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

• Imagine a specialized FedEx or UPS, but for vast quantities of raw materials (like iron ore, grain) transported globally by ocean.
• Think of them as a global shipping line, similar to Maersk, but focused on dry bulk commodities (e.g., coal, cement) instead of containerized goods.
• An ocean-based version of a major freight railroad company like Union Pacific, exclusively transporting raw materials in bulk.

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• Dry Bulk Ocean Shipping: Provides global transportation of dry bulk commodities such as iron ore, coal, grain, and bauxite across major trade routes.
• Specialized Ice-Class Shipping: Offers unique maritime transport capabilities utilizing ice-strengthened vessels to deliver cargo to remote, ice-prone regions.
• Integrated Logistics Solutions: Delivers comprehensive supply chain management including port logistics, cargo handling, and inland transportation services.

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Pangaea Logistics Solutions (symbol: PANL) primarily sells its marine logistics and dry bulk shipping services to other companies, operating on a business-to-business (B2B) model.

Due to the diversified nature of its operations and customer relationships, the company does not publicly disclose the names of specific major customers that account for a significant portion of its revenue in its SEC filings. However, PANL identifies its customer base broadly across the following categories:

• Mining Companies: These are global corporations involved in the extraction and production of raw materials such as iron ore, coal, bauxite, and other minerals. They require vast amounts of bulk commodities to be transported worldwide.
  • Examples of public companies in this sector that typically utilize dry bulk shipping services (these are not confirmed PANL customers):
    • Rio Tinto (NYSE: RIO)
    • BHP Group (NYSE: BHP)
    • Vale S.A. (NYSE: VALE)
• Producers: Companies that process raw materials into semi-finished or finished industrial products. This includes sectors like steel, aluminum, and other metals production.
  • Examples of public companies in this sector (not confirmed PANL customers):
    • ArcelorMittal (NYSE: MT)
    • Alcoa Corporation (NYSE: AA)
• Commodity Traders: Large trading houses that manage the global buying, selling, and transportation of raw materials, orchestrating complex supply chains for various commodities.
  • Examples of public companies in this sector (not confirmed PANL customers):
    • Glencore plc (LSE: GLEN / OTC: GLNCY)
    • (Note: Many major commodity traders like Trafigura and Cargill are privately held.)
• End-Users of Raw Materials: Industrial entities that directly consume bulk commodities in their manufacturing processes, energy generation, or other operations. This can include power utilities, cement manufacturers, and other heavy industries.
  • Examples of types of companies in this sector (specific public examples vary widely depending on commodity and region, and are not confirmed PANL customers):
    • Large utility companies (e.g., for coal transportation)
    • Cement manufacturers (e.g., for aggregates, limestone)
    • Industrial facilities (e.g., steel mills for iron ore, coking coal)

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Edward Coll, Founder and Former Chief Executive Officer

Mr. Coll was a founder of Pangaea Logistics Solutions and served as its Chief Executive Officer from its inception until his passing in 2021. Prior to co-founding Bulk Partners Ltd., the predecessor company to Pangaea, in 1996, he spent a decade at Continental Grain Company with assignments in New York, New Orleans, Rome, and Rotterdam. He joined Commodity Ocean Transport Corp (COTCO) in 1989, becoming its president in 1993, where he was responsible for the overall activities of three U.S. public shipping companies. Mr. Coll held a B.S. in nautical science from the United States Merchant Marine Academy at Kings Point and a master's degree in international business from Pace University.

Mark Filanowski, Chief Executive Officer and Director

Mr. Filanowski has served as Chief Executive Officer of Pangaea Logistics Solutions since December 2021, having previously been the Chief Operating Officer. He is also a Director of the company. Mr. Filanowski co-founded Intrepid Shipping LLC in 2002 with Richard du Moulin. His career began at Ernst & Young as a certified public accountant from 1976 to 1984, followed by four years as Vice President and Controller at Armtek Corporation. From 1989 to 2002, he was the Chief Financial Officer and Senior Vice President at Marine Transport Corporation, which he helped take private. Mr. Filanowski holds a BS from the University of Connecticut and an MBA from New York University. He is set to retire as CEO effective January 1, 2026.

