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Pangaea Logistics Solutions Ltd. (PANL) Annual Reports

Q: Where can I read Pangaea Logistics Solutions Ltd. (PANL) annual reports?

Every year on this page links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser. 3 filings are currently indexed.

Q: What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer; a 20-F is filed by foreign private issuers (Taiwanese companies with US ADRs, such as TSMC, file 20-F). A 40-F applies to Canadian issuers under the MJDS.

Pangaea Logistics Solutions Ltd. is listed on Nasdaq, classified by the SEC under Deep Sea Foreign Transportation of Freight (SIC 4412). This page indexes 3 annual reports, each linking to the full text on the SEC's EDGAR system.

Company profile

Exchange： Nasdaq
Fiscal year end： 12/31
SEC CIK： 1606909 →

Website：Official site ↗

Financial Highlights

FY2026 Q2 (quarterly, ended 2026-06-30)
	Current	Prior year	YoY
Revenue	$187.1M	$156.7M	+19.4%
Operating income	$21.3M	$3.7M	+484.2%
Net income	$10.2M	$-2.7M	+472.0%
EPS (diluted)	$0.16	$-0.04	+500.0%

Source: SEC EDGAR (XBRL company facts)

Financial history

Revenue & profit

Quarterly · In mn (USD)

Revenue 187 mn Net income 10.2 mn

Show table：Income statement

Item	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Revenue	95.2	112	114	89.8	91.2	103	95.1	65.1	71.2	55.9	43.9	57.0	70.8	66.3	84.5	91.4	107	102	79.0	96.8	95.3	102	79.5	83.3	119	131	95.9	70.4	104	113	125	146	213	235	192	196	184	128	114	118	136	132	105	132	153	147	123	157	169	184	171	187
Operating income	6.58	4.99	10.1	3.36	-1.89	-14.0	9.95	7.00	4.87	-1.29	3.49	0.78	7.77	0.8	-0.36	-1.19	10.0	6.80	7.79	8.43	12.2	7.70	4.26	6.82	13.1	-0.9	-2.33	3.79	9.96	8.20	6.38	16.2	25.5	30.8	20.0	36.2	30.5	18.7	6.50	7.85	19.7	10.6	11.0	7.61	15.0	14.8	2.93	3.65	16.9	17.4	10.5	21.4
Net income	5.87	4.94	6.59	1.23	-2.91	-17.0	7.60	5.46	3.00	-4.79	1.20	0.13	6.06	0.1	1.35	-4.74	7.18	4.10	4.32	5.77	8.28	-0.5	3.70	4.03	8.32	-4.40	-6.80	3.01	7.55	7.60	5.85	19.2	27.0	15.2	20.2	25.0	18.8	15.5	3.47	2.84	18.9	1.10	11.7	3.68	5.11	8.44	-1.98	-2.74	12.2	11.9	13.3	10.2

Balance sheet

Quarterly · In mn (USD)

Total assets 957 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Current assets	—	98.1	—	—	83.4	84.9	83.8	77.6	73.2	69.3	59.0	60.6	64.0	68.5	74.0	85.0	94.2	83.0	74.0	99.9	113	114	100	93.1	108	127	101	98.0	106	113	111	133	168	184	207	234	223	223	220	187	198	192	196	181	196	192	176	184	213	216	251	266
Total assets	—	330	—	—	336	332	369	360	356	367	353	351	355	362	397	409	415	423	412	434	454	453	448	459	485	480	452	440	443	450	450	575	657	707	731	755	739	748	730	725	729	705	703	693	749	936	918	916	932	928	951	957
Current liabilities	—	112	—	—	144	145	137	126	123	72.2	62.1	66.5	66.4	77.9	74.6	75.8	71.8	70.0	59.7	70.6	73.1	79.0	61.2	64.6	84.7	90.8	72.7	60.6	88.4	111	60.9	86.5	105	112	114	119	91.1	92.2	87.1	111	115	105	99.3	84.0	95.9	109	109	126	131	128	154	192
Equity	—	-5.85	—	—	-7.24	97.8	106	110	113	108	110	110	116	116	124	128	141	145	148	154	162	162	166	169	176	170	165	168	176	183	189	208	233	247	266	288	303	314	314	312	327	324	332	332	333	428	421	414	420	429	441	449

Cash flow

Quarterly · In mn (USD)

