Pangaea Logistics Solutions (PANL)


Market Price (9/29/2026): $7.99 | Market Cap: $514.5 MilSector: Industrials | Industry: Marine Transportation

Pangaea Logistics Solutions (PANL)


Market Price (9/29/2026): $7.99
Market Cap: $514.5 Mil
Sector: Industrials
Industry: Marine Transportation

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 2.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.9%, FCF Yield is 12%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 23%

Low stock price volatility
Vol 12M is 50%

Megatrend and thematic drivers
Megatrends include Global Trade & Maritime Logistics. Themes include Specialized Dry Bulk Transport, Maritime Logistics Technology, and Sustainable Shipping Solutions.

Weak multi-year price returns
2Y Excs Rtn is -2.1%, 3Y Excs Rtn is -12%

Key risks
PANL key risks include [1] significant pressure on profits and cash flows due to its high exposure to volatile dry bulk commodity markets, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 2.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.9%, FCF Yield is 12%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 23%
2 Low stock price volatility
Vol 12M is 50%
3 Megatrend and thematic drivers
Megatrends include Global Trade & Maritime Logistics. Themes include Specialized Dry Bulk Transport, Maritime Logistics Technology, and Sustainable Shipping Solutions.
4 Weak multi-year price returns
2Y Excs Rtn is -2.1%, 3Y Excs Rtn is -12%
5 Key risks
PANL key risks include [1] significant pressure on profits and cash flows due to its high exposure to volatile dry bulk commodity markets, Show more.

PANL in ETFs

Weight = PANL's share of each fund

IWM0.01%
DFAS0.01%
VTWO0.01%
IWN0.00%
DFAC0.00%
IWV0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 9/1/2026

Pangaea Logistics Solutions (PANL) stock has gained about 10% since 5/31/2026 because of the following key factors:

1. Strong Q2 2026 Financial Performance Exceeded Expectations.

Pangaea Logistics Solutions (PANL) announced on August 10, 2026, a strong fiscal Q2 2026, reporting earnings per share (EPS) of $0.26, which surpassed the consensus estimate of $0.24 by $0.02. This positive earnings surprise was accompanied by a significant 50% year-over-year increase in Time Charter Equivalent (TCE) rates, reaching $18,153 per day, and adjusted EBITDA growing by nearly $20 million year-over-year to $35 million. The company also increased its quarterly dividend to $0.10 per share.

2. Favorable Dry Bulk Shipping Market Conditions.

During fiscal Q2 2026 and into fiscal Q3 2026, the dry bulk shipping market experienced strengthened demand and rising charter rates. Capesize earnings doubled year-on-year to approximately $35,000 per day in fiscal Q2 2026, driven by robust Chinese demand for bauxite and iron ore. Similarly, Panamax earnings rose to about $20,000 per day from $10,000 per day, with South American grain demand contributing to a 134% increase in shipments from ECSA to the Far East in fiscal Q2 2026 compared to fiscal Q1 2026. This buoyant market environment directly benefited PANL's operations and profitability.

Show more
Updated on 9/1/2026

Pangaea Logistics Solutions (PANL) stock has gained about 10% since 5/31/2026 because of the following key factors:

1. Strong Q2 2026 Financial Performance Exceeded Expectations.

Pangaea Logistics Solutions (PANL) announced on August 10, 2026, a strong fiscal Q2 2026, reporting earnings per share (EPS) of $0.26, which surpassed the consensus estimate of $0.24 by $0.02. This positive earnings surprise was accompanied by a significant 50% year-over-year increase in Time Charter Equivalent (TCE) rates, reaching $18,153 per day, and adjusted EBITDA growing by nearly $20 million year-over-year to $35 million. The company also increased its quarterly dividend to $0.10 per share.

2. Favorable Dry Bulk Shipping Market Conditions.

During fiscal Q2 2026 and into fiscal Q3 2026, the dry bulk shipping market experienced strengthened demand and rising charter rates. Capesize earnings doubled year-on-year to approximately $35,000 per day in fiscal Q2 2026, driven by robust Chinese demand for bauxite and iron ore. Similarly, Panamax earnings rose to about $20,000 per day from $10,000 per day, with South American grain demand contributing to a 134% increase in shipments from ECSA to the Far East in fiscal Q2 2026 compared to fiscal Q1 2026. This buoyant market environment directly benefited PANL's operations and profitability.

