# Pangaea Logistics Solutions Ltd. (PANL) Informational only - not investment advice. CIK: 0001606909 SIC: 4412 Deep Sea Foreign Transportation of Freight SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [SIC Major Group 44](/major-group/44/) > [SIC 4412 Deep Sea Foreign Transportation of Freight](/industry/4412/) Latest 10-K filed: 2026-03-16 SEC page: https://www.sec.gov/edgar/browse/?CIK=1606909 Filing source: https://www.sec.gov/Archives/edgar/data/1606909/000160690926000010/panl-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-03-16 · accession 0001606909-26-000010 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001606909.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 632,041,000 USD | 2025 | verified | | Net income | 19,369,000 USD | 2025 | verified | | Assets | 928,096,000 USD | 2025 | verified | | Net margin | 3.06% | 2025 | computed | | Operating margin | 6.48% | 2025 | computed | | Revenue YoY | +17.80% | 2025 | computed | | ROE | 4.51% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | PANL | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 3.1% | 10.4% | 25 | 13 | | Operating margin | 6.5% | 15.9% | 17 | 13 | | Revenue growth | 17.8% | 0.5% | 92 | 13 | | ROE | 4.5% | 15.3% | 33 | 13 | | ROA | 2.1% | 5.3% | 42 | 13 | | Liabilities / equity | 1.16 | 1.02 | 58 | 13 | | Current ratio | 1.69 | 1.69 | 50 | 13 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 44 SIC Major Group 44, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 632041000 | USD | 2025 | 2026-03-16 | | Net income | 19369000 | USD | 2025 | 2026-03-16 | | Assets | 928096000 | USD | 2025 | 2026-03-16 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-16. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001606909.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 385,945,564 | 372,970,373 | 412,197,819 | 382,895,991 | 718,104,388 | 699,706,906 | 499,267,834 | 536,536,000 | 632,041,000 | | Net income | 7,456,955 | 7,812,794 | 17,757,020 | 11,657,958 | 11,352,180 | 67,226,833 | 79,491,413 | 26,323,300 | 28,903,000 | 19,369,000 | | Operating income | 12,891,837 | 16,026,112 | 36,070,738 | 23,258,212 | 19,697,098 | 78,872,205 | 105,507,817 | 44,617,197 | 48,449,000 | 40,944,000 | | Diluted EPS | 0.21 | 0.20 | 0.42 | 0.27 | 0.26 | 1.50 | 1.76 | 0.58 | 0.63 | 0.30 | | Operating cash flow | | 29,223,231 | 40,134,949 | 44,458,732 | 20,835,502 | 61,745,306 | 134,801,400 | 53,787,277 | 65,691,000 | 53,726,000 | | Dividends paid | 100,000 | 1,001,424 | 2,270,000 | 8,090,213 | 535,153 | 5,535,261 | 13,414,984 | 18,103,750 | 18,710,000 | 16,303,000 | | Assets | 362,193,902 | 423,297,088 | 453,474,622 | 479,902,831 | 450,404,145 | 707,024,006 | 748,241,470 | 705,179,968 | 936,457,000 | 928,096,000 | | Stockholders' equity | 116,271,401 | 145,351,322 | 161,688,051 | 170,245,964 | 182,765,765 | 247,202,217 | 314,226,062 | 323,885,993 | 427,822,000 | 429,333,000 | | Cash and cash equivalents | 22,322,949 | 34,531,812 | 53,614,735 | 50,555,091 | 46,897,216 | 56,208,902 | 128,384,606 | 99,037,866 | 86,805,000 | 103,054,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | 2.02% | 4.76% | 2.83% | 2.96% | 9.36% | 11.36% | 5.27% | 5.39% | 3.06% | | Operating margin | | 4.15% | 9.67% | 5.64% | 5.14% | 10.98% | 15.08% | 8.94% | 9.03% | 6.48% | | Return on equity | 6.41% | 5.38% | 10.98% | 6.85% | 6.21% | 27.20% | 25.30% | 8.13% | 6.76% | 4.51% | | Return on assets | 2.06% | 1.85% | 3.92% | 2.43% | 2.52% | 9.51% | 10.62% | 3.73% | 3.09% | 2.09% | | Liabilities / equity | 2.12 | 1.91 | 1.80 | 1.82 | 1.46 | 1.86 | 1.38 | 1.18 | 1.19 | 1.16 | | Current ratio | 0.80 | 1.19 | 1.44 | 1.41 | 1.00 | 1.65 | 2.41 | 1.82 | 1.76 | 1.69 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001606909.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.42 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.08 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.06 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 135,616,188 | 18,868,291 | 0.42 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 131,876,917 | 1,136,202 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 104,748,553 | 11,674,176 | 0.25 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 131,497,852 | 3,682,775 | 0.08 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 153,115,064 | 5,111,040 | 0.11 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 147,174,777 | 8,435,392 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 122,801,886 | -1,980,877 | -0.03 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 156,689,442 | -2,742,116 | -0.04 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 168,669,832 | 12,208,328 | 0.19 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 183,879,840 | 11,883,665 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 170,580,000 | 13,294,000 | 0.21 