PANL Pangaea Logistics Solutions

Dry Bulk Β· Panamax / Ultramax / Supramax / Handysize Β· 45 documents

Pangaea Logistics Solutions' 38-vessel dry bulk fleet β€” 14 Handysize, 8 Supramax, 6 Panamax Ice Class 1A and 10 across 4 other classes β€” should earn about $20,116 a day in 2026Q3 and pay $0.10 a share. That is our forecast (PATTERN). 85% of those vessel-days are already fixed at rates Pangaea Logistics Solutions has disclosed.

Last paid Β· 2026Q2
$0.10
5.3% annualised
$18,153/d earned
TTM $0.25 (3.3% trailing) Β· +100% vs prior quarter
2026Q3 Β· our model
$0.10
5.3% annualised
$20,116/d modelled
PATTERN
low EPS $0.30 Β· 85% booked Β· declared rate held flat
2026Q4 Β· our model
$0.10
5.3% annualised
$19,661/d modelled
EPS $0.28 Β· declared rate held flat

Yields annualise each quarter Γ—4 at the last close, $7.61 (2026-10-16). Our model is not company guidance.

What will Pangaea Logistics Solutions pay for 2026Q3?

Company said
Pangaea Logistics Solutions has booked 85% of its 2026Q3 days (2026-08-10; by class on the right). It does not say what it will pay β€” turning its rates into a dividend is our job.
$20,258/d
booked average
β€”
no dividend given
Our model
Booked days at those rates, open days at market rates; dividend by declared rate held flat.
$20,116/d
modelled
$0.10
low confidence Β· PATTERN

Booked vs market $/day

ClassBookedAtSpot now
Fleet Β· applied to every class 85% $20,258 β€”

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

ClassCompany earnedBooked 2026Q3Market now8 weeks
Panamax Β· 2 $18,1532026Q2 Β· fleet avg $20,25885% of days β€”licensed index only
Ultramax Β· 2 $18,1532026Q2 Β· fleet avg $20,25885% of days β€”licensed index only
Supramax Β· 8 $18,1532026Q2 Β· fleet avg $20,25885% of days β€”licensed index only
Handysize Β· 14 $18,1532026Q2 Β· fleet avg $20,25885% of days β€”licensed index only
Post_Panamax $18,1532026Q2 Β· fleet avg $20,25885% of days β€”licensed index only

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class β€” a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago. Dry-bulk class rates exist only as licensed Baltic Exchange indices, which this site does not republish.

Your rates open days only β€” booked days stay at the booked rate

Panamax 85% booked at $20,258 Β· 110 open days
Ultramax 85% booked at $20,258 Β· 55 open days
Supramax 85% booked at $20,258 Β· 110 open days
Handysize 85% booked at $20,258 Β· 193 open days
Post_Panamax 85% booked at $20,258 Β· 55 open days

2026Q3 P&L and cash

LineModelYour scenarioΞ”
Vessel-days, days modelled

Ships on the fleet list Γ— the quarter's calendar days for handysize, panamax, post_panamax, supramax, ultramax: no off-hire or drydock days are deducted there.

3,496 3,496
By class
ClassDaysModel $/dayYours $/day
Panamax73620,42620,426
Ultramax36820,21220,212
Supramax73620,21220,212
Handysize1,28819,76919,769
Post_Panamax36820,42620,426
Fleet TCE, $/day assumed 20,116 20,116
Revenue (TCE basis), $m assumed

Vessel-days Γ— fleet TCE.

70.3 70.3
Vessel opex, $m assumed

2026Q2: $23.3m over 3,496 vessel-days, held per day. Source (2026Q2)

(23.3) (23.3)
G&A, $m assumed

2026Q2: $9.0m over 3,496 vessel-days, held per day. Source (2026Q2)

(9.0) (9.0)
EBITDA, $m assumed 38.1 38.1
Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

β€” β€”
Interest expense, $m assumed

2026Q2: $5.7m over 3,496 vessel-days, held per day. Source (2026Q2)

(5.7) (5.7)
Scheduled debt amortisation, $m stated

2026Q2: $5.6m over 3,496 vessel-days, held per day (the issuer’s scheduled principal). Source (2026Q2)

(5.6) (5.6)
Drydock cost, $m

No separate drydock cash line on file.

β€” β€”
Cash break-even, $/day assumed

Ξ£ cash costs above Γ· vessel-days.

