Pangaea Logistics Solutions Ltd. (PANL)
NASDAQ:PANL
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Pangaea Logistics Solutions
(NASDAQ:PANL)
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Rating:69Neutral
Price Target:
$9.00
â–²(13.92% Upside)
Action:Downgraded
Date:05/14/26
The score is driven primarily by steady TTM fundamentals with improving free cash flow and manageable leverage, alongside a technically positive trend (price above major moving averages with supportive momentum). Valuation is favorable with a low P/E and a moderate dividend yield. Offsetting factors include cyclical earnings/margin volatility and earnings-call-flagged cost pressures (notably charter hire and G&A) plus hedging-related variability and some disclosure clarity issues.
Positive Factors
Free cash flow strength
Consistent positive TTM free cash flow (~$56M) and FCF near net income indicate strong cash conversion. That durable cash generation supports dividends, selective fleet renewal, opportunistic asset purchases and working-capital needs, improving strategic flexibility despite cyclical swings.
Negative Factors
Rising charter hire costs
Heavy reliance on charter-in capacity has driven charter hire costs dramatically higher (+122% YoY). If management continues to use chartered tonnage to scale, persistent elevated charter rates can structurally compress margins and reduce the profitability advantage of revenue growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow strength
Consistent positive TTM free cash flow (~$56M) and FCF near net income indicate strong cash conversion. That durable cash generation supports dividends, selective fleet renewal, opportunistic asset purchases and working-capital needs, improving strategic flexibility despite cyclical swings.
Read all positive factors
Pangaea Logistics Solutions (PANL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$518.09M
Dividend Yield3.57%
Average Volume (3M)556.31K
Price to Earnings (P/E)8.5
Beta (1Y)1.08
Revenue Growth22.58%
EPS Growth56.30%
CountryUS
Employees170
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.55
Shares Outstanding65,414,925
10 Day Avg. Volume779,189
30 Day Avg. Volume556,312
Financial Highlights & Ratios
PEG Ratio-0.43
Price to Book (P/B)1.02
Price to Sales (P/S)0.69
P/FCF Ratio9.29
Enterprise Value/Market Cap1.61
Enterprise Value/Revenue1.23
Enterprise Value/Gross Profit10.47
Enterprise Value/Ebitda8.74
Forecast
1Y Price Target
$10.25Price Target Upside29.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.07
Revenue Forecast (FY)$755.36M
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...
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 ...
Pangaea Logistics Solutions Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call emphasized multiple operational and financial positives: strong adjusted EBITDA (+>$10M YoY to $25.2M), TCE rates materially above market (20% premium) and 34% TCE earnings growth, expansion of higher-margin terminal services, and disciplined fleet renewal actions. Offsetting these positives were notable cost pressures—charter hire expenses up 122% and G&A up 38%—along with incremental depreciation, modest per-day vessel cost increases, and earnings volatility tied to fuel hedging. Management signaled continued momentum into the seasonally stronger period with Q2 bookings and maintained balance sheet flexibility. Overall, the highlights outweigh the lowlights, though investors should monitor charter costs, G&A trajectory, and hedging-driven volatility.Positive Updates
Strong Adjusted EBITDA Growth
Adjusted EBITDA rose to $25.2 million in Q1, an increase of more than $10 million year-over-year, driven by higher activity and operating leverage.
Negative Updates
Sharp Increase in Charter Hire Costs
Total charter hire expenses increased 122% year-over-year due to higher use of charter-in vessels and increased market rates; charter-in cost on a per day basis was $14,488 in Q1, pressuring cost structure despite incremental revenue.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Adjusted EBITDA Growth
Adjusted EBITDA rose to $25.2 million in Q1, an increase of more than $10 million year-over-year, driven by higher activity and operating leverage.