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 187,119,000 | 10,201,000 | 0.16 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from PANL's latest 10-K: [/company/PANL/business/](/company/PANL/business/). ## Risk Factors Verbatim Item 1A Risk Factors from PANL's latest 10-K: [/company/PANL/risk-factors/](/company/PANL/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1606909/000162828026055365/panl-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-10 Report date: 2026-06-30 ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our consolidated financial statements and footnotes thereto contained in this report. Forward Looking Statements All statements other than statements of historical fact included in this Form 10-Q including, without limitation, statements under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding our financial position, business strategy and the plans and objectives of management for future operations, are forward looking statements. When used in this Form 10-Q, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to us or our management, identify forward looking statements. Such forward looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those contemplated by the forward looking statements as a result of the risk factors and other factors detailed in our filings with the Securities and Exchange Commission. All subsequent written or oral forward looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Important Financial and Operational Terms and Concepts The Company uses a variety of financial and operational terms and concepts when analyzing its performance. These include revenue recognition, deferred revenue, allowance for doubtful accounts, vessels and depreciation and long-lived assets impairment considerations, as defined above as well as the following: Voyage Revenue. Voyage revenue is derived from voyage charters which involve the carriage of cargo from a load port to a discharge port, which is predetermined in each voyage contract. Gross revenue is calculated by multiplying the agreed rate per ton of cargo by the number of tons loaded. The Company directs how and for what purpose the vessel is used and therefore, these voyage contracts do not contain leases. Charter Revenue. Charter revenue is earned when the Company lets a vessel it owns or operates to a charterer for a specified period of time. Charter revenue is based on the agreed rate per day. These time-charter arrangements contain leases because the lessee has the power to direct the use and receives substantially all of the economic benefits from the use of the vessel. The operating lease component and the vessel operating expense non-lease component of a time-charter contract are reported as a single component. Terminal & Stevedore Revenue. Terminal & Stevedore revenue is derived from inbound and outbound cargo handling services at ports which the Company operates in. Gross revenue is earned typically based on a per-unit rate for volumes handled. Voyage Expenses. The Company incurs expenses for voyage charters, including bunkers (fuel), port charges, canal tolls, brokerage commissions and cargo handling operations, which are expensed as incurred. Charter Expenses. The Company charters in vessels to supplement its owned fleet to support its voyage charter operations. The Company hires vessels under time charters with third party vessel owners, and recognizes the charter hire payments as an expense on a straight-line basis over the term of the charter. Charter hire payments are typically made in advance, and the unrecognized portion is reflected as advance hire in the accompanying consolidated balance sheets. Under the time charters, the vessel owner is responsible for the vessel operating costs such as crews, maintenance and repairs, insurance, and stores. The Company does not record a right-of-use asset or lease liability for any arrangement less than one year. 28 Vessel Operating Expenses. Vessel operating expenses represent the cost to operate the Company’s owned vessels. Vessel operating expenses include crew hire and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, tonnage taxes, other miscellaneous expenses, and technical management fees. These expenses are recognized as incurred. Technical management services include day-to-day vessel operations, performing general vessel maintenance, ensuring regulatory and classification society compliance, arranging the hire of crew, and purchasing stores, supplies, and spare parts. Terminal & Stevedore Expenses. Terminal & Stevedore expenses represent the cost to provide the Company's cargo handling services. Terminal & Stevedore expenses include direct labor and related costs, the cost of insurance, expenses relating to repairs and maintenance of shore based equipment, trucking, and