12,470 12,470
Cushion vs fleet TCE, $/day 7,646 7,646
Free cash flow to equity, $m assumed

Revenue βˆ’ cash costs: the cash available for distribution.

26.7 26.7
Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

β€”

Dividend policy pattern

No stated payout policy on file.

Dividend by declared rate held flat; it does not move with the rate, so your scenario leaves it unchanged.

OutputModelYour scenarioΞ”
Estimated DPS, $/share pattern $0.10
Forward yield, run-rate % 5.3%
vs last declared ($0.10, 2026Q2) +0%

Yield annualises the quarter’s DPS Γ— 4 (a run-rate, not a forecast of the year) against the $7.61 close on 2026-10-16.

This dividend is set by declared rate held flat, not by the rate β€” your scenario moves the cash line, not the DPS.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Dividend per share declared Β· model

$0.052025Q3$0.052025Q4$0.052026Q1$0.102026Q2$0.102026Q3$0.102026Q4solid = declared Β· dashed = our model

Market context β€” rates, the dividend, and the price

Rates and dividend β€” realized rate and declared

Realized fleet TCEModelDeclared DPS
forecast →
$0k
$15k
$30k
2025Q3
2025Q4
2026Q1
2026Q2
2026Q3
2026Q4
Declared DPS, USD/share — solid: declared · dashed: model
$0.05
$0.05
$0.05
$0.10
$0.10
$0.10
2026Q2 pay 2026-09-15

Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate β€” see Dividend forecast.

The line is the declared dividend per share β€” dashed where it is the model's estimate. Model estimate β€” not issuer guidance.

Forward (our model β€” model quarter Γ—4): $0.40/yr Β· @ $7.61 (as of 2026-10-16) = 5.3% yield (forward, model) Β· Trailing TTM $0.25/yr = 3.3%

Fit crosses zero at $280/d β€” the TCE below which this fit implies no payout

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it β†’

Where PANL departs from that

  • The forecast has not been scored against an outcome yet β€” there is no track record here to judge it by.
  • Weak OLS fit RΒ²=0.30.
  • Vessel-days are modelled from the fleet list (ships Γ— days in the quarter); no issuer day count is curated for this quarter.
  • Panamax: Braemar dry-FFA FORWARD-curve proxy (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class).
  • Index realization not applied to the Panamax/Supramax/Handysize families: the Braemar curve began in 2026-09, so there is no history to measure this issuer's capture against β€” their open share is priced at the full curve.

What drives it β€” fleet TCE, 2026Q3

Expected fleet TCE
$20,116/d
85% STATED Β· 12% MODELLED (FFA forward) Β· 3% ASSUMED
Days already fixed
85%
at disclosed rates
How we got to the DPS
Declared rate held flat PATTERN $0.10
Stated payout policy declined β€” the company publishes no payout policy this model can read

Earnings bridge β€” 2026Q2 β†’ 2026Q3

Anchor DPS (2026Q2) $0.10
Booked cover β€” issuer guidance targets a different quarter than the anchor β€” no same-vintage comparison TBD
Open cover (spot-exposed) β€” Panamax 15% of days without booked cover Β· Ultramax 15% of days without booked cover Β· Supramax 15% of days without booked cover Β· Handysize 15% of days without booked cover Β· Post panamax 15% of days without booked cover β€” spot-exposed TBD
Expected DPS (2026Q3) $0.10

Dividend history & forecast accuracy

Fit crosses zero
$280/day

Upcoming

QuarterEx-date (est.)Forecast DPSActual DPS
2026Q3 Eβ€”$0.10β€”
2026Q4 Eβ€”$0.10β€”
PeriodDPSKindEx-datePay dateSource
paid 2026-09-15 $0.10/share regular β€” 2026-09-15 as of 2026-09-15 declaration
paid 2026-06-15 $0.05/share regular β€” 2026-06-15 as of 2026-06-15 declaration
2026-Q2 $0.10/share regular β€” 2026-09-15 as of 2026-08-10 declaration
paid 2026-03-13 $0.05/share regular β€” 2026-03-13 as of 2026-03-13 declaration
paid 2025-12-15 $0.05/share regular β€” 2025-12-15 as of 2025-12-15 declaration
paid 2025-09-15 $0.05/share regular β€” 2025-09-15 as of 2025-09-15 declaration
paid 2025-06-16 $0.05/share regular β€” 2025-06-16 as of 2025-06-16 declaration
paid 2025-03-13 $0.10/share regular β€” 2025-03-13 as of 2025-03-13 declaration
Older dividends (4 more)
PeriodDPSKindEx-datePay dateSource
paid 2024-12-13 $0.10/share regular β€” 2024-12-13 as of 2024-12-13 declaration
paid 2024-09-16 $0.10/share regular β€” 2024-09-16 as of 2024-09-16 declaration
paid 2024-06-13 $0.10/share regular β€” 2024-06-13 as of 2024-06-13 declaration
paid 2024-03-15 $0.10/share regular β€” 2024-03-15 as of 2024-03-15 declaration

