Pangaea Logistics Solutions Ltd. (PANL) Financial Statements (2025 and earlier)
Company Profile
| Business Address |
109 LONG WHARF NEWPORT, RI 02840 |
| State of Incorp. | |
| Fiscal Year End | December 31 |
| Industry (SIC) | 4412 - Deep Sea Foreign Transportation of Freight (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in thousands)
| 6/30/2025 MRQ | 12/31/2024 | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 86,805 | 99,038 | 128,385 | 56,209 | 46,897 | 50,555 | |||
| Cash and cash equivalent | 86,805 | 99,038 | 128,385 | 56,209 | 46,897 | 50,555 | |||
| Restricted cash and investments | 1,500 | ||||||||
| Receivables | 42,371 | 47,892 | 36,755 | 54,259 | 29,152 | 28,309 | |||
| Inventory, net of allowances, customer advances and progress billings | 32,848 | 16,556 | 29,104 | 27,148 | 15,966 | 21,001 | |||
| Inventory | 32,848 | 16,556 | 29,104 | 27,148 | 15,966 | 21,001 | |||
| Prepaid expense | 9,517 | 7,073 | 4,778 | 5,956 | 3,706 | 4,925 | |||
| Contract with customer, asset, after allowance for credit loss | 3,268 | 3,751 | 3,240 | 5,464 | 814 | 269 | |||
| Derivative instruments and hedges, assets | 2,047 | 3,384 | |||||||
| Asset, held-for-sale, not part of disposal group | 8,319 | ||||||||
| Other current assets | 4,436 | 5,845 | 9,036 | 5,903 | 3,145 | 3,125 | |||
| Other undisclosed current assets | 10,700 | 8,287 | 11,213 | 29,024 | 11,850 | 10,452 | |||
| Total current assets: | 191,994 | 191,826 | 222,511 | 183,964 | 113,032 | 126,955 | |||
| Noncurrent Assets | |||||||||
| Finance lease, right-of-use asset, after accumulated amortization | 28,772 | 30,394 | 43,922 | 45,196 | 45,240 | 53,615 | |||
| Property, plant and equipment | 707,826 | 474,265 | 476,525 | 471,913 | 276,742 | 281,475 | |||
| Intangible assets, net (including goodwill) | 3,105 | 3,105 | |||||||
| Goodwill | 3,105 | 3,105 | |||||||
| Regulated entity, other noncurrent assets | 4,138 | ||||||||
| Deposits noncurrent assets | 1,990 | ||||||||
| Other noncurrent assets | 4,761 | 5,590 | 5,284 | 3,962 | |||||
| Other undisclosed noncurrent assets | 15,391 | 13,719 | |||||||
| Total noncurrent assets: | 744,463 | 513,354 | 525,730 | 523,060 | 337,373 | 352,947 | |||
| TOTAL ASSETS: | 936,457 | 705,180 | 748,241 | 707,024 | 450,404 | 479,903 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities, including: | 47,385 | 35,836 | 38,554 | 49,154 | 32,400 | 39,974 | |||
| Interest and dividends payable | ✕ | ✕ | ✕ | ✕ | 214 | 1,006 | 632 | ||
| Accounts payable | 14,817 | 6,278 | 9,979 | 21,091 | 18,678 | 24,173 | |||
| Accrued liabilities | 11,530 | 14,038 | 11,796 | 16,254 | 10,654 | 14,884 | |||
| Other undisclosed accounts payable and accrued liabilities | 21,037 | 15,520 | 16,779 | 11,596 | 2,062 | 285 | |||
| Deferred revenue | 15,447 | 15,630 | 20,884 | 32,205 | 12,800 | 14,376 | |||
| Debt | 19,420 | 52,722 | 32,148 | 29,923 | 64,361 | 35,540 | |||
| Due to related parties | ✕ | ✕ | ✕ | 243 | 243 | 333 | |||
| Other undisclosed current liabilities | 26,856 | 1,146 | 626 | 214 | 1,006 | 632 | |||
| Total current liabilities: | 109,108 | 105,334 | 92,212 | 111,739 | 110,809 | 90,855 | |||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation, including: | 257,184 | 211,713 | 267,334 | 276,796 | 95,028 | 141,148 | |||
| Long-term debt, excluding current maturities | 112,721 | 68,446 | 98,820 | 105,837 | 44,508 | 83,650 | |||
| Finance lease, liability | 10,434 | 143,267 | 168,514 | 170,960 | 50,520 | 57,498 | |||