Read all positive updates
Company Guidance
Management's forward-looking guidance highlighted Q2 booking progress and a constructive market outlook: Mads said they have booked 4,051 shipping days at a TCE of $18,808/day for Q2 (Gianni separately noted 1,550 days at $16,880/day "through today"), they expect a seasonally stronger second half, Tampa operations to begin in June, and Aransas and Lake Charles already active; they forecast a modest Q2 dip in terminal/stevedoring income of roughly $200k with Q3–Q4 at or near Q1's strong levels, plan to close the Bulk Xaymaca sale for $9.6M in May, will keep using charter-in capacity (chartered-in days were up 54% Y/Y) while selectively pursuing secondhand fleet additions, and intend to preserve balance-sheet flexibility (quarter-end unrestricted cash reported at ~ $90M and total debt including leases of ~ $359M) as they allocate capital.Pangaea Logistics Solutions Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
60
Neutral
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 679.82M | 632.04M | 536.54M | 499.27M | 699.71M | 718.10M |
| Gross Profit | 79.67M | 69.02M | 73.08M | 69.14M | 128.94M | 97.84M |
| EBITDA | 95.48M | 80.42M | 82.32M | 76.10M | 137.42M | 106.86M |
| Net Income | 34.64M | 19.37M | 28.90M | 26.32M | 79.49M | 67.23M |
Balance Sheet | ||||||
| Total Assets | 950.70M | 928.10M | 936.46M | 705.18M | 748.24M | 707.02M |
| Cash, Cash Equivalents and Short-Term Investments | 89.74M | 103.05M | 86.81M | 99.04M | 128.38M | 56.21M |
| Total Debt | 360.03M | 372.21M | 397.37M | 264.44M | 299.48M | 306.96M |
| Total Liabilities | 463.86M | 453.36M | 461.79M | 334.98M | 379.52M | 406.34M |
| Stockholders Equity | 441.06M | 429.33M | 427.82M | 323.89M | 314.23M | 247.20M |
Cash Flow | ||||||
| Free Cash Flow | 55.94M | 47.24M | -3.74M | 26.52M | 98.41M | -134.91M |
| Operating Cash Flow | 63.08M | 53.73M | 65.69M | 53.79M | 134.80M | 61.75M |
| Investing Cash Flow | 10.06M | 11.41M | -67.69M | -15.98M | -28.51M | -197.79M |
| Financing Cash Flow | -47.07M | -48.62M | -10.23M | -67.15M | -34.12M | 143.86M |
Pangaea Logistics Solutions Technical Analysis
Positive
7.90
Price Trends
7.47
Positive
7.74
Positive
6.67
Positive
Market Momentum
0.18
Negative
56.22
Neutral
38.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PANL, the sentiment is Positive. The current price of 7.9 is above the 20-day moving average (MA) of 7.80, above the 50-day MA of 7.47, and above the 200-day MA of 6.67, indicating a bullish trend. The MACD of 0.18 indicates Negative momentum. The RSI at 56.22 is Neutral, neither overbought nor oversold. The STOCH value of 38.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PANL.
Pangaea Logistics Solutions Risk Analysis
Pangaea Logistics Solutions disclosed 57 risk factors in its most recent earnings report. Pangaea Logistics Solutions reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Pangaea Logistics Solutions Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $492.92M | 2.35 | 32.77% | 4.95% | 7.03% | 21.29% | |
78 Outperform | $786.27M | 6.59 | 9.01% | 2.80% | -13.22% | -42.17% | |
69 Neutral | $518.09M | 8.55 | 8.13% | 3.57% | 22.58% | 56.30% | |
66 Neutral | $716.74M | 10.42 | 4.68% | 4.16% | -10.37% | -64.20% | |
66 Neutral | $333.18M | 3.91 | 7.83% | 4.94% | -5.59% | -52.64% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | $331.09M | 27.26 | 3.60% | 2.34% | -6.43% | 79.57% |
* Industrials Sector Average
PANL
Pangaea Logistics Solutions
8.16
3.40
71.46%
DSX
Diana Shipping
2.63
1.11
73.48%
ESEA
Euroseas
67.03
29.83
80.18%
SB
Safe Bulkers
6.80
3.13
85.24%
SHIP
Seanergy Maritime
15.17
9.25
156.42%
ASC
Ardmore Shipping
18.84
8.70
85.76%
Pangaea Logistics Solutions Corporate Events
Executive/Board ChangesShareholder Meetings
Pangaea Shareholders Reelect Directors and Back Governance Plans
Positive
May 12, 2026
On May 7, 2026, Pangaea Logistics Solutions held its 2026 Annual Meeting of Shareholders, where a quorum of 54,259,260 shares out of 65,318,647 outstanding was present in person or by proxy. Shareholders elected four Class III directors to terms e...
Dividends
Pangaea Logistics Declares Quarterly Cash Dividend for Shareholders
Positive
Feb 17, 2026
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, under...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.