DPS method: declared rate held flat.

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet
38
Realized TCE
$18,153/d 2026Q2
Declared DPS
$0.10 2026Q2
TTM DPS
$0.25
Coverage
β€”
Revenue
$187.1M
Opex
$23.3M
Net income
$10.2M

14Γ— handysize Β· 2Γ— panamax Β· 6Γ— panamax_ice_class_1a Β· 4Γ— post_panamax_ice_class_1a Β· 8Γ— supramax Β· 2Γ— ultramax Β· 2Γ— ultramax_ice_class_1c 2026Q2

Fleet model β€” 2026Q3

Fleet model estimate β€” not issuer guidance.

ClassShipsTCSpot% FixedGuided $/dSpot $/dBlended $/dQTD rev $MModeled Q rev $M
Panamax2β€”β€” 85% 20,258 β€” 20,426 β€” 15.0
Ultramax2β€”β€” 85% 20,258 β€” 20,212 β€” 7.4
Supramax8β€”β€” 85% 20,258 β€” 20,212 β€” 14.9
Handysize14β€”β€” 85% 20,258 β€” 19,769 β€” 25.5
Post_Panamax0β€”β€” 85% 20,258 β€” 20,426 β€” 7.5
Total26 20,116 β€” 70.3

Guided rates are issuer-booked cover for 2026Q3 blended with the Braemar dry-FFA curve for the open days.

Expected DPS
$0.10/share
Annualized
$0.40/yr
Revenue if rates hold
$70.3M
Confidence
LOW

Bear counts booked cover only, with open days at zero; Base is the next-quarter estimate above, which prices the open days; Bull needs a recent peak index, which this fleet's classes do not have.

Model gaps & assumptions

panamax: Braemar dry-FFA FORWARD-curve proxy (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) Β· index realization not applied to the Panamax/Supramax/Handysize families: the Braemar curve began in 2026-09, so there is no history to measure this issuer's capture against β€” their open share is priced at the full curve Β· panamax: using issuer guidance 85% fixed @ $20,258/day β€” a FLEET-wide figure applied to this class; the issuer did not split coverage by class Β· ultramax: priced off the Supramax FFA curve β€” the board quotes no Ultramax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) Β· ultramax: using issuer guidance 85% fixed @ $20,258/day β€” a FLEET-wide figure applied to this class; the issuer did not split coverage by class Β· supramax: Braemar dry-FFA FORWARD-curve proxy (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) Β· supramax: using issuer guidance 85% fixed @ $20,258/day β€” a FLEET-wide figure applied to this class; the issuer did not split coverage by class Β· handysize: Braemar dry-FFA FORWARD-curve proxy (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) Β· handysize: using issuer guidance 85% fixed @ $20,258/day β€” a FLEET-wide figure applied to this class; the issuer did not split coverage by class Β· Post-Panamax: priced off the Panamax FFA curve β€” the board quotes no Post-Panamax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) Β· Post-Panamax: using issuer guidance 85% fixed @ $20,258/day β€” a FLEET-wide figure applied to this class; the issuer did not split coverage by class Β· DPS is the declared rate: $0.100 declared for 2026Q2, held by owner ruling β€” held flat, so it is not modelled from TCE

Profit statement highlights

Line2026Q22026Q1YoY Ξ”
Revenue $187.1M $170.6M +19.4%
Opex $23.3M $20.6M -0.5%
Net income $10.2M $13.3M n/m
Full P&L grid β€” 6 quarters
Line item2026Q22026Q12025Q42025Q32025Q22025Q1
Revenue $M187.1170.6183.9168.7156.7122.8
Voyage expenses $M79.173.7β€”73.277.860.3
Vessel opex $M23.320.6β€”21.723.422.2
G&A $M9.010.0β€”9.97.27.3
Depreciation $M12.411.9β€”10.210.69.9
Interest expense, gross $Mβ€”β€”β€”β€”β€”6.1
Net income $M10.213.3β€”12.2βˆ’2.7βˆ’2.0
Declared DPS0.100.050.050.050.050.05

