Pangaea swings to Q2 FY26 GAAP profit of USD 10.2 million; revenue rises 19.4% to USD 187.12 million
PANL•Dividend and operations update
The board declared a quarterly cash dividend of USD 0.10 a share; operations started at Port Tampa Bay, Florida.
Quarterly results improve sharply
Pangaea Logistics Solutions posted GAAP net income of USD 10.2 million, or USD 0.16 a share, on revenue of USD 187.1 million.
Adjusted EBITDA more than doubled to USD 35 million, lifting the adjusted EBITDA margin by 8.9 percentage points to 18.7%.
Operating metrics and balance sheet strengthen
Time charter equivalent rates climbed 50% year over year to USD 18,153 a day, beating Baltic Panamax, Supramax and Handysize averages by 10%.
Operating cash flow was USD 21.1 million; net debt to trailing 12-month adjusted EBITDA was 2.1x, with USD 105.7 million in unrestricted cash.