other direct miscellaneous expenses. Fleet Data. The Company believes that the measures for analyzing future trends in its results of operations consist of the following: Shipping days. The Company defines shipping days as the aggregate number of days in a period during which its owned or chartered-in vessels are performing either a voyage charter (voyage days) or a time charter (time charter days). Daily vessel operating expenses. The Company defines daily vessel operating expenses as vessel operating expenses divided by ownership days for the period. Vessel operating expenses include crew hire and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes, other miscellaneous expenses, and technical management fees. Chartered in days. The Company defines chartered in days as the aggregate number of days in a period during which it chartered in vessels from third party vessel owners. Time Charter Equivalent ‘‘TCE’’ rates. The Company defines TCE rates as total shipping segment revenue less voyage expenses, divided by total shipping days. TCE rates are a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters because rates for vessels on voyage charters generally are not expressed on a per-day basis, while rates for vessels on time charters generally are expressed on a per-day basis. The Company believes this measure is consistent with industry practice. 29 Selected Financial Information [[GREPCENT_TABLE]] [["","","For the three months ended June 30,","","For six months ended June 30,"],["","","2026","","2025","","2026","","2025"],["Selected Financial Data"],["Voyage revenue","","$","171,697","","","$","146,269","","","$","323,697","","","$","255,929"],["Charter revenue","","11,469","","","6,850","","","23,911","","","16,843"],["Terminal & Stevedore Revenue","","3,953","","","3,571","","","10,091","","","6,720"],["Total revenue","","187,119","","","156,689","","","357,699","","","279,491"],["Voyage expense","","79,058","","","77,782","","","152,796","","","138,089"],["Charter hire expense","","39,104","","","31,423","","","78,282","","","49,064"],["Vessel operating expenses","","23,263","","","23,375","","","43,825","","","45,553"],["Terminal & stevedore expenses","","2,954","","","2,686","","","7,329","","","5,238"],["Total cost of transportation and service revenue","","144,379","","","135,267","","","282,232","","","237,944"],["Transportation and service depreciation and amortization","","12,397","","","10,558","","","24,237","","","20,454"],["Gross Profit","","30,343","","","10,865","","","51,230","","","21,093"],["Other operating expenses","","8,998","","","7,211","","","19,061","","","14,513"],["Loss on write-down of vessel held for sale","","\u2014","","","\u2014","","","358","","","\u2014"],["Income from operations","","21,345","","","3,654","","","31,811","","","6,580"],["Total other income (expense), net","","(10,863)","","","(6,554)","","","(7,664)","","","(11,679)"],["Net income (loss)","","10,481","","","(2,900)","","","24,146","","","(5,099)"],["(Income) loss attributable to non-controlling interests","","(280)","","","158","","","(650)","","","376"],["Net income (loss) attributable to Pangaea Logistics Solutions Ltd.","","$","10,201","","","$","(2,742)","","","$","23,496","","","$","(4,723)"],["Net income (loss) per common share"],["Basic net income (loss) per share","","$","0.16","","","$","(0.04)","","","$","0.37","","","$","(0.07)"],["Diluted net income (loss) per share","","$","0.16","","","$","(0.04)","","","$","0.36","","","$","(0.07)"],["Weighted-average common shares outstanding - basic","","64,396,991","","","64,042,209","","","64,295,098","","","63,988,996"],["Weighted-average common shares outstanding - diluted","","65,025,857","","","64,042,209","","","64,901,400","","","63,988,996"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","","June 30, 2026","","December 31, 2025"],["Selected Data from the Consolidated Balance Sheets"],["Cash, cash equivalents and restricted cash","","$","105,945","","","$","103,324"],["Total assets","","$","956,677","","","$","928,096"],["Total secured debt, including financing obligations and finance leases, net","","$","349,487","","","$","372,208"],["Total shareholders' equity","","$","494,682","","","$","474,736"],["","","For the six months ended June 30,"],["","","2026","","2025"],["Selected Data from the Consolidated Statements of Cash Flows"],["Net cash provided by operating activities","","$","25,878","","","$","10,039"],["Net cash provided by (used in) investing activities","","$","7,109","","","$","(2,411)"],["Net cash used in financing activities","","$","(30,366)","","","$","(35,180)"]] [[/GREPCENT_TABLE]] 30 Key Operating Metrics [[GREPCENT_TABLE]] [["","","For the three months ended June 30,","For the six months ended June 30,"],["","","2026","","2025","2026","","2025"],["Shipping