Profit statement – highlights SEC EDGAR company facts

Line2013Q4 (FY βˆ’ 9M)FY20132013Q32014Q1H1 2014FY20142014Q22014Q32014Q42015Q1H1 2015FY20152015Q22015Q32015Q42016Q1H1 2016FY20162016Q22016Q32016Q42017Q1H1 2017FY20172017Q22017Q32017Q42018Q1H1 2018FY20182018Q22018Q32018Q42019Q1H1 2019FY20192019Q22019Q32019Q42020Q1H1 2020FY20202020Q22020Q32020Q42021Q1H1 2021FY20212021Q22021Q32021Q42022Q1H1 2022FY20222022Q22022Q32022Q42023Q1H1 2023FY20232023Q22023Q32023Q42024Q1H1 20242024Q4 (FY βˆ’ 9M)FY20242024Q22024Q32025Q1H1 20252025Q4 (FY βˆ’ 9M)FY20252025Q22025Q32026Q1H1 20262026Q2YoY Ξ”
Revenue 111.5392.595.2114.2204.0398.389.891.2103.195.1160.2287.365.171.255.943.9100.9238.057.070.866.384.5175.9385.191.4107.0102.279.0175.8373.096.895.3101.979.5162.8412.283.3118.9130.595.9166.3382.970.4103.8112.9125.0270.5718.1145.5213.0234.6191.8387.3699.7195.5184.5127.9113.7231.8499.3118.1135.6131.9104.7236.2147.1536.5131.5153.1122.8279.5183.8632.0156.7168.7170.6357.7187.1 +19.4%
EBITDA / operating income 5.021.46.610.113.4-2.53.4-1.9-14.09.916.920.57.04.9-1.33.54.312.90.87.80.8-0.4-1.516.0-1.210.06.87.816.236.18.412.17.74.311.123.36.813.1-0.9-2.31.519.73.810.08.36.422.578.916.225.530.820.056.3105.536.230.518.76.514.444.67.919.710.611.018.614.848.47.615.02.96.617.440.93.716.910.531.821.3 +475.7%
Operating expenses 106.5371.188.6104.2190.6400.886.493.1117.185.2143.3266.858.166.357.240.496.6225.156.263.065.584.8177.4369.992.697.095.471.2159.6336.988.483.294.275.3151.8388.976.5105.8131.498.2164.8363.266.693.8104.6118.6248.0639.2129.4187.5203.8171.7331.0594.2159.3154.0109.2107.2217.4454.7110.2115.9121.393.7217.6132.4488.1123.9138.1119.9272.9166.4591.1153.0151.7160.1325.9165.8 +8.4%
Net result 4.215.56.07.78.4-13.60.7-3.8-18.29.315.413.46.02.8-4.81.62.29.20.66.60.30.0-4.29.1-4.28.84.65.512.424.06.910.41.34.59.617.05.210.4-3.0-6.8-3.512.73.38.37.96.526.172.419.628.717.622.449.985.527.519.815.83.46.228.52.820.22.212.716.79.131.84.06.1-2.2-5.112.320.2-2.913.013.724.110.5 n/m
Declared DPS β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”0.1β€”0.1β€”0.10.10.1β€”0.05β€”0.050.050.05β€”0.05 β€”
Full P&L grid β€” 4 lines Γ— 78 quarters
Line itemQ4 2013FY2013Q3 2013Q1 2014H1 2014FY2014Q2 2014Q3 2014Q4 2014Q1 2015H1 2015FY2015Q2 2015Q3 2015Q4 2015Q1 2016H1 2016FY2016Q2 2016Q3 2016Q4 2016Q1 2017H1 2017FY2017Q2 2017Q3 2017Q4 2017Q1 2018H1 2018FY2018Q2 2018Q3 2018Q4 2018Q1 2019H1 2019FY2019Q2 2019Q3 2019Q4 2019Q1 2020H1 2020FY2020Q2 2020Q3 2020Q4 2020Q1 2021H1 2021FY2021Q2 2021Q3 2021Q4 2021Q1 2022H1 2022FY2022Q2 2022Q3 2022Q4 2022Q1 2023H1 2023FY2023Q2 2023Q3 2023Q4 2023Q1 2024H1 2024Q4 2024FY2024Q2 2024Q3 2024Q1 2025H1 2025Q4 2025FY2025Q2 2025Q3 2025Q1 2026H1 2026Q2 2026
Operating revenues111.5392.595.2114.2204.0398.389.891.2103.195.1160.2287.365.171.255.943.9100.9238.057.070.866.384.5175.9385.191.4107.0102.279.0175.8373.096.895.3101.979.5162.8412.283.3118.9130.595.9166.3382.970.4103.8112.9125.0270.5718.1145.5213.0234.6191.8387.3699.7195.5184.5127.9113.7231.8499.3118.1135.6131.9104.7236.2147.1536.5131.5153.1122.8279.5183.8632.0156.7168.7170.6357.7187.1
Operating expenses106.5371.188.6104.2190.6400.886.493.1117.185.2143.3266.858.166.357.240.496.6225.156.263.065.584.8177.4369.992.697.095.471.2159.6336.988.483.294.275.3151.8388.976.5105.8131.498.2164.8363.266.693.8104.6118.6248.0639.2129.4187.5203.8171.7331.0594.2159.3154.0109.2107.2217.4454.7110.2115.9121.393.7217.6132.4488.1123.9138.1119.9272.9166.4591.1153.0151.7160.1325.9165.8
Operating income5.021.46.610.113.4-2.53.4-1.9-14.09.916.920.57.04.9-1.33.54.312.90.87.80.8-0.4-1.516.0-1.210.06.87.816.236.18.412.17.74.311.123.36.813.1-0.9-2.31.519.73.810.08.36.422.578.916.225.530.820.056.3105.536.230.518.76.514.444.67.919.710.611.018.614.848.47.615.02.96.617.440.93.716.910.531.821.3
Profit for the period4.215.56.07.78.4-13.60.7-3.8-18.29.315.413.46.02.8-4.81.62.29.20.66.60.3-0.0-4.29.1-4.28.84.65.512.424.06.910.41.34.59.617.05.210.4-3.0-6.8-3.512.73.38.37.96.526.172.419.628.717.622.449.985.527.519.815.83.46.228.52.820.22.212.716.79.131.84.06.1-2.2-5.112.320.2-2.913.013.724.110.5

