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Pangaea Reports Strong Q2 2026 Results With TCE Outperformance

Aug 10, 2026, 4:58 PM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Strong quarterly results, margin expansion, and TCE outperformance relative to Baltic indices suggest improved profitability and cash flow visibility. The portfolio’s COAs and port expansion could extend premium chartering opportunities, potentially lifting valuation in the near term as market dynamics firm.

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What happened, with direct paths to the underlying reporting

Pangaea Logistics posted robust Q2 2026 results, with GAAP net income of $10.2m and non-GAAP adjusted net income of $16.9m on $187.1m revenue. Average TCE of $18,153/day beat Baltic Panamax/Supramax/Handysize indices by 10% and rose 50% YoY, driving $35.0m in adjusted EBITDA (18.7% margin). The fleet expansion and Port Tampa Bay startup support continued liquidity resilience, as cash remains ~$105.7m against $352.4m debt, underscoring capital allocation flexibility and dividend sustainability.

PANL Q2 2026: GAAP net income $10.2m; adjusted $16.9m.
Revenue $187.1m; TCE $18,153/day, +50% YoY, 10% ahead of Baltic indices.
Adjusted EBITDA $35.0m; margin 18.7%; shipping days down 8%.
Liquidity durable: cash $105.7m; debt $352.4m; net debt/EBITDA 2.1x.
Dividend declared: $0.10 per share; Port Tampa Bay expansion underway.

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