Days"],["Voyage days","","4,951","","","5,575","","10,071","","","9,771"],["Time charter days","","784","","","647","","1,611","","","1,661"],["Total shipping days (1)","","5,735","","","6,222","","11,682","","","11,432"],["TCE Rate ($/day) (2)","","$","18,153","","","$","12,108","","$","16,676","","","$","11,781"]] [[/GREPCENT_TABLE]] (1)Shipping days are defined as the aggregate number of days in a period during which its owned or chartered-in vessels are performing either a voyage charter (voyage days) or time charter (time charter days). (2)Time Charter Equivalent (“TCE”) rate is a non-GAAP measure commonly used in the shipping industry and represents shipping segment revenue, consisting of voyage revenue and charter revenue, less voyage expenses, divided by total shipping days. Non-GAAP Financial Measures Management uses certain non-GAAP financial measures to evaluate the Company’s operating performance. These measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with U.S. GAAP. The reconciliation of Gross profit to Adjusted Gross Profit and Net income to Adjusted EBITDA is as follows: [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1606909/000160690926000010/panl-20251231.htm Complete FY 2025 MD&A: /company/PANL/mda/fy2025/ Extracted from a substantive MD&A body after the formal Item 7 span was a TOC or reference stub. Confidence: high Filing date: 2026-03-16 Report date: 2025-12-31 Results of Operations Fiscal Year Ended December 31, 2025 Compared to Fiscal Year Ended December 31, 2024  Revenues Total revenue for the fiscal year ended December 31, 2025 was $632.0 million, compared to $536.5 million for the same period in 2024, representing an increase of $95.5 million, or 18%. The increase was primarily driven by an increase in total shipping days from 17,407 days in 2024 to 23,329 days in 2025, reflecting the expansion of the Company’s fleet and increased vessel availability during the period. The increase in shipping days contributed approximately $182.4 million of additional revenue year over year. This increase was partially offset by lower market charter rates during the period, which reduced revenue by approximately $86.9 million, as evidenced by a 4% decline in the Baltic Dry Index (BDI) and a 9% decline in average rates for Panamax, Supramax and Handysize vessels. Components of revenue are as follows: Voyage Revenues: Voyage revenues increased by 17% to $577.5 million for the fiscal year ended December 31, 2025, compared to $494.1 million for the same period in 2024. The increase was primarily attributable to a 30% increase in voyage days, from 15,669 days in 2024 to 20,322 days in 2025, resulting from the acquisition of the SSI vessels at the end of 2024. This increase was partially offset by lower market rates as discussed above. Charter Revenues: Charter revenues increased to $39.3 million from $30.3 million, or 29%, for the year ended December 31, 2025 compared to the same period in 2024. The increase was primarily driven by a significant rise in time charter days, which increased 73% to 3,007 days from 1,738 days in the prior-year period. The average time charter rate declined to $13,056 per day from $17,450 per day due to timing of entering into certain time charter arrangements in early 2025 at lower market rates, however the higher number of charter days more than offset the rate decrease, resulting in overall revenue growth. The optionality of our chartering strategy allows the Company to selectively release excess ship days, if any, into the market under time charter arrangements. Terminal & Stevedore Revenues: Terminal & Stevedore revenues increased by 26% for the twelve months ended December 31, 2025 compared to the same period in 2024 due to the addition of 2 new port operations in the current year. Operating and Business Expenses The Components of our expenses are as follows: Voyage Expenses: Voyage expenses for the fiscal year ended December 31, 2025, were $283.7 million, a 19% increase from $237.5 million for the year ended December 31, 2024. This increase was primarily driven by a 30% rise in voyage days to 20,322 days from 15,669 days in the prior year, reflecting the Company’s expanded fleet. Correspondingly, total bunker, port, and canal costs increased in line with the higher level of operating activity. Charter Hire Expenses: Charter hire expenses for the fiscal year ended December 31, 2025 were $129.7 million compared to $130.8 million for the same period in 2024, representing a slight decrease year over year. Chartered-in days increased to 9,046 days for the fiscal year ended December 31, 2025, compared to 8,523 days in the prior year. This increase in chartered-in activity was largely offset by lower market charter rates for chartered-in vessels during the period. 