Realized fleet TCE

Realized fleet TCE versus benchmark: 6 points, 2025-01-01 to 2026-04-01; Realized fleet TCE latest 18,153.00.

image/svg+xml 2025 Apr Jul Oct 2026 Apr 12,000 13,000 14,000 15,000 16,000 17,000 18,000 18,153 Realized fleet TCE USD/day

Benchmark comparison will appear once issuer-printed benchmark data is available.

Guidance & sources

Issuer guidance β€” forward-looking

No current-quarter guidance on file.

Historical guidance (1 rows)
PeriodMetricValueCoverageAs ofSource
2026Q3FLEET TCE booked (Q3 quarter-to-date) $20,258 85% 2026-08-10 β€”
Sources β€” press, filings & documents

Press & filings by quarter

QuarterReportPresentationDividendOther
2026Q3 β€” β€” β€” 10-Q, 8-K, 8-K exhibit, 8-K exhibit
2026Q2 β€” β€” β€” 8-K, 8-K, 8-K, 10-Q
2026Q1 β€” β€” β€” 10-K, 8-K, 8-K exhibit, 8-K exhibit, 8-K, 8-K exhibit
2025Q4 β€” β€” β€” 8-K, 8-K, 10-Q, 8-K
2025Q3 β€” β€” β€” 8-K, 8-K, 10-Q, 8-K
2025Q2 β€” β€” β€” 8-K, 10-Q, 8-K
2025Q1 β€” β€” β€” 10-K, 8-K, 8-K, 8-K, 8-K
2024Q4 β€” β€” β€” 8-K, 8-K, 8-K, 10-Q
2024Q3 β€” β€” β€” 8-K, 8-K, 8-K, 10-Q, 8-K
2024Q2 β€” β€” β€” 8-K, 10-Q
2024Q1 β€” β€” β€” 8-K, 10-K, 8-K, 8-K

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