| Other undisclosed long-term debt and lease obligation | 134,029 | ||||||||
| Liabilities, other than long-term debt | 17,937 | 19,974 | 17,807 | 10,135 | 4,828 | ||||
| Other liabilities | 17,937 | 19,974 | 17,807 | 10,135 | 4,828 | ||||
| Other undisclosed noncurrent liabilities | 95,501 | ||||||||
| Total noncurrent liabilities: | 352,685 | 229,650 | 287,308 | 294,603 | 105,163 | 145,976 | |||
| Total liabilities: | 461,793 | 334,984 | 379,520 | 406,343 | 215,973 | 236,831 | |||
| Equity | |||||||||
| Equity, attributable to parent | 427,822 | 323,886 | 314,226 | 247,202 | 182,766 | 170,246 | |||
| Common stock | 6 | 5 | 5 | 5 | 5 | 4 | |||
| Additional paid in capital | 258,660 | 164,855 | 162,894 | 161,534 | 159,581 | 157,505 | |||
| Retained earnings | 169,155 | 159,027 | 151,327 | 85,663 | 23,180 | 12,737 | |||
| Equity, attributable to noncontrolling interest | 46,843 | 46,310 | 54,495 | 53,479 | 51,666 | 72,826 | |||
| Total equity: | 474,664 | 370,196 | 368,722 | 300,681 | 234,431 | 243,072 | |||
| TOTAL LIABILITIES AND EQUITY: | 936,457 | 705,180 | 748,241 | 707,024 | 450,404 | 479,903 | |||
Income Statement (P&L) ($ in thousands)
| 6/30/2025 TTM | 12/31/2024 | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 536,536 | 499,268 | 699,707 | 718,104 | 382,896 | 412,198 | ||
| Gross profit: | 536,536 | 499,268 | 699,707 | 718,104 | 382,896 | 412,198 | ||
| Operating expenses | (488,088) | (454,651) | (594,199) | (639,232) | (363,199) | (388,940) | ||
| Operating income: | 48,449 | 44,617 | 105,508 | 78,872 | 19,697 | 23,258 | ||
| Nonoperating expense | (16,679) | (16,079) | (20,000) | (6,499) | (7,005) | (6,209) | ||
| Other nonoperating income | 1,428 | 761 | 807 | 1,129 | 982 | 315 | ||
| Interest and debt expense | (17,073) | (17,026) | (6,717) | (11,514) | (7,831) | (50) | ||
| Other undisclosed loss from continuing operations before equity method investments, income taxes | ||||||||
| Income (loss) from continuing operations before equity method investments, income taxes: | 14,696 | 11,512 | 78,790 | 60,860 | 4,861 | 16,999 | ||
| Income from equity method investments | 1,129 | 1,083 | ||||||
| Income (loss) from continuing operations before income taxes: | 14,696 | 11,512 | 78,790 | 61,989 | 5,944 | 16,999 | ||
| Income tax expense | (605) | (578) | ||||||
| Income (loss) from continuing operations: | 14,696 | 11,512 | 78,790 | 61,384 | 5,366 | 16,999 | ||
| Income before gain (loss) on sale of properties: | ✕ | ✕ | ✕ | ✕ | 61,384 | 5,366 | 16,999 | |
| Other undisclosed net income | 17,073 | 17,026 | 6,717 | 10,990 | 7,326 | 50 | ||
| Net income: | 31,769 | 28,538 | 85,508 | 72,374 | 12,692 | 17,049 | ||
| Net loss attributable to noncontrolling interest | (2,866) | (2,214) | (6,016) | (5,147) | (1,340) | (5,391) | ||
| Net income available to common stockholders, diluted: | 28,903 | 26,323 | 79,491 | 67,227 | 11,352 | 11,658 | ||
Comprehensive Income ($ in thousands)
| 6/30/2025 TTM | 12/31/2024 | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | ||
|---|---|---|---|---|---|---|---|---|
| Net income: | 31,769 | 28,538 | 85,508 | 72,374 | 12,692 | 17,049 | ||
| Comprehensive income: | 31,769 | 28,538 | 85,508 | 72,374 | 12,692 | 17,049 | ||
| Comprehensive loss, net of tax, attributable to noncontrolling interest | (2,866) | (2,214) | (6,016) | (5,147) | (1,340) | (5,391) | ||
| Comprehensive income, net of tax, attributable to parent: | 28,903 | 26,323 | 79,491 | 67,227 | 11,352 | 11,658 | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.