71 The average published market rates for Supramax, Panamax and Handysize vessels declined approximately 9%, from an average of $13,314 in 2024 to $12,090 in 2025. Consistent with the Company's charter-in strategy, the Company supplements its owned fleet with short-term chartered-in tonnage at prevailing market rates when necessary to meet cargo demand. Per-day charter hire expenses were $14,342 for the fiscal year ended December 31, 2025, compared to $15,342 for the same period in 2024. Vessel Operating Expenses: Vessel operating expenses for the year ended December 31, 2025, totaled $94.9 million compared to $55.5 million recorded for the same period in 2024. Ownership days increased to 14,757 days in 2025 compared to 9,107 days in 2024, reflecting the expansion of the Company’s owned fleet following vessel acquisitions during the period. Vessel operating expenses per ownership day increased to $6,434 in 2025 from $6,099 in 2024. Technical management fees totaled $7.4 million in 2025 compared to $4.7 million in 2024, reflecting, in part, the transition of technical management for eight vessels from Bernhard Schulte Shipmanagement (“BSM”) to Seamar, the Company’s wholly owned subsidiary. Terminal & Stevedore Expenses: Terminal and stevedore expenses increased to $12.2 million for the twelve months ended December 31, 2025, up from $9.3 million for the same period in 2024. This increase was primarily driven by the addition of 2 new port operations in the current year. General and Administrative Expenses: For the fiscal year ended December 31, 2025, general and administrative expenses were $31.1 million, compared to $24.6 million for the same period in 2024. The increase was primarily attributable to (i) higher compensation-related costs, including a $1.3 million increase in stock-based compensation expense primarily due to a higher stock price and the acceleration of vesting schedules as the Company transitioned from five-year to four-year and subsequently three-year vesting periods over the past three years; and (ii) an approximately $5.1 million increase in payroll-related expenses, driven mainly by overall payroll increases and the acquisition of Strategic on December 30, 2024, which increased headcount and added a new office location in Connecticut. Depreciation and Amortization: The Company depreciates its vessels on a straight-line basis over their estimated useful lives, which range from 25 to 30 years from the date of initial delivery from the shipyard to the original owner. Depreciation is calculated based on the vessel’s cost less its estimated residual value. The residual value is determined using an estimated scrap rate per lightweight ton (“lwt”). Effective January 1, 2026, the Company revised certain depreciation estimates for its dry bulk vessels. The estimated useful life range was updated from 25–30 years to 25 years, and the estimated scrap rate was increased from $300 per lwt to $400 per lwt, supported by historical demolition prices over the past 15 years. Depreciation and amortization expense increased by $12.1 million, or 40%, primarily due to an increase in ownership days, which rose to 14,757 days in 2025 from 9,107 days in 2024 as a result of vessel acquisitions. Gain on sale of vessels: In the year ended December 31, 2025, the Company recorded a gain of $3.0 million related to the sale of two vessels. No gain on sale of vessels were recorded for the year ended December 31, 2024. Unrealized (Loss) Gain on Derivative Instruments: The Company evaluates risks related to fluctuating future freight rates and bunker prices and, when appropriate, actively hedges identified economic risks that may impact the operating income of long-term cargo contracts through forward freight agreements or bunker swaps. The use of these derivatives may result in period-to-period fluctuations in the Company's reported operating results. The Company recorded an unrealized loss on derivative instruments of $1.4 million for the year ended December 31, 2025, compared to an unrealized loss of $1.0 million in the year ended December 31, 2024. For further details, refer to Note 7, Margin Account, Derivatives, and Fair Value Measures, in the consolidated financial statements. 