Start here if you're new
what it is
Pangaea moves bulk cargo by sea and also handles the messy port work around it.
how it gets paid
Last year Pangaea Logistics made $537M in revenue. Ocean transportation services was the main engine at $322M, or 60% of sales.
what just happened
Revenue jumped to $448M, but EPS fell to $0.12, down 37% vs. prior year.
At a glance
C++ balance sheet — some cracks in the foundation
35/100 earnings predictability — expect surprises
29.3x trailing p/e — priced about right
2.9% dividend yield — cash in your pocket every quarter
4.8% return on capital — nothing to write home about
xvary composite: 49/100 — below average
What they do
Pangaea moves bulk cargo by sea and also handles the messy port work around it.
If your cargo is cement clinker or alumina, you want one operator handling the ship, the loading, and the port. Pangaea bundles ocean freight, stevedoring (dockside loading and unloading), and vessel management, so your shipment has fewer handoffs and fewer excuses. That integrated setup helped produce a 14.7% operating margin on $537 million of 2024 revenue with just 170 employees.
How they make money
$537M
annual revenue
Ocean transportation services
$322M
Terminal services
$54M
Stevedoring services
$27M
Vessel chartering
$81M
Port operations and technical management
$53M
The products that matter
charters and operates dry-bulk vessels
Dry Bulk Shipping
$1.66B in 2025 revenue
This is the engine. It produced $1.66B in 2025 revenue, and it is still tied to freight rates you do not control. The stock will trade on that fact before it trades on presentation slides.
core engine
end-to-end cargo coordination
Integrated Logistics Platform
~$3M annual EBITDA target
Management is targeting about $3M of annual EBITDA from this buildout. Small number. Important signal. If higher-value services stay small, PANL stays mostly a rate-driven shipper.
margin test
specialized ice-class vessel operations
Arctic Ice-Class Fleet
Q4 2025 adjusted EBITDA +23%
The Arctic niche helped drive a 23% adjusted EBITDA increase in Q4 2025. That's the part of the story that looks differentiated when conditions cooperate. The catch is that one strong season does not turn a cyclical business into a stable one.
niche edge
Key numbers
29.3x
trailing p/e
Price-to-earnings → how much investors pay for each dollar of profit → you are paying a rich multiple for a cyclical shipper.
4.8%
return on capital
Return on capital → profit earned on money invested in the business → this is low for a stock trading at 29.3x earnings.
$336M
long-term debt
Long-term debt → money the company owes over many years → this equals 43% of capital, which matters when freight rates turn down.
14.7%
operating margin
Operating margin → profit after running the business, before interest and taxes → decent for shipping, but not enough to ignore the cycle.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 2 — safer than 80% of stocks
- price stability 30 / 100
- long-term debt $336M (43% of capital)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for PANL right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue jumped to $448M, but EPS fell to $0.12, down 37% vs. prior year.
Sales growth looked huge at 166% vs. prior year, but the money that reaches shareholders moved the other way. That is shipping in one sentence: bigger top line, smaller per-share profit.
$448M
revenue
$0.12
eps
166%
revenue growth
the number that mattered
$0.12 EPS mattered more than the revenue spike because profit per share fell 37% vs. prior year while the stock already trades at 29.3x earnings.
source: company earnings report, 2026
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What could go wrong
The biggest risk is simple: PANL still earns like a shipping company with only 6.4% operating margin and $336M of debt. The Arctic specialty helps on the upside. It does not cancel the freight cycle when rates turn against you.
med
Dry-bulk rates fall faster than PANL can reprice work
This is the core risk. The company has high exposure to volatile dry-bulk markets, and the current operating margin is only 6.4%.
If rates soften, the earnings hit lands on a business earning 4.8% on capital. There is not much buffer between "soft quarter" and "thesis stress."
med
$336M of long-term debt limits how wrong management can be
Debt equals 43% of capital and the balance sheet is graded C++. That does not scream imminent trouble. It does mean the company has less room for an ugly freight patch.
Fixed obligations stay fixed even when voyage economics do not. In a cyclical business, that matters more than the headline dividend yield.
med
The logistics push stays too small to change the business mix
Management is targeting roughly $3M of annual EBITDA from integrated logistics. Useful if it scales. Irrelevant if it stalls.
If this buildout does not grow, investors are left with the same rate-sensitive shipper, just with a nicer slide in the deck.
med
Route disruption can hit sentiment before it hits reported numbers
Shipping names reprice quickly when trade routes, fuel economics, or geopolitics get messy. That shows up in the stock before it fully shows up in reported revenue.
You could be right on long-run niche value and still get a sharp drawdown if bookings, routes, or voyage economics wobble in the near term.
Put it together and you get a company with a real specialty, a thin operating margin, meaningful debt, and earnings that still move with freight conditions. The niche helps. It does not immunize the business.
source: institutional data · regulatory filings · risk analysis
Pay attention to
management
CEO transition is no longer theoretical
Mads Petersen took over on Jan 1, 2026. In a $444M company, leadership changes can alter capital allocation faster than investors expect.
bookings
Booked days and day rates
Roughly 5,920 booked days at $14,917 per day is your cleanest live demand check. If that figure weakens, the market will notice before annual numbers do.
margin
Whether 6.4% operating margin holds
The niche story only matters if it shows up in profit. If margins slip, PANL goes back to being valued like just another cyclical shipper.
strategy
Proof that logistics adds resilience
Management's ~$3M EBITDA target is small, but the direction matters. You want to see services reduce rate sensitivity, not just decorate the story.
Analyst rankings
earnings predictability
35 / 100
in human-speak, analysts do not see this as a smooth earnings story. You should expect swings.
price stability
30 / 100
This does not trade like a utility. The $4–$9 range tells you volatility is part of the ticket price.
source: institutional data
Institutional activity
institutional ownership data for PANL is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$9
current price
n/a
target midpoint · n/a from current
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