to Sales (P/S): 0.69
• P/FCF Ratio: 8.54
• Enterprise Value/Market Cap: 1.63
• Enterprise Value/Revenue: 1.14
• Enterprise Value/Gross Profit: 10.47
• Enterprise Value/Ebitda: 6.72
• 1Y Price Target: $10.88
• Price Target Upside: 56.77% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 1.06
• Revenue Forecast (FY): $755.36M

• Rating: 61 Neutral
• Price Target: $7.50 ▲(8.07% Upside)
• Action: Reiterated Date: 03/12/26
• Date: Action: Reiterated 03/12/26

The score is held back primarily by cooling profitability/ROE and a weak technical setup (below key moving averages with negative MACD), partially offset by manageable leverage and strong TTM free cash flow. The latest earnings call adds support via above-market TCE performance and solid near-term booking visibility, but rising costs and interest expense keep the overall outlook balanced.

Positive Factors

TCE pricing & booking visibility

Consistently earning TCEs above market and having multi-quarter booked days provides durable revenue visibility and pricing leverage. Higher contracted days smooth cash flows versus pure spot exposure and support sustained margin recovery and predictable fleet utilization over the coming months.

Fleet renewal & asset optimization

Active fleet renewal and strategic vessel sales improve fuel efficiency, lower maintenance and emissions costs, and raise competitiveness in charter markets. Over 2–6 months this reduces operating volatility, supports regulatory compliance, and can sustain better voyage economics versus older peers.

Strong liquidity & capital discipline

A sizable cash cushion combined with targeted dividends and buybacks signals financial flexibility and disciplined allocation. Manageable leverage and liquidity support funding of port rollouts, capex and debt servicing, reducing near-term refinancing risk and enabling strategic optionality.

Negative Factors

Compressed profitability & ROE

Significantly lower net margins and sharply compressed ROE indicate reduced capital efficiency and earnings quality. In a cyclical shipping industry this weakens the company's ability to generate durable shareholder returns and increases sensitivity to rate downturns over the medium term.

Volatile earnings-to-cash conversion

Although TTM free cash flow is positive, persistently weak operating cash coverage and a history of volatile FCF undermine predictability. This makes funding capex, dividends or acquisitions less certain and raises the importance of maintaining higher liquidity buffers.

Rising operating, G&A and interest costs

Material increases in vessel operating, G&A and interest costs—driven by acquisitions and added loan days—exert sustained pressure on margins and free cash flow. If these costs persist, they can erode the benefits of higher TCEs and limit reinvestment or returns to shareholders.

Pangaea Logistics Solutions Business Overview & Revenue Model

Company Description

Pangaea Logistics Solutions, Ltd., together with its subsidiaries, provides seaborne dry bulk logistics and transportation services to industrial customers worldwide. The company offers various dry bulk cargoes, such as grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone. Its ocean logistics services comprise cargo loading, cargo discharge, vessel chartering, voyage planning, and technical vessel management. As of March 16, 2022, the company owned and operated a fleet of 25 vessels. Pangaea Logistics Solutions, Ltd. was founded in 1996 and is based in Newport, Rhode Island.

How the Company Makes Money

Pangaea primarily makes money by providing ocean transportation and logistics services for bulk cargoes. Its core revenue is generated from shipping contracts in which it either (a) uses vessels it owns/controls or (b) charters tonnage from third parties and then performs voyages for customers. Key revenue streams typically include: (1) Freight and voyage revenue from moving customer cargoes on a per-voyage basis (voyage charter), where Pangaea earns the contracted freight and manages voyage execution; (2) Time charter-related revenue or margin where Pangaea employs ships under time-charter arrangements and earns a spread between what it collects from cargo employment and what it pays to charter in the vessel (or earns charter hire when it charters out controlled vessels, where applicable); and (3) Commercial/technical management and logistics services associated with arranging, planning, and supervising transportation (e.g., routing, port logistics, and operational oversight), which can generate service income depending on contract structure. Profitability is influenced by global dry-bulk freight rates, vessel utilization, fuel costs, port and canal costs, contract mix (spot vs. contract coverage), and the company’s ability to source cargoes and optimize scheduling across its controlled fleet. Specific material partnerships or customer concentration details: null.

Pangaea Logistics Solutions Financial Statement Overview

Summary

Financials appear stable but cyclical. TTM revenue grew ~6%, but profitability weakened (net margin ~2.7% vs ~5.4% in 2024) and ROE compressed (~3.8%). Leverage looks manageable (debt-to-equity ~0.9), and TTM free cash flow is strong (~$48M) and exceeds net income, but cash generation has been volatile with weak earnings-to-cash conversion in several periods.

Income Statement

TTM (Trailing-Twelve-Months) revenue rose ~6% versus the prior year, but profitability weakened meaningfully: net margin fell to ~2.7% (from ~5.4% in 2024) despite a solid EBITDA margin (~17.7%). Longer-term results show high cyclicality—2022 was a peak year (double‑digit net margin), followed by step-down profitability in 2023–2025, which tempers the quality and durability of earnings.