3. Positive Outlook and Strong Balance Sheet.

Pangaea Logistics Solutions maintained a positive outlook for the remainder of 2026, projecting moderate fleet growth and anticipating seasonal tailwinds with its high ice-class fleet peaking in fiscal Q3. The company reported substantial forward coverage with fiscal Q3 bookings of 4,873 shipping days at a TCE of $20,258 per day and an additional 2,200 days booked at $17,537 per day. Furthermore, PANL ended fiscal Q2 2026 with a healthy unrestricted cash balance of $105 million, providing financial flexibility and supporting its strategic initiatives.

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Stock Movement Drivers

Fundamental Drivers

The 7.8% change in PANL stock from 5/31/2026 to 9/28/2026 was primarily driven by a 31.5% change in the company's Net Income Margin (%).
(LTM values as of)53120269282026Change
Stock Price ($)7.438.017.8%
Change Contribution By: 
Total Revenues ($ Mil)6807104.5%
Net Income Margin (%)5.1%6.7%31.5%
P/E Multiple13.810.8-21.2%
Shares Outstanding (Mil)6464-0.3%
Cumulative Contribution7.8%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/28/2026
ReturnCorrelation
PANL7.8% 
Market (SPY)1.5%14.6%
Sector (XLI)-2.3%-7.3%

Fundamental Drivers

The -12.7% change in PANL stock from 2/28/2026 to 9/28/2026 was primarily driven by a -70.5% change in the company's P/E Multiple.
(LTM values as of)22820269282026Change
Stock Price ($)9.178.01-12.7%
Change Contribution By: 
Total Revenues ($ Mil)59571019.3%
Net Income Margin (%)2.7%6.7%150.5%
P/E Multiple36.710.8-70.5%
Shares Outstanding (Mil)6464-1.0%
Cumulative Contribution-12.7%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/28/2026
ReturnCorrelation
PANL-12.7% 
Market (SPY)12.2%22.2%
Sector (XLI)-4.2%13.5%

Fundamental Drivers

The 56.6% change in PANL stock from 8/31/2025 to 9/28/2026 was primarily driven by a 340.3% change in the company's Net Income Margin (%).
(LTM values as of)83120259282026Change
Stock Price ($)5.128.0156.6%
Change Contribution By: 
Total Revenues ($ Mil)58071022.5%
Net Income Margin (%)1.5%6.7%340.3%
P/E Multiple37.110.8-70.8%
Shares Outstanding (Mil)6464-0.6%
Cumulative Contribution56.6%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/28/2026
ReturnCorrelation
PANL56.6% 
Market (SPY)20.0%26.2%
Sector (XLI)12.5%17.2%

Fundamental Drivers

The 63.8% change in PANL stock from 8/31/2023 to 9/28/2026 was primarily driven by a 101.1% change in the company's P/E Multiple.
(LTM values as of)83120239282026Change
Stock Price ($)4.898.0163.8%
Change Contribution By: 
Total Revenues ($ Mil)54471030.5%
Net Income Margin (%)7.5%6.7%-10.2%
P/E Multiple5.410.8101.1%
Shares Outstanding (Mil)4564-30.5%
Cumulative Contribution63.8%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/28/2026
ReturnCorrelation
PANL63.8% 
Market (SPY)76.5%33.3%
Sector (XLI)62.8%32.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PANL Return41%44%71%-31%35%19%283%
Peers Return28%34%34%2%-5%8645%19478%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
PANL Win Rate67%67%67%33%42%56% 
Peers Win Rate40%47%53%47%38%56% 
S&P 500 Win Rate75%42%67%75%67%56% 

Max Drawdowns [4]
PANL Max Drawdown-39%-37%-26%-46%-29%-30% 
Peers Max Drawdown-25%-29%-18%-26%-31%-17% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: HOS, KEX, MATX, SFL, SMHI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/28/2026 (YTD)

How Low Can It Go

EventPANLS&P 500
2025 US Tariff Shock
  % Loss-21.5%-18.8%
  % Gain to Breakeven27.3%23.1%
  Time to Breakeven85 days79 days
2024 Yen Carry Trade Unwind
  % Loss-14.0%-7.8%
  % Gain to Breakeven16.2%8.5%
  Time to Breakeven42 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-19.9%-9.5%
  % Gain to Breakeven24.9%10.5%
  Time to Breakeven68 days24 days
2023 SVB Regional Banking Crisis
  % Loss-14.4%-6.7%
  % Gain to Breakeven16.8%7.1%
  Time to Breakeven25 days31 days
2020 COVID-19 Crash
  % Loss-44.7%-33.7%
  % Gain to Breakeven80.8%50.9%
  Time to Breakeven203 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-21.9%-19.2%
  % Gain to Breakeven28.1%23.8%
  Time to Breakeven67 days105 days

