Pangaea Logistics Swings to Q2 Profit as TCE Rates Surge 50%
PANL sits 56% above its 52-week low of $4.54.
Summary
Pangaea Logistics Solutions reported Q2 2026 net income of $10.2 million, reversing a year-ago loss, as TCE rates surged 50% to $18,153/day. Adjusted EBITDA more than doubled to $35.0 million.
Key Events · Earnings and Guidance · PANL
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Q2 Profit Reversal
Net income of $10.2M vs. a loss of $2.7M in Q2 2025, driven by higher freight rates.
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TCE Rates Surge 50%
Time Charter Equivalent rates reached $18,153/day, up from $12,108/day a year ago, outperforming market benchmarks by ~10%.
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Adjusted EBITDA Doubles
Adjusted EBITDA rose to $35.0M from $15.6M in Q2 2025, reflecting strong operating leverage.
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Depreciation Estimate Change
A change in vessel useful lives and scrap values reduced Q2 EPS by $0.03 and H1 EPS by $0.05; expected to increase depreciation by $2.8M in H2 2026.
Analysis · PANL · Energy & Transportation
A sharp turnaround defined Pangaea Logistics' Q2 2026, with net income reaching $10.2 million compared to a loss of $2.7 million a year ago. Driving the improvement was a 50% jump in Time Charter Equivalent (TCE) rates to $18,153 per day, reflecting a stronger dry bulk market. Adjusted EBITDA more than doubled to $35.0 million. The company also disclosed a change in depreciation estimates that reduced EPS by $0.03 in the quarter. With $105.9 million in cash and a recent board shake-up, the results provide a critical update on the company's financial health and operational momentum.
At the time of this filing, PANL was trading at $7.09 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $479.5M. The 52-week trading range was $4.54 to $9.39. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.