Pangaea Logistics Solutions Ltd. Reports Financial Results for the Third Quarter Ended September 30, 2026

Mads Boye Petersen, President and Chief Executive Officer of Pangaea Logistics Solutions

“The third quarter represents our strongest period for Arctic ice-class activity, and this year that seasonal strength was reinforced by a strengthening dry bulk market.”

Mads Boye Petersen, President and Chief Executive Officer of Pangaea Logistics Solutions

“Together, these factors drove a significant increase in TCE rates and profitability, with our fleet earning a 13% premium to the benchmark indices. Our performance demonstrated the operating leverage inherent in our model when our niche ice-class fleet and broader commercial platform are performing in tandem, resulting in record quarterly Adjusted EBITDA and Adjusted Net Income.”

Mads Boye Petersen, President and Chief Executive Officer of Pangaea Logistics Solutions

“Our port and terminal operations also contributed meaningfully to the quarter. Terminal and stevedore revenue increased 73% year-over-year, and dry bulk tons discharged across our network increased 65%, reflecting the full contribution of the port operations that have commenced over the past year.”

Mads Boye Petersen, President and Chief Executive Officer of Pangaea Logistics Solutions

“These facilities strengthen our relationships with cargo customers and extend our presence along the supply chain, consistent with the integrated model that distinguishes Pangaea.”

Mads Boye Petersen, President and Chief Executive Officer of Pangaea Logistics Solutions

“We remain encouraged by the underlying fundamentals of the dry bulk market, particularly the demand for minor bulks and industrial cargoes, supported by relatively disciplined fleet supply growth. Quarter-to-date, we have executed 5,040 shipping days at an average TCE of $21,423 per day, with late-season Arctic voyages continuing to contribute in October.”

Mads Boye Petersen, President and Chief Executive Officer of Pangaea Logistics Solutions

“Operating cash flow of $57 million in the quarter increased our unrestricted cash balance to $144.9 million and reduced net debt to 1.4x trailing twelve-month Adjusted EBITDA.”

Mads Boye Petersen, President and Chief Executive Officer of Pangaea Logistics Solutions

“Shortly after quarter end, we refinanced $134 million of debt at a meaningfully lower margin, continuing our focus on reducing our cost of capital, maintaining a well-capitalized balance sheet and simplifying our capital structure. With this foundation in place, we are well positioned to advance our fleet renewal program and sustain a consistent return of capital to shareholders.”