Gianni Del Signore, Chief Financial Officer

Mr. Del Signore serves as Chief Financial Officer, overseeing the company's finance, accounting, reporting, and Information Technology functions. He joined Pangaea in 2010 and previously held the position of Controller before being named CFO in April 2017. 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 earned an MBA from Bryant University and a BS in Accountancy from Providence College.

Mads Boye Petersen, Chief Operating Officer

Mr. Petersen is the Chief Operating Officer of Pangaea Logistics Solutions, a position he assumed in April 2022. He is slated to succeed Mark Filanowski as President and Chief Executive Officer, effective January 1, 2026. Mr. Petersen oversees all chartering and operational functions. He has been with Pangaea since 2009, when he established Nordic Bulk Carriers in Copenhagen in partnership with Pangaea. He has held various roles at Nordic Bulk Carriers, including operations and general management, and has been instrumental in expanding Pangaea's ice-class shipping business and developing cargo contracts. He holds an Executive MBA in Shipping and Logistics from Copenhagen Business School.

Daniel Schildt, Chief Strategy Officer

Mr. Schildt serves as the Chief Strategy Officer for Pangaea Logistics Solutions. Before this role, he was the Senior Vice President of the Dry Cargo division of the MT Maritime Management (MTMM) Group, a position he held since 2014, and also served as Manager of MTMM Group Strategic Planning. Prior to MTMM, Mr. Schildt was a Commercial Manager at SEACOR from 2013 to 2014.

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The key risks to Pangaea Logistics Solutions (PANL) primarily stem from the inherent volatility of the global dry bulk shipping market and increasing regulatory and geopolitical pressures.

1. Volatile Global Commodity Markets and Economic Uncertainties: Pangaea Logistics Solutions is significantly exposed to the highly volatile global commodity markets and broader economic uncertainties. Fluctuations in global shipping freight rates, such as those indicated by the Baltic Dry Index, directly impact the company's profitability and cash flows. For example, the dry bulk market slump negatively impacted Pangaea's Q1 2025 results, leading to pressure on profits and cash flows due to weak rates and rising costs. The company's revenue is heavily dependent on the dry bulk commodities market, making it vulnerable to swings in demand for agricultural, mineral, and construction materials.
2. Increasing Environmental Regulations and Compliance Costs: The maritime shipping industry faces progressively stringent environmental regulations, which are projected to increase compliance costs significantly for companies like Pangaea, with estimates of a 15-20% rise. Regulations such as the IMO 2020 sulfur caps have already imposed substantial financial burdens. While Pangaea actively works on fuel efficiency and emission reduction, the ongoing and evolving regulatory landscape presents a continuous challenge and potential for increased operational expenses.
3. Geopolitical Tensions Affecting International Shipping Routes: Geopolitical disruptions in critical maritime corridors pose a considerable risk to international shipping operations. Events like those in the Red Sea have demonstrated how such tensions can lead to substantial increases in shipping insurance costs, rising by approximately 30-40% in late 2023 and early 2024. These disruptions can also lead to rerouting, longer transit times, and increased operational complexities and costs.

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Pangaea Logistics Solutions (symbol: PANL) primarily operates in the global dry bulk logistics and transportation services market. The company specializes in providing seaborne dry bulk logistics and transportation services for a variety of dry bulk cargoes, including grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone. Pangaea also offers terminal and stevedoring services, port and terminal operations, vessel chartering, and voyage planning.