Operating 21.4 mn Investing 8.42 mn Financing -13.9 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Operating	18.9	2.18	10.4	-0.69	6.67	8.18	11.2	1.63	5.21	7.98	4.13	5.85	8.33	0.9	2.43	5.92	5.39	15.5	2.79	18.0	6.42	12.9	12.0	7.62	3.82	21.1	-6.84	13.8	15.5	-1.61	4.94	14.6	23.1	19.1	32.1	37.2	32.6	32.9	11.6	2.01	16.3	23.9	9.00	8.96	28.4	19.3	-4.36	14.4	28.6	15.1	4.49	21.4
Investing	-75.7	-8.30	-14.9	8.23	-23.5	-9.06	-40.3	-0.33	-0.32	-23.1	-0.25	-0.18	-3.26	-6.57	-17.7	-30.0	-0.47	-16.4	-0.38	-2.47	-12.2	-2.50	-11.6	-21.9	-14.7	1.58	7.45	-1.67	-11.8	-0.85	-5.47	-103	-51.2	-37.9	-18.3	8.06	-1.32	-17.0	8.79	-32.5	-1.34	9.03	-0.2	-8.94	-48.2	-10.3	-0.46	-1.95	4.32	9.50	-1.31	8.42
Financing	60.9	1.23	8.86	-9.41	15.5	10.5	41.9	-9.74	-4.85	18.4	-8.73	-5.91	-9.31	-0.2	14.7	31.8	-5.03	4.01	-8.74	4.67	6.59	-7.56	5.13	-3.68	3.88	-6.26	-11.2	-5.06	-5.15	2.79	-5.85	87.2	36.6	25.9	-0.1	-13.0	-15.6	-5.50	-19.6	-14.4	-11.9	-21.3	-12.0	-17.9	34.9	-15.3	-18.0	-17.1	2.15	-15.6	-16.5	-13.9
Cash at period end	23.8	18.9	23.4	21.5	20.2	29.8	42.6	34.1	34.2	37.5	32.7	32.4	28.2	22.3	21.7	29.4	29.3	34.5	28.2	48.9	50.8	53.6	59.1	41.2	34.2	50.6	40.0	47.0	45.6	46.9	42.0	40.6	49.2	56.2	69.9	102	118	128	129	84.3	87.4	99.0	95.9	78.0	93.1	86.8	64.0	59.3	94.0	103	89.7	106

Profitability

Quarterly · %

Operating margin 11.4% Net margin 5.5%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Operating margin	6.9%	4.5%	8.8%	3.7%	-2.1%	-13.6%	10.5%	10.8%	6.8%	-2.3%	8.0%	1.4%	11.0%	1.2%	-0.4%	-1.3%	9.4%	6.7%	9.9%	8.7%	12.7%	7.6%	5.3%	8.2%	11.0%	-0.7%	-2.4%	5.4%	9.6%	7.3%	5.1%	11.1%	12.0%	13.1%	10.4%	18.5%	16.5%	14.6%	5.7%	6.7%	14.5%	8.0%	10.5%	5.8%	9.8%	10.1%	2.4%	2.3%	10.0%	9.5%	6.1%	11.4%
Net margin	6.2%	4.4%	5.8%	1.4%	-3.2%	-16.5%	8.0%	8.4%	4.2%	-8.6%	2.7%	0.2%	8.6%	0.1%	1.6%	-5.2%	6.7%	4.0%	5.5%	6.0%	8.7%	-0.5%	4.7%	4.8%	7.0%	-3.4%	-7.1%	4.3%	7.3%	6.7%	4.7%	13.2%	12.7%	6.5%	10.5%	12.8%	10.2%	12.1%	3.1%	2.4%	13.9%	0.8%	11.1%	2.8%	3.3%	5.7%	-1.6%	-1.8%	7.2%	6.5%	7.8%	5.5%

Returns & leverage

Quarterly · %

ROE 11.0% ROA 5.1%

ROE / ROA = trailing four-quarter net income ÷ average equity / total assets (annual mode: the year’s net income ÷ average of opening and closing). Not computed when the denominator is zero or negative.

Show table：Returns & leverage

Item	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
ROE	—	—	—	—	—	-26.4%	-10.5%	-6.3%	-1.9%	10.9%	4.5%	-0.4%	2.3%	6.7%	6.5%	2.3%	3.0%	6.0%	8.0%	15.2%	14.8%	11.6%	11.0%	9.6%	9.2%	7.0%	0.7%	0.1%	-0.4%	6.4%	13.6%	21.4%	29.2%	31.3%	35.9%	35.3%	29.5%	28.3%	21.7%	13.5%	12.9%	8.2%	10.7%	11.0%	6.5%	7.7%	4.0%	2.4%	4.2%	4.5%	8.0%	11.0%
ROA	—	—	—	—	2.9%	-3.7%	-3.0%	-1.9%	-0.3%	3.2%	1.4%	-0.1%	0.7%	2.0%	2.0%	0.7%	1.0%	2.0%	2.7%	5.1%	5.2%	4.1%	4.0%	3.5%	3.3%	2.5%	0.3%	0.0%	-0.1%	2.4%	5.3%	7.9%	10.8%	11.6%	13.8%	13.1%	11.3%	10.9%	8.6%	5.5%	5.5%	3.6%	4.8%	5.0%	2.9%	3.5%	1.9%	1.1%	1.9%	2.1%	3.7%	5.1%

EPS

Quarterly · US$

EPS US$0.16

Show table：EPS

Item	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
EPS（US$）	-7.77	62.65	0.17	-0.04	-64.68	-0.86	0.22	0.15	0.08	-0.14	0.03	0.00	0.17	0.00	0.04	-0.13	0.17	0.09	0.10	0.13	0.19	0.00	0.09	0.09	0.19	0.00	-0.16	0.07	0.17	0.17	0.13	0.43	0.60	0.34	0.45	0.56	0.42	0.34	0.08	0.06	0.42	0.03	0.25	0.08	0.11	0.18	-0.03	-0.04	0.19	0.18	0.21	0.16

Revenue & profit

Year-to-date · In mn (USD)

Revenue 358 mn Net income 23.5 mn

Year-to-date = summed from the first quarter of the fiscal year; balance-sheet items are period-end balances.