Balance Sheet

Leverage appears manageable with debt-to-equity roughly ~0.9 in both TTM (Trailing-Twelve-Months) and 2024, and equity has grown materially versus earlier years, supporting the asset base. However, returns on equity have compressed sharply to ~3.8% in TTM (from ~6.8% in 2024 and much higher in 2021–2022), indicating reduced efficiency/profitability on the capital structure and a more challenging operating environment.

Cash Flow

Cash generation is mixed. TTM (Trailing-Twelve-Months) free cash flow is strong and positive (~$48M) with healthy growth (~18%), and it exceeds reported earnings (free cash flow is ~2.5x net income), which is a quality positive. That said, the track record is volatile (negative free cash flow in 2021 and 2024), and operating cash flow coverage remains sub-1 in most periods (including ~0.44 in TTM), implying earnings-to-cash conversion can swing meaningfully year to year.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	632.04M	536.54M	499.27M	699.71M	718.10M
Gross Profit	69.02M	73.08M	69.14M	128.94M	97.84M
EBITDA	80.42M	82.32M	76.10M	137.42M	106.86M
Net Income	19.37M	28.90M	26.32M	79.49M	67.23M
Balance Sheet
Total Assets	928.10M	936.46M	705.18M	748.24M	707.02M
Cash, Cash Equivalents and Short-Term Investments	103.05M	86.81M	99.04M	128.38M	56.21M
Total Debt	372.21M	397.37M	264.44M	299.48M	306.96M
Total Liabilities	453.36M	461.79M	334.98M	379.52M	406.34M
Stockholders Equity	429.33M	427.82M	323.89M	314.23M	247.20M
Cash Flow
Free Cash Flow	51.38M	-3.74M	26.52M	98.41M	-134.91M
Operating Cash Flow	57.86M	65.69M	53.79M	134.80M	61.75M
Investing Cash Flow	7.28M	-67.69M	-15.98M	-28.51M	-197.79M
Financing Cash Flow	-48.62M	-10.23M	-67.15M	-34.12M	143.86M

Pangaea Logistics Solutions Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 6.94
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PANL, the sentiment is Negative. The current price of 6.94 is below the 20-day moving average (MA) of 8.04, below the 50-day MA of 8.07, and above the 200-day MA of 6.12, indicating a neutral trend. The MACD of -0.44 indicates Positive momentum. The RSI at 33.99 is Neutral, neither overbought nor oversold. The STOCH value of 19.26 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PANL.

Pangaea Logistics Solutions Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ESEA	80 Outperform	$463.91M	2.35	32.77%	4.95%	7.26%	6.60%
ASC	69 Neutral	$616.12M	12.03	6.37%	2.80%	-26.81%	-78.30%
SB	66 Neutral	$641.07M	12.88	4.68%	4.16%	-13.74%	-59.37%
SHIP	66 Neutral	$263.29M	9.07	7.83%	4.94%	-8.99%	-68.66%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
PANL	61 Neutral	$443.51M	9.19	4.60%	3.57%	14.21%	-36.71%
DSX	55 Neutral	$277.86M	15.21	3.60%	2.34%	-5.45%	139.59%

Pangaea Logistics Solutions Corporate Events

Pangaea Logistics Declares Quarterly Cash Dividend for Shareholders

On February 17, 2026, Pangaea Logistics Solutions Ltd. announced that its board had declared a quarterly cash dividend of $0.05 per common share. The dividend will be paid on March 13, 2026, to shareholders of record as of February 27, 2026, underscoring the company’s continued return of capital policy and providing income visibility for its investor base.

The move signals management’s confidence in Pangaea’s cash generation from its global dry bulk logistics and terminal operations, despite cyclical conditions in maritime shipping. For shareholders, the announcement reinforces the stock’s income component alongside potential capital appreciation tied to demand for dry bulk transportation and related services.

The most recent analyst rating on (PANL) stock is a Buy with a $11.50 price target. To see the full list of analyst forecasts on Pangaea Logistics Solutions stock, see the PANL Stock Forecast page.

Pangaea Logistics appoints Eugene Davis to board

On December 18, 2025, Pangaea Logistics Solutions announced that Christina Tan resigned from its Board of Directors and was immediately succeeded by veteran corporate adviser Eugene I. Davis as a Class II director, under nomination rights held by shareholder Strategic Shipping Inc. The Nasdaq-listed dry bulk logistics specialist emphasized that Tan’s departure did not stem from any dispute and that Davis, deemed an independent director, brings four decades of experience in shareholder value creation and corporate strategy, currently chairing PIRINATE Consulting Group and holding senior board and audit roles at WW International and Spirit Aviation Holdings. His appointment, in line with an existing investor rights agreement and accompanied by standard non-employee director compensation, signals a continued focus on governance, strategic refinement and long-term shareholder returns while maintaining the influence of Strategic Shipping Inc. on Pangaea’s board composition.

The most recent analyst rating on (PANL) stock is a Hold with a $8.00 price target. To see the full list of analyst forecasts on Pangaea Logistics Solutions stock, see the PANL Stock Forecast page.