Compare to HOS, KEX, MATX, SFL, SMHI

In The Past

Pangaea Logistics Solutions's stock fell -21.5% during the 2025 US Tariff Shock. Such a loss loss requires a 27.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventPANLS&P 500
2025 US Tariff Shock
  % Loss-21.5%-18.8%
  % Gain to Breakeven27.3%23.1%
  Time to Breakeven85 days79 days
2020 COVID-19 Crash
  % Loss-44.7%-33.7%
  % Gain to Breakeven80.8%50.9%
  Time to Breakeven203 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-21.9%-19.2%
  % Gain to Breakeven28.1%23.8%
  Time to Breakeven67 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-35.0%-12.2%
  % Gain to Breakeven53.8%13.9%
  Time to Breakeven259 days62 days
2014-2016 Oil Price Collapse
  % Loss-78.0%-6.8%
  % Gain to Breakeven354.8%7.3%
  Time to Breakeven2913 days15 days

Compare to HOS, KEX, MATX, SFL, SMHI

In The Past

Pangaea Logistics Solutions's stock fell -21.5% during the 2025 US Tariff Shock. Such a loss loss requires a 27.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Pangaea Logistics Solutions (PANL)

Pangaea Logistics Solutions (PANL) is a specialized provider of seaborne dry bulk logistics and transportation services. The company's core business involves moving large volumes of essential raw materials and industrial products across the world's oceans, acting as a crucial link in global supply chains for various industries.

Pangaea offers a comprehensive suite of ocean logistics services. This includes managing the intricate processes of cargo loading and discharge, arranging vessel chartering, meticulous voyage planning, and providing technical management for its fleet. The company transports a diverse range of dry bulk cargoes, such as grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone.

The primary customers for Pangaea's services are industrial companies worldwide that rely on the efficient and reliable movement of these bulk commodities. As of March 2022, Pangaea owned and operated a fleet of 25 vessels, enabling it to deliver these critical transportation and logistics solutions to its global industrial client base.

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Here are 1-3 brief analogies for Pangaea Logistics Solutions (PANL):

  • The Maersk of dry bulk shipping.
  • A railroad company for bulk goods, but on the ocean.
  • The FedEx or UPS of massive industrial raw materials on the high seas.

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  • Seaborne Dry Bulk Logistics and Transportation Services: The primary service of moving various dry bulk cargoes such as grains, coal, and iron ore across oceans for industrial customers.
  • Cargo Loading: Services related to the efficient and safe loading of dry bulk materials onto vessels.
  • Cargo Discharge: Services related to the efficient and safe unloading of dry bulk materials from vessels.
  • Vessel Chartering: Providing vessels to customers for specific transport needs or periods.
  • Voyage Planning: Strategic and operational planning for optimal routes and schedules of sea journeys.
  • Technical Vessel Management: Comprehensive management ensuring the operational readiness and technical maintenance of the company's fleet.

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Major Customers of Pangaea Logistics Solutions (PANL)

Pangaea Logistics Solutions (PANL) provides seaborne dry bulk logistics and transportation services primarily to other companies, specifically "industrial customers worldwide." The company's business model involves serving various industries that rely on the global movement of raw materials and intermediate products.

While the provided company description does not list the specific names of its major customer companies or their public symbols, based on the types of dry bulk cargoes handled, their customer base would typically include:

  • Mining and Raw Material Producers: Companies involved in the extraction and processing of commodities such as iron ore, bauxite, coal, limestone, and dolomite.
  • Steel and Metal Manufacturers: Industries that produce steel, pig iron, hot briquetted iron, and aluminum, requiring the transportation of raw materials like iron ore, pig iron, HBI, bauxite, and alumina.
  • Agricultural and Food Trading Companies: Entities involved in the global trade and distribution of grains and other agricultural products.
  • Cement and Construction Material Companies: Manufacturers of cement and other construction materials, necessitating the shipment of cement clinker, limestone, and dolomite.
  • Energy Producers: Companies that utilize coal for power generation or other industrial processes.

These industrial customers rely on Pangaea for comprehensive ocean logistics services, including cargo loading, discharge, vessel chartering, voyage planning, and technical vessel management.

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Mads Petersen, Chief Executive Officer

Mr. Petersen was appointed Chief Executive Officer of Pangaea Logistics Solutions effective January 1, 2026. Prior to this, he served as Chief Operating Officer since April 2022, overseeing commercial, operational, and technical functions. He established Nordic Bulk Carriers in partnership with Pangaea in 2009, leading it as Managing Director since its inception, and spearheaded the development of Pangaea's market-leading ice-class service offering. He has over 20 years of experience in the dry bulk shipping industry, including customer-facing activities, ESG initiatives, and vessel performance optimization strategies. Mr. Petersen holds an Executive MBA in Shipping and Logistics from Copenhagen Business School.

