The Newport-based maritime logistics firm recorded total revenue of $187.1 million for the quarter. Adjusted EBITDA climbed significantly, reaching $35 million—a 125.1% increase compared to the same period in 2025. CEO Mads Boye Petersen attributed the robust performance to strategic fleet positioning and successful expansion into Pacific markets, which helped offset the reduced vessel count.
Pangaea Logistics Posts $10.2 Million Profit Amid Strong Shipping Rates
Pangaea Logistics Solutions reported a second-quarter net income of $10.2 million, bolstered by a 50% year-over-year surge in time charter equivalent rates. Despite an 8% dip in total shipping days following the sale of two vessels, the company successfully outperformed key industry benchmarks by 10% during the period ending June 30, 2026.
Financial discipline remains a core focus, with the company maintaining $105.7 million in unrestricted cash. Following the quarter's profitability, the Board of Directors declared a quarterly cash dividend of $0.10 per common share, payable September 15. The firm is also diversifying its operational footprint, having recently launched new terminal and stevedoring services at Port Tampa Bay, Florida, to complement its core dry bulk transport business.
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