Quarterly ResultMay 11, 2026, 05:12 PM
Pangaea Logistics Q1 Net Income $13.3M; EPS $0.21
AI Summary
Pangaea Logistics Solutions Ltd. reported a significant turnaround in its first quarter 2026 financial results, swinging to a net income of $13.3 million, or $0.21 per diluted share, compared to a net loss in the prior year. Total revenues increased substantially to $170.6 million. The company also classified the M/V Bulk Xaymaca as held for sale, expecting a $0.4 million loss, and revised its vessel depreciation estimates, which increased Q1 depreciation expense by $1.6 million.
Key Highlights
- Net income attributable to Pangaea Logistics was $13.3 million, up from a $2.0 million loss in Q1 2025.
- Basic and diluted EPS were $0.21, compared to $(0.03) in Q1 2025.
- Total revenues increased 39% to $170.6 million from $122.8 million in Q1 2025.
- Income from operations rose to $10.5 million from $2.9 million in Q1 2025.
- Net cash provided by operating activities was $4.5 million, a swing from $(4.4) million used in Q1 2025.
- M/V Bulk Xaymaca classified as held for sale, with an estimated $0.4 million loss.
- Depreciation expense increased by $1.6 million due to revised vessel estimates.