Gianni Del Signore, Chief Financial Officer

Mr. Del Signore serves as Chief Financial Officer, responsible for the Company's finance, accounting, reporting functions, strategies, and Information Technology. He joined Pangaea in 2010 as Controller and held that role before being named CFO. Prior to joining Pangaea, Mr. Del Signore worked in the Assurance Service practice at Ernst & Young from 2005 to 2010. He is an inactive Certified Public Accountant and holds an MBA from Bryant University and a BS in Accountancy from Providence College.

Daniel Schildt, Chief Strategy Officer

Mr. Schildt serves as the Chief Strategy Officer of Pangaea Logistics Solutions. Before his appointment as CSO, he held the position of Senior Vice President of the Dry Cargo division of the MT Maritime Management (MTMM) Group, a role he maintained since 2014, and also served as Manager of MTMM Group Strategic Planning. Previously, Mr. Schildt was a Commercial Manager.

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Key Risks to Pangaea Logistics Solutions (PANL)

The primary risks to Pangaea Logistics Solutions, a seaborne dry bulk logistics and transportation provider, are largely inherent to the volatile nature of the dry bulk shipping industry and the broader global economic and geopolitical landscape.

  1. Volatile Freight Rates and Market Fluctuations: The dry bulk shipping industry is highly susceptible to rapid changes in freight rates, which are influenced by global supply and demand dynamics, economic conditions, and geopolitical events. These fluctuations directly impact Pangaea's profitability and financial stability, making long-term strategic planning challenging. Recent financial results for Pangaea Logistics Solutions have shown profitability being impacted by unexpected losses from its chartered-in fleet, directly linking to market rate volatility.
  2. Geopolitical Tensions and Rising Operational Costs: Escalating geopolitical tensions, such as those in the Middle East, pose significant risks to the global shipping industry. These tensions can lead to surging oil prices, increasing fuel costs for vessels, and higher insurance premiums. Furthermore, potential trade disruptions or the need for vessel diversions can lead to increased operational costs and delays. While Pangaea may not have direct exposure to conflict zones, a global economic recession triggered by such events would negatively impact the demand for dry bulk shipping services worldwide.
  3. Regulatory Compliance and Environmental Investment: The dry bulk shipping industry faces continuous pressure to reduce its environmental impact, particularly concerning air pollution and greenhouse gas emissions. Compliance with evolving international regulations, such as those imposed by the International Maritime Organization (IMO), requires substantial investment in cleaner technologies, more fuel-efficient vessels, and alternative fuels. Failure to meet these stringent environmental standards can result in penalties, increased operating expenses, and reputational damage.

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Pangaea Logistics Solutions (PANL) operates in the global dry bulk shipping market.

The addressable market for Pangaea Logistics Solutions' main products and services, which include seaborne dry bulk logistics and transportation services, is the global dry bulk shipping market. This market was valued at approximately USD 144.86 billion in 2025. It is projected to grow to USD 352.80 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 8.7% during this forecast period.

Other reports also provide estimates for the global dry bulk shipping market. For instance, one report estimated the market size at USD 168.5 billion in 2025, with a projection to reach USD 249.8 billion by 2035, growing at a CAGR of 4.1%.

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Pangaea Logistics Solutions (PANL) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market conditions:

  1. Fleet Expansion and Modernization: Pangaea significantly expanded its owned fleet by acquiring fifteen handy-size vessels from Strategic Shipping Inc. (SSI), a transaction that closed on December 30, 2024, increasing its owned fleet by nearly 60% to 41 bulk carriers. This expansion is considered a transformational event aimed at growing both the cargo base and chartered-in fleet operations. Additionally, the company acquired two new vessels in Q2 2024 and further solidified its position in the post-panamax ice class 1A market by acquiring the remaining 50% interest in a joint venture and purchasing two modern supramaxes in Q3 2024. The integration of the SSI vessels contributed to a 26% year-over-year increase in total shipping days in Q4 2025.
  2. Expansion of Integrated Logistics and Terminal Operations: The company is strategically investing in and expanding its integrated logistics platform, which combines specialized shipping with terminals, stevedoring, and port services. In Q4 2025, Pangaea commenced operations in Lake Charles, Louisiana, and is on track to launch expanded operations at the Port of Tampa in the first half of 2026. These investments are intended to deepen customer relationships, enhance recurring revenue opportunities, and further integrate Pangaea into its customers' supply chains.
  3. Leveraging Specialized Fleet and Long-Term Contracts: Pangaea consistently achieves Time Charter Equivalent (TCE) rates that exceed benchmark Baltic indices, attributed to its specialized fleet, including ice-class vessels, and long-term contracts of affreightment (COAs). The continued focus on these niche capabilities and long-term customer relationships allows the company to secure premium rates and maintain strong vessel utilization, which is a consistent driver of revenue outperformance.
  4. Resilient Global Dry Bulk Demand and Favorable Market Conditions: The global demand for dry bulk has shown resilience despite political disruptions and bottlenecks in key trade routes. Global seaborne dry bulk trade reached a new historical high in 2025, with total volumes increasing by 1.7% year-over-year. Forecasts indicate dry bulk demand growth of 2-3% in 2026 and 1-2% in 2027. Strong market conditions, particularly for Capesize and Panamax segments, with expectations for increased commodity trade flows, are anticipated to support freight rates in 2026.