The addressable market for their main products and services, specifically the dry bulk shipping market, has been sized as follows:

• The global dry bulk shipping market was valued at approximately $142.8 billion in 2024 and is projected to reach $198.7 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 3.4%.
• Another estimate indicates the global dry bulk shipping market was approximately $11.36 billion in 2024 and is expected to grow to $12 billion in 2025, with a projected increase to $15.26 billion in 2029 at a CAGR of 6.2%.
• Further reports value the global dry bulk shipping market at around $4.06 billion in 2024, anticipated to reach $5.78 billion by 2032 with a CAGR of 4.5%.
• Additional analyses suggest the global dry bulk shipping market was valued at $4.1 billion in 2022, projected to grow from $4.2 billion in 2023 to $5.3 billion by 2030, at a CAGR of 4.0%. Similarly, it was valued at $4.2 billion in 2023 and is anticipated to reach $6.2 billion in 2033, exhibiting a CAGR of 4.0% from 2024 to 2033.

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Pangaea Logistics Solutions (NASDAQ: PANL) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market conditions.

Here are 4 expected drivers of future revenue growth:

1. Fleet Expansion and Renewal: Pangaea has demonstrated a commitment to growing and modernizing its fleet. The acquisition and integration of fifteen handy-sized dry bulk vessels in late 2024 significantly increased total shipping days and contributed to increased revenue and EBITDA. Management continues to pursue a disciplined strategy of fleet renewal, balancing asset sales with selective acquisitions to maintain high operational standards and efficiency.

2. Expansion of Logistics and Port Operations: The company is actively investing in and expanding its integrated logistics platform, including port, terminal, and stevedoring operations. This expansion aims to deepen customer relationships and generate recurring revenue streams. Recent examples include commencing operations at the Port of Pascagoula, Mississippi, and the Port of Aransas, Texas, with further plans for Lake Charles, Louisiana (Q4 2025), and Tampa, Florida (early 2026).

3. Sustained Dry Bulk Demand and Favorable Market Fundamentals: Management anticipates continued strong demand in the dry bulk market, specifically highlighting resumed U.S. agricultural exports to China and robust shipping flows from West Africa as key factors supporting demand for Pangaea's services. Industry analysis also points to a shortage of new ships and persistent supply chain issues, which are expected to keep dry bulk rates firm.

4. Premium Time Charter Equivalent (TCE) Rates and Niche Market Focus: Pangaea consistently achieves Time Charter Equivalent (TCE) rates that exceed prevailing market benchmarks. This is attributed to its specialized fleet, including ice-class vessels, its strategic focus on niche Arctic trade routes, and its extensive portfolio of long-term contracts of affreightment (COAs). The ability to maintain these premium rates through a differentiated, cargo-focused strategy is a continuous driver of revenue growth.

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Share Repurchases

• Pangaea Logistics Solutions authorized a new $15 million share repurchase program in May 2025.
• During the third quarter of 2025, the company repurchased approximately 200,000 shares at an average price of $4.96 per share, contributing to a total of 600,000 shares repurchased to date under the program.
• In the second quarter of 2025, Pangaea repurchased $1.0 million of its common stock.

Share Issuance

• In December 2024, Pangaea issued 18,059,342 shares of common stock to Strategic Shipping Inc. (SSI), representing approximately 27.6% of the company's outstanding shares, as part of a merger to acquire fifteen handy-size dry bulk vessels.

Outbound Investments

• Pangaea completed a merger with Strategic Shipping Inc. (SSI) in December 2024, acquiring fifteen handy-size dry bulk vessels valued at $271 million, with a net asset value of $171 million after assuming $100 million in vessel-related financing.
• In November 2024, the company acquired the remaining 50% equity ownership of Nordic Bulk Partners for $17.2 million in cash, gaining full control of four Ice Class 1A Post-Panamax dry bulk vessels.
• Pangaea purchased the remaining 49% equity ownership of Seamar Management, its technical management operations subsidiary, for $2.7 million in July 2025.

Capital Expenditures

• Pangaea is focused on fleet renewal, selectively investing in modern assets and divesting older, non-core assets.
• The company is expanding its port logistics infrastructure, including commencing operations at the Port of Pascagoula in Mississippi and the Port of Aransas in Texas, with Lake Charles, Louisiana, operations expected to begin in Q4 2025.
• For the first three quarters of 2025, Pangaea repaid significant amounts of long-term debt and finance lease obligations: $11.03 million in Q1, $11.2 million in Q2, and $11.3 million in Q3.