Balance sheet

Year-to-date · In mn (USD)

Total assets 957 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Cash flow

Year-to-date · In mn (USD)

Operating 25.9 mn Investing 7.11 mn Financing -30.4 mn

Positive = cash in, negative = cash out.

Profitability

Year-to-date · %

Operating margin 8.9% Net margin 6.6%

Gross, operating and net margin = the respective profit ÷ revenue.

Returns & leverage

Year-to-date · %

ROE 11.0% ROA 5.1%

EPS

Year-to-date · US$

EPS US$0.37

Revenue & profit

Annual · In mn (USD)

Revenue 632 mn Net income 19.4 mn

Annual = sum of four quarters of a complete fiscal year (incomplete years are omitted); balance-sheet items are year-end balances.

Show table：Income statement

Item	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	398	287	238	385	373	412	383	718	700	499	537	632
Operating income	-2.49	20.5	12.8	15.3	36.1	23.2	19.6	78.9	105	44.7	48.5	40.9
Net income	-12.1	11.3	7.49	7.89	17.9	11.7	11.4	67.3	79.5	26.3	28.9	19.4

Balance sheet

Annual · In mn (USD)

Total assets 928 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Current assets	84.9	69.3	68.5	83.0	114	127	113	184	223	192	192	216
Total assets	332	367	362	423	453	480	450	707	748	705	936	928
Current liabilities	145	72.2	77.9	70.0	79.0	90.8	111	112	92.2	105	109	128
Equity	97.8	108	116	145	162	170	183	247	314	324	428	429

Cash flow

Annual · In mn (USD)

Operating 53.7 mn Investing 11.4 mn Financing -48.6 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating	24.6	26.0	19.2	29.2	40.1	44.5	20.8	61.8	135	53.8	65.7	53.7
Investing	-39.2	-64.0	-10.3	-64.5	-17.5	-46.6	-6.89	-198	-28.5	-16.0	-67.7	11.4
Financing	25.5	45.7	-24.2	45.4	-5.04	-0.92	-18.6	144	-34.1	-67.2	-10.2	-48.6
Cash at period end	29.8	37.5	22.3	34.5	53.6	50.6	46.9	56.2	128	99.0	86.8	103

Profitability

Annual · %

Operating margin 6.5% Net margin 3.1%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating margin	-0.6%	7.1%	5.4%	4.0%	9.7%	5.6%	5.1%	11.0%	15.1%	8.9%	9.0%	6.5%
Net margin	-3.0%	3.9%	3.1%	2.0%	4.8%	2.8%	3.0%	9.4%	11.4%	5.3%	5.4%	3.1%

Returns & leverage

Annual · %

ROE 4.5% ROA 2.1%

Show table：Returns & leverage

Item	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
ROE	-12.4%	10.9%	6.7%	6.0%	11.6%	7.0%	6.4%	31.3%	28.3%	8.2%	7.7%	4.5%
ROA	-3.6%	3.2%	2.0%	2.0%	4.1%	2.5%	2.4%	11.6%	10.9%	3.6%	3.5%	2.1%

EPS

Annual · US$

EPS US$0.30

Show table：EPS

Item	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
EPS（US$）	-65.41	0.31	0.20	0.17	0.42	0.37	0.25	1.50	1.77	0.59	0.62	0.30

Source: SEC EDGAR (XBRL company facts)

Annual reports by year

	10-K
2025	Open full text →
2024	Open full text →
2023	Open full text →

10-K: annual report of a US domestic issuer. Filings are the original documents hosted on SEC EDGAR — this site neither mirrors nor edits them.

FAQ

Where can I read Pangaea Logistics Solutions Ltd. (PANL) annual reports?

Every year in the table above links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser without downloading anything. 3 filings are currently indexed.

What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer, with sections fixed by law: Item 1 Business, Item 1A Risk Factors, Item 7 Management's Discussion and Analysis. A 20-F is filed by foreign private issuers — Taiwanese companies with US ADRs, such as TSMC, file 20-F rather than 10-K. A 40-F applies to Canadian issuers under the MJDS.

Are earnings call materials available here?

No. Earnings calls are not SEC filings, so US pages on this site cover annual reports only. Taiwan has a mandatory investor-conference disclosure regime, and those materials are indexed under Annual Reports.

Source: US Securities and Exchange Commission (SEC) EDGAR. This site indexes public filings and links to them; it hosts no copies, offers no investment advice, and makes no warranty as to timeliness or completeness.
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