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Share Repurchases

  • Pangaea Logistics Solutions approved a new share repurchase program on May 8, 2025, authorizing the buyback of up to $15 million worth of common stock.
  • Throughout 2025, the company repurchased approximately 600,000 shares for roughly $3 million.
  • In the fourth quarter of 2025, $1.0 million was spent on share repurchases, with 200,231 shares bought at an average price of $4.92 per share, leaving $12.0 million remaining under the current authorization.

Share Issuance

  • In 2023 and 2024, Pangaea acquired 15 Handysize vessels by issuing 18.06 million shares.
  • The number of outstanding shares increased from 44.0 million in 2021 to 63.72 million in 2025 and as of March 2026.

Outbound Investments

  • In 2021 and 2022, Pangaea acquired seven vessels for $245 million.
  • The company acquired three vessels for $83 million in 2023 and 2024.
  • In November 2024, Pangaea acquired the remaining 50% interest in Nordic Bulk Partners (NBP), taking full ownership of its fleet of four Post Panamax Ice Class 1A dry bulk vessels.
  • The company is expanding its integrated logistics platform by commencing terminal operations in U.S. ports like Pascagoula, Lake Charles, and Aransas, with Tampa operations expected to begin in the second half of 2026.

Capital Expenditures

  • Pangaea invested approximately $328 million in vessel acquisitions over the four years prior to March 2026.
  • In 2023, the company made strategic investments in energy-saving devices, including a fuel optimization tool and a Propeller Boss Cap Fin (PBCF), and incorporated an eco-friendly graphene coating for a fleet vessel.
  • Management anticipates an approximate $3 million incremental EBITDA contribution from terminal and stevedoring operations in 2026, indicating ongoing capital expenditures in these areas.

Better Bets vs. Pangaea Logistics Solutions (PANL)

Peer Outperformance in Marine Transportation

PANL has trailed 88% of its 8 Marine Transportation peers over 5Y. Marine Transportation ranks 2nd of 23 industries in Industrials by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Marine Transportation constituents that PANL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
20%
of 10 industry peers · 54.8% return
3Y
22%
of 9 industry peers · 57.1% return
5Y
13%
of 8 industry peers · 105.7% return
No Marine Transportation peer with a comparable growth profile has beaten PANL by more than 20pp over 5Y.
Median price return by industry across the Industrials sector, ranked by 5Y. Marine Transportation is PANL's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Construction & Engineering 31 4.6%112.2%181.7% FIX 2219% · STRL 2066% · CDNL 2032%
Marine Transportation ← 9 73.4%97.7%146.2% HOS 41689% · ASC 475% · MATX 193%
Construction Machinery & Heavy Transportation Equipment 13 3.9%46.6%117.6% CAT 352% · WAB 242% · ALSN 241%
Aerospace & Defense 55 -9.6%67.4%70.1% ATI 969% · FTAI 836% · HWM 626%
Rail Transportation 7 19.0%58.6%52.1% FSTR 139% · CSX 65% · RAIL 57%
Industrial Machinery & Supplies & Components 72 10.9%52.2%47.3% CRS 1133% · PSIX 1083% · EROC 583%
Trading Companies & Distributors 19 5.0%36.0%45.4% DXPE 533% · AIT 282% · WCC 221%
Diversified Support Services 32 14.8%32.4%32.1% LIME 3263% · TH 412% · WLFC 332%
Cargo Ground Transportation 16 34.9%-0.4%28.6% XPO 257% · R 213% · CVLG 140%
Security & Alarm Services 10 -24.6%48.2%25.0% CIX 163% · VRME 151% · MG 111%
Electrical Components & Equipment 41 2.6%45.6%19.4% POWL 2297% · BE 1317% · VRT 910%
Building Products 34 -12.6%0.9%17.0% LMB 583% · GFF 373% · PPIH 325%
Industrial Conglomerates 17 9.9%5.8%-5.8% RCMT 566% · CSW 135% · DD 74%
Passenger Ground Transportation 3 -32.0%41.2%-6.4% UBER 53% · CAR -6% · LYFT -72%
Agricultural & Farm Machinery 17 3.3%0.3%-8.6% BLBD 172% · DE 109% · GENC 57%
Environmental & Facilities Services 30 -15.4%11.3%-10.5% CECO 909% · ADUR 440% · NVRI 306%
Research & Consulting Services 13 -18.1%-26.6%-14.1% HURN 202% · CRAI 75% · GRNQ 66%
Data Processing & Outsourced Services 6 -34.5%-15.9%-30.0% EXLS 37% · BR 6% · G -27%
Office Services & Supplies 9 15.9%17.8%-33.2% PBI 168% · TILE 134% · HNI 46%
Passenger Airlines 11 16.6%16.3%-34.3% LTM 2778% · UAL 129% · DAL 101%
Human Resource & Employment Services 22 0.2%-16.1%-38.2% BBSI 67% · ADP 47% · HQI 12%
Air Freight & Logistics 12 -23.3%-23.7%-38.6% CHRW 89% · FDX 81% · EXPD 65%
Airport Services 3 -71.5%-77.9%-68.0% JOBY -37% · ASLE -68% · UP -100%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

