Pangaea Logistics Solutions (PANL) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Pangaea Logistics Solutions published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Pangaea Logistics Solutions reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Pangaea Logistics Solutions does not publish revenue or earnings guidance. Its release gives the shipping days already booked for the current quarter and their average TCE rate.
• Net income attributable to Pangaea excludes $1.3 million of income attributable to non-controlling interests.

Source: Pangaea Logistics Solutions Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Pangaea Logistics Solutions splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Pangaea Logistics Solutions's Voyage revenue revenue was $193 million in Q3 2026, up 24% from $155 million in Q3 2025, 88% of total revenue.
• Pangaea Logistics Solutions's Charter revenue revenue was $18.8 million in Q3 2026, up 102% from $9.3 million in Q3 2025, 9% of total revenue.
• Pangaea Logistics Solutions's Port terminal & stevedore revenue revenue was $7.1 million in Q3 2026, up 73% from $4.1 million in Q3 2025, 3% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Pangaea Logistics Solutions's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Pangaea Logistics Solutions carries dry bulk cargo, often under long-term contracts of affreightment (COAs), and most of its revenue comes from voyages. In Q3 2026 voyage revenue was $193.1 million of the $219.1 million total, charter revenue $18.8 million and port terminal & stevedore revenue $7.1 million. (Pangaea Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 5, 2026)

Pangaea's fleet is built around ice-class ships. As of March 16, 2026 it controlled 39 bulk carriers: six Ice-Class 1A Panamax, four Post Panamax Ice Class 1A, three Panamax, two Ultramax Ice Class 1C, two Ultramax, eight Supramax and fourteen Handysize vessels. In the third quarter its 38 owned vessels were supplemented by an average of 31 chartered-in ships. (Pangaea Form 10-K, 2025, Mar 16, 2026; Pangaea Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 5, 2026)

Revenue rose to $219.1 million from $168.7 million because rates and volume both went up. Pangaea's TCE rate was $20,414 per day, up 31% from $15,559, and shipping days rose 8% to 6,339. Pangaea said the quarter is its strongest for Arctic ice-class activity, and its rates beat the average Baltic Panamax, Supramax and Handysize indices by 13%. (Pangaea Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 5, 2026)

Terminal and stevedore revenue grew 73% and dry bulk tons discharged across Pangaea's network rose 65%. The third quarter was Pangaea's first full quarter of terminal operations at the port of Tampa Bay, Florida. (Pangaea Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 5, 2026)

No customer accounted for 10% or more of Pangaea's total revenue in 2025, and its top ten customers, all repeat customers, made up 35%. By country, the United States represented 32% of revenue and Canada 14%. (Pangaea Form 10-K, 2025, Mar 16, 2026)

Pangaea Logistics Solutions earned $38.3 million attributable to the company, or $0.59 per diluted share, in Q3 2026, against $12.2 million, or $0.19, a year earlier. Adjusted net income of $33.6 million, or $0.52 per share, removes a $4.6 million unrealized gain on derivative instruments. Pangaea's adjusted EPS does not exclude share-based compensation. (Pangaea Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 5, 2026)

Diluted weighted average shares were 64,901,369, against 64,823,069 a year earlier. Pangaea paid $6.4 million in cash dividends in the quarter and declared a $0.10 per share dividend payable on December 15, 2026. It has a $12 million repurchase authorization and bought back no shares in the first nine months of 2026. (Pangaea Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 5, 2026; Pangaea Q3 2026 earnings presentation (Exhibit 99.2), Nov 5, 2026)

Interest expense was $5.3 million, down from $5.9 million. After the quarter Pangaea refinanced $134 million of debt and financing obligations at what it called a meaningfully lower margin, consolidating seven vessels under one facility. (Pangaea Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 5, 2026; Pangaea Q3 2026 earnings presentation (Exhibit 99.2), Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Pangaea Logistics Solutions does not give revenue or earnings guidance in its release. It reports bookings instead: as of November 5, 2026 it had booked 5,040 shipping days for the fourth quarter at an average TCE of $21,423 per day, which its presentation calls an 11% premium to the market average through the quarter. (Pangaea Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 5, 2026; Pangaea Q3 2026 earnings presentation (Exhibit 99.2), Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Pangaea Logistics Solutions, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Pangaea Logistics Solutions's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning PANL is on is PANL a buy or a sell?, what analysts expect next is on the PANL forecast, and what the company does is on the Pangaea Logistics Solutions (PANL) stock page.

Every number on this page can be traced to a document Pangaea Logistics Solutions published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.