Pangaea Logistics Solutions (PANL)
Runs the world's largest high ice-class dry-bulk fleet under long-term Arctic and Baltic cargo contracts.
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Operates a dry-bulk shipping fleet anchored by the world's largest concentration of high ice-class Panamax and post-Panamax vessels, serving Arctic and Baltic routes that standard spot-market carriers avoid. Revenue comes from long-term contracts of affreightment rather than spot exposure, backed by a mix of owned specialized tonnage and chartered-in vessels.
Operates a dry-bulk fleet built around the world's largest concentration of high ice-class Panamax and post-Panamax vessels, serving Arctic and Baltic routes that standard spot-market carriers avoid. Revenue rests on long-term contracts of affreightment rather than spot exposure, pairing owned specialized tonnage with chartered-in vessels to cover contracted volumes.
Port terminal and stevedoring work extends the business beyond ocean transport into integrated logistics. A recent combination with another bulk-vessel owner added smaller handy-size ships to a fleet previously concentrated in larger ice-class tonnage, widening the cargo programs it can serve.
The parent is incorporated in Bermuda while operations run from a Rhode Island headquarters and a Copenhagen ice-class unit. The business traces to a 1996 venture and reached the public market in 2014 through a merger with an already-listed company rather than a conventional stock offering.
Company facts
No analyst consensus on record.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $105.7M · Total debt $349.5M · Total assets $956.7M · Shareholders' equity $448.6M
- Revenue
- $187.1M
- Operating income
- $21.3M
- Net income
- $10.2M
HistoryDividendAnnual yield
| Institutions | ≈ 42.54% | 27.86M shares | |
|---|---|---|---|
| 162 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 46.64% | 30.54M shares | |
| 14 holders · as of Jun 9, 2026 | |||
| Other | ≈ 10.82% | 7.08M shares | |
| remainder | |||
65.47M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Christina TanInsiderdirector, 10 percent owner | 28.08% | 18.38M | filed Feb 19, 2025 |
Carl Claus BoggildInsiderdirector, 10 percent owner | 12.80% | 8.38M | filed Feb 20, 2026 |
Dimensional Fund Advisors LPInstitution | 4.83% | 3.16M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 4.34% | 2.84M | as of Jun 30, 2026 |
Rockland Trust CoInstitution | 1.96% | 1.28M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 26, 2026 | Eric Rosenfeld | director | −100,000 | $8.37 |
| Mar 19, 2026 | Gianni DelSignore | officer: Chief Financial Officer | −23,779 | $6.99 |
| Mar 18, 2026 | Mads Rosenber Boye Petersen | officer: Chief Executive Officer | −19,572 | $7.06 |
- Star Bulk Carriers
Largest US-listed dry bulk fleet across Capesize to Supramax/Ultramax
- Diana Shipping
Panamax/Ultramax overlap: long-term COAs vs staggered time-charter model
- Safe Bulkers
Panamax/Post-Panamax peer: COAs vs high-utilization period charters
- Navios Maritime Partners
Panamax/Kamsarmax dry bulk and COA overlap within a diversified fleet
- Genco Shipping & Trading
Ultramax/Supramax niche overlap: COAs vs spot-market barbell fleet
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Pangaea Logistics Solutions | $8.31 | −2.46% | $557.3M | 11.4 | 9.7 | 0.8 | +19.4% |
| Star Bulk Carriers | $31.13 | −1.91% | $3.54B | 12.4 | 7.3 | 2.9 | +61.6% |
| Diana Shipping | $2.93 | −1.52% | $366.9M | 6.1 | 6.1 | 1.7 | +4.8% |
| Safe Bulkers | $8.53 | −3.89% | $903.2M | 11.4 | 12.4 | 2.9 | +33.0% |
| Navios Maritime Partners | $88.17 | −3.22% | $2.59B | 6.0 | 4.8 | 1.8 | +25.2% |
| Genco Shipping & Trading | $27.03 | −2.89% | $1.21B | 30.7 | 11.5 | 2.8 | +14.0% |
| Median | 11.4 | 7.3 | 2.8 | +25.2% |