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Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

PANLHOSKEXMATXSFLSMHIMedian
NamePangaea .Hornbeck.Kirby Matson SFL Seacor M. 
Mkt Price8.037.80131.49223.4513.128.4510.79
Mkt Cap0.5-7.06.71.80.21.8
Rev LTM710-3,4893,459712210712
Op Inc LTM64-484497202-55202
FCF LTM60-476111218-81111
FCF 3Y Avg35-3172479-4935
CFO LTM70-710584264-51264
CFO 3Y Avg62-636604298-23298

Growth & Margins

PANLHOSKEXMATXSFLSMHIMedian
NamePangaea .Hornbeck.Kirby Matson SFL Seacor M. 
Rev Chg LTM22.5%-6.6%-0.2%-16.3%-17.5%-0.2%
Rev Chg 3Y Avg10.1%-5.1%0.8%2.3%-4.3%2.3%
Rev Chg Q19.4%-7.8%16.7%3.2%-10.2%7.8%
QoQ Delta Rev Chg LTM4.5%-2.0%4.2%0.8%-2.9%2.0%
Op Inc Chg LTM74.6%-3.5%-13.4%-15.1%-63.5%-13.4%
Op Inc Chg 3Y Avg8.2%-24.5%3.9%-1.8%-3,353.2%3.9%
Op Mgn LTM8.9%-13.9%14.4%28.3%-26.0%13.9%
Op Mgn 3Y Avg8.3%-13.6%14.1%30.1%-13.0%13.6%
QoQ Delta Op Mgn LTM2.2%--0.5%0.9%3.3%-1.8%0.9%
CFO/Rev LTM9.8%-20.3%16.9%37.0%-24.3%16.9%
CFO/Rev 3Y Avg10.4%-19.1%17.9%37.5%-10.3%17.9%
FCF/Rev LTM8.5%-13.6%3.2%30.6%-38.7%8.5%
FCF/Rev 3Y Avg5.8%-9.4%7.5%2.6%-21.3%5.8%

Valuation

PANLHOSKEXMATXSFLSMHIMedian
NamePangaea .Hornbeck.Kirby Matson SFL Seacor M. 
Mkt Cap0.5-7.06.71.80.21.8
P/S0.7-2.01.92.51.01.9
P/Op Inc8.1-14.513.58.8-4.08.8
P/EBIT7.1-13.612.07.77.77.7
P/E10.9-19.814.527.7-12.114.5
P/CFO7.4-9.911.56.7-4.37.4
Total Yield11.8%-5.1%7.6%10.0%-8.2%7.6%
Dividend Yield2.6%-0.0%0.7%6.3%0.0%0.7%
FCF Yield 3Y Avg8.9%-4.6%5.8%-0.0%-25.9%4.6%
D/E0.3-0.20.11.41.50.3
Net D/E0.1-0.20.11.31.20.2