72 Liquidity and Capital Resources Liquidity and Cash Needs The Company has historically financed its capital requirements with cash flow from operations, the issuance of common stock, proceeds from non-controlling interests, and proceeds from long-term debt, financing obligations and finance leases. The Company has used its capital primarily to fund operations, vessel acquisitions, and the repayment of debt and the associated interest expense. The Company may consider debt or additional equity financing alternatives from time to time. However, if market conditions deteriorate, the Company may be unable to raise additional debt or equity financing on acceptable terms or at all. As a result, the Company may be unable to pursue opportunities to expand its business. At December 31, 2025 and 2024, the Company had working capital of $87.7 million and $82.9 million, respectively. The increase was primarily attributable to higher cash and cash equivalents, partially offset by increases in accounts payable and deferred revenue. In assessing its ability to continue as a going concern, management considered the Company’s history of generating positive operating cash flows ($53.7 million in 2025, and $65.7 million in 2024), its cash and restricted cash balances relative to current maturities of secured debt, financing obligations and finance leases, and its contract employment strategy through contracts of affreightment (“COAs”). Management believes that projected operating cash flows, together with cash on hand and available borrowings under existing credit facilities, will be sufficient to meet operating and capital requirements for at least the next twelve months. see Part II. ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Results of Operations. The table below summarizes our primary sources and uses of cash for the fiscal years ended December 31, 2025 and 2024. [[GREPCENT_TABLE]] [["","","2025","","2024"],["Net cash provided by/(used in):"],["Operating activities","","53,726","","","65,691"],["Investing activities","","11,411","","","(67,694)"],["Financing activities","","(48,619)","","","(10,230)"],["Net change","","$","16,519","","","$","(12,232)"]] [[/GREPCENT_TABLE]] Operating Activities   Net cash provided by operating activities during the year ended December 31, 2025 was $53.7 million, compared to net cash provided by operating activities of $65.7 million during the year ended December 31, 2024. The decrease was primarily attributable to lower net income during the period, partially offset by higher non-cash expenses, including depreciation and amortization. Non-cash adjustments included depreciation and amortization of $42.5 million in 2025 compared to $30.4 million in 2024, reflecting a full year of operations from vessels acquired in connection with the Strategic Shipping Inc. acquisition completed at the end of 2024. Drydocking costs also increased during the year as a result of higher drydock activity across the fleet. Changes in operating assets and liabilities provided $6.2 million of cash in 2025 compared to $1.6 million in 2024. The increase was primarily driven by changes in inventory balances and deferred revenue during the period, partially offset by an increase in accounts receivable. Accounts receivable increased primarily due to higher voyage activity and an increase in voyages in process associated with the Company’s higher shipping days. The increase was also impacted by the timing of customer billings and collections near period end. Investing Activities   Net cash provided by investing activities was $11.4 million for the year ended December 31, 2025, compared to net cash used in investing activities of $67.7 million in 2024. The year-over-year improvement was primarily driven by $17.2 million of proceeds from vessel sales in 2025 and significantly lower capital expenditures, as no new vessels were acquired during the year compared to vessel acquisitions and other capital improvements in 2024. 73 Dividends received from equity method investments increased to $4.1 million in 2025 from $1.9 million in 2024. Cash used for the acquisition of a non-controlling interest totaled $2.7 million in 2025, related to the purchase of the remaining ownership interest in Seamar, which became a wholly own [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/PANL/mda/fy2025/ All MD&A years: /company/PANL/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/PANL/mda/fy2024/): filed 2025-03-18; accession 0001606909-25-000097 (https://www.sec.gov/Archives/edgar/data/1606909/000160690925000097/panl-20241231.htm) - [FY 2023 MD&A](/company/PANL/mda/fy2023/): filed 2024-03-14; accession 0001606909-24-000043 (https://www.sec.gov/Archives/edgar/data/1606909/000160690924000043/panl-20231231.htm) - [FY 2022 MD&A](/company/PANL/mda/fy2022/): filed 2023-03-15; accession 0001606909-23-000045 (https://www.sec.gov/Archives/edgar/data/1606909/000160690923000045/panl-20221231.htm) - [FY 2021 MD&A](/company/PANL/mda/fy2021/): filed 2022-03-16; accession 0001606909-22-000032 (https://www.sec.gov/Archives/edgar/data/1606909/000160690922000032/panl-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 4412 Deep Sea Foreign Transportation of Freight) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/PANL.md · JSON record: /company/PANL.json · verified financials: /company/PANL/financials.json / /company/PANL/financials.csv · machine TOC for the whole site: /llms.txt