Returns

PANLHOSKEXMATXSFLSMHIMedian
NamePangaea .Hornbeck.Kirby Matson SFL Seacor M. 
1M Rtn0.8%40,952.6%-5.4%-0.4%7.9%-10.2%0.2%
3M Rtn19.9%40,952.6%-4.3%15.1%28.9%5.4%17.5%
6M Rtn18.9%40,952.6%-2.0%42.5%28.3%13.1%23.6%
12M Rtn55.1%40,952.6%55.2%119.4%85.3%22.3%70.3%
3Y Rtn57.4%40,952.6%58.8%160.2%55.8%-39.1%58.1%
1M Excs Rtn3.5%40,953.2%-5.4%1.2%8.7%-10.5%2.3%
3M Excs Rtn16.7%40,949.4%-7.6%11.8%25.5%2.1%14.2%
6M Excs Rtn0.1%40,932.4%-22.6%21.3%7.3%-8.4%3.7%
12M Excs Rtn39.6%40,936.6%40.0%102.4%68.9%5.5%54.4%
3Y Excs Rtn-12.3%40,876.5%-20.3%89.3%-19.6%-109.1%-15.9%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Shipping segment617524491  
All other revenue15138  
Charter revenue   60104
Terminal & Stevedore Revenue   0 
Voyage revenue   640614
Total632537499700718


Assets by Segment
$ Mil202520242023
Shipping segment903731705
Other25206 
Total928936705


Price Behavior

Price Behavior
Market Price$8.01 
Market Cap ($ Bil)0.5 
First Trading Date12/19/2013 
Distance from 52W High-12.7% 
   50 Days200 Days
DMA Price$7.83$7.55
DMA Trendupup
Distance from DMA2.3%6.1%
 3M1YR
Volatility36.1%49.8%
Downside Capture6.4391.90
Upside Capture99.23126.30
Correlation (SPY)13.4%26.4%
PANL Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta-0.310.490.350.751.020.96
Up Beta-0.860.17-0.350.530.901.08
Down Beta-2.680.500.390.540.920.90
Up Capture69%143%72%60%143%78%
Bmk +ve Days10213268138427
Stock +ve Days12263667133388
Down Capture-57%-43%44%119%96%98%
Bmk -ve Days11213259113324
Stock -ve Days8152759115342

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PANL
PANL56.0%49.7%1.05-
Sector ETF (XLI)12.6%17.2%0.5216.9%
Equity (SPY)17.4%13.0%0.9626.3%
Gold (GLD)9.7%29.6%0.3116.6%
Commodities (DBC)42.7%20.7%1.60-0.4%
Real Estate (VNQ)4.3%13.6%0.0619.3%
Bitcoin (BTCUSD)-23.0%44.8%-0.4615.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PANL
PANL16.4%45.6%0.48-
Sector ETF (XLI)12.9%17.6%0.5631.7%
Equity (SPY)13.5%17.2%0.6030.9%
Gold (GLD)18.1%18.9%0.776.5%
Commodities (DBC)11.0%19.5%0.4414.4%
Real Estate (VNQ)0.9%18.9%-0.0622.5%
Bitcoin (BTCUSD)14.4%52.4%0.4512.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PANL
PANL15.6%54.0%0.48-
Sector ETF (XLI)13.4%20.0%0.5924.2%
Equity (SPY)15.4%17.9%0.7323.8%
Gold (GLD)11.7%16.4%0.586.0%
Commodities (DBC)8.5%18.1%0.3816.9%
Real Estate (VNQ)4.7%20.7%0.1919.2%
Bitcoin (BTCUSD)63.8%66.2%1.039.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity1.0 Mil
Short Interest: % Change Since 8312026-3.4%
Average Daily Volume0.4 Mil
Days-to-Cover Short Interest2.7 days
Basic Shares Quantity64.4 Mil
Short % of Basic Shares1.6%

Earnings Returns History

Updated 8/13/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/10/2026-5.7%  
5/11/202612.4%3.0%-4.4%
3/11/2026-2.5%-3.1%1.0%
11/6/202518.1%30.4%46.1%
8/7/20251.7%5.0%12.2%
5/12/2025-2.3%0.0%12.1%
3/13/202512.2%13.2%-11.2%
11/13/20241.7%-5.2%-13.6%
...
SUMMARY STATS   
# Positive121112
# Negative131312
Median Positive5.6%5.0%9.8%
Median Negative-5.1%-5.2%-11.7%
Max Positive18.1%30.4%46.1%
Max Negative-15.6%-16.7%-21.7%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/10/2026-5.7%  
5/11/202612.4%3.0%-4.4%
3/11/2026-2.5%-3.1%1.0%
11/6/202518.1%30.4%46.1%
8/7/20251.7%5.0%12.2%
5/12/2025-2.3%0.0%12.1%
3/13/202512.2%13.2%-11.2%
11/13/20241.7%-5.2%-13.6%
8/8/2024-1.2%-1.2%-3.9%
5/9/2024-2.7%1.2%3.1%
3/13/2024-15.6%-16.4%-19.2%
11/8/20237.6%20.0%20.2%
8/9/2023-11.7%-13.6%-21.7%
5/10/20231.5%0.7%5.1%
3/15/2023-5.1%-8.9%2.3%
11/9/2022-5.0%-7.2%-3.2%
8/9/202214.4%11.3%0.9%
5/10/20229.6%21.6%23.7%
3/16/2022-11.5%-1.7%-11.2%
11/9/20213.1%-12.4%-12.1%
8/10/20210.0%-2.8%9.0%
5/11/2021-6.6%-0.8%10.5%
3/15/20213.6%0.9%-11.2%
11/12/2020-14.8%-16.7%-17.3%
8/12/2020-5.0%-3.5%-17.4%
SUMMARY STATS   
# Positive121112
# Negative131312
Median Positive5.6%5.0%9.8%
Median Negative-5.1%-5.2%-11.7%
Max Positive18.1%30.4%46.1%
Max Negative-15.6%-16.7%-21.7%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/10/202610-Q
03/31/202605/11/202610-Q
12/31/202503/16/202610-K
09/30/202511/10/202510-Q
06/30/202508/08/202510-Q
03/31/202505/12/202510-Q
12/31/202403/18/202510-K
09/30/202411/12/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202303/14/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/15/202310-K
09/30/202211/09/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/10/202610-Q
03/31/202605/11/202610-Q
12/31/202503/16/202610-K
09/30/202511/10/202510-Q
06/30/202508/08/202510-Q
03/31/202505/12/202510-Q
12/31/202403/18/202510-K
09/30/202411/12/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202303/14/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/15/202310-K
09/30/202211/09/202210-Q
06/30/202208/09/202210-Q
03/31/202205/10/202210-Q
12/31/202103/16/202210-K
09/30/202111/09/202110-Q
06/30/202108/10/202110-Q
03/31/202105/11/202110-Q
12/31/202003/15/202110-K
09/30/202011/12/202010-Q
06/30/202008/12/202010-Q
03/31/202005/13/202010-Q
12/31/201903/23/202010-K
09/30/201911/07/201910-Q

Recent Forward Guidance

Updated 9/28/2026

Latest: Q2 2026 Earnings Reported 8/10/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Average TCE RateReported 20258    


Prior: Q1 2026 Earnings Reported 5/11/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Vessel Sale ProceedsReported 9.60 Mil    

Q4 2025 Earnings Reported 3/11/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Shipping DaysReported 5920    
Q1 2026 Time Charter Equivalent (TCE) RateReported 14917    

Q3 2025 Earnings Reported 11/6/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Gain on sale of vesselReported 2.70 Mil    

Insider Activity

Updated 5/27/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Rosenfeld, Eric DirectSell52720268.37100,000837,0004,493,393Form
2Delsignore, GianniChief Financial OfficerDirectSell32020266.9923,779166,2152,646,889Form
3Petersen, Mads Rosenber BoyeChief Executive OfficerDirectSell31820267.0619,572138,2374,802,953Form
4Strategic, Shipping IncDirectBuy61820254.6339,524182,99687,369,568Form
5Strategic, Shipping IncDirectBuy60520254.495,91826,57284,550,261Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Rosenfeld, Eric DirectSell52720268.37100,000837,0004,493,393Form
2Delsignore, GianniChief Financial OfficerDirectSell32020266.9923,779166,2152,646,889Form
3Petersen, Mads Rosenber BoyeChief Executive OfficerDirectSell31820267.0619,572138,2374,802,953Form
4Strategic, Shipping IncDirectBuy61820254.6339,524182,99687,369,568Form
5Strategic, Shipping IncDirectBuy60520254.495,91826,57284,550,261Form
6Strategic, Shipping IncDirectBuy60520254.4825,500114,24084,335,440Form
7Strategic, Shipping IncDirectBuy60220254.4450,000222,00083,469,225Form
8Strategic, Shipping IncDirectBuy60220254.4919,20586,23084,184,694Form
9Strategic, Shipping IncDirectBuy60220254.493,62016,25484,098,463Form
10Beachy, Karen H DirectSell52320254.5411,00049,940257,282Form
11Filanowski, Mark LChief Executive OfficerDirectBuy52220254.7520,00094,9002,375,722Form
12Strategic, Shipping IncDirectBuy52220254.4323,547104,31382,958,616Form
13Strategic, Shipping IncDirectBuy51920254.3617,38475,79481,545,093Form
14Strategic, Shipping IncDirectBuy51920254.3516,96673,80281,282,443Form
15Strategic, Shipping IncDirectBuy51920254.2975,000321,75080,088,521Form
Core Cache Last Updated: 9/28/2026