Pangaea Logistics Solutions, Ltd. (PANL) 10-Year Financial Performance & Capital Metrics

PANL • • Industrial / General

IndustrialsMarine ShippingDry Bulk ShippingDry Bulk Operators

AboutPangaea Logistics Solutions, Ltd., together with its subsidiaries, provides seaborne dry bulk logistics and transportation services to industrial customers worldwide. The company offers various dry bulk cargoes, such as grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone. Its ocean logistics services comprise cargo loading, cargo discharge, vessel chartering, voyage planning, and technical vessel management. As of March 16, 2022, the company owned and operated a fleet of 25 vessels. Pangaea Logistics Solutions, Ltd. was founded in 1996 and is based in Newport, Rhode Island.Show more

Revenue $537M +7.5%
EBITDA $79M +5.5%
Net Income $29M +9.8%
EPS (Diluted) 0.63 +8.6%
Gross Margin 13.62% -1.6%
EBITDA Margin 14.69% -1.8%
Operating Margin 9.03% +1.0%
Net Margin 5.39% +2.2%
ROE 6.84% -4.0%
ROIC 5.5% -11.6%
Debt/Equity 0.84 +17.2%
Interest Coverage 2.40 -5.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 19.9%
✓Momentum leader: RS Rating 80 (top 20%)
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 5.8%
✓Trading at only 0.7x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.02%

5Y5.41%

3Y-9.26%

TTM14.22%

Profit (Net Income) CAGR

10Y-

5Y19.91%

3Y-24.53%

TTM-26.31%

EPS CAGR

10Y-

5Y67.56%

3Y-25.11%

TTM-37.32%

ROCE

10Y Avg8.7%

5Y Avg10.61%

3Y Avg10.25%

Latest6.79%

Peer Comparison

Dry Bulk Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GLBSGlobus Maritime Limited	35.4M	1.72	82.30	11.74%	-16.48%	-3.41%		0.78
DSXDiana Shipping Inc.	241.98M	2.09	35.54	-12.93%	11.18%	4.89%	24.5%	1.26
HSHPHimalaya Shipping Ltd.	421.25M	9.03	18.81	236.4%	4.39%	3.28%		4.61
GNKGenco Shipping & Trading Limited	859.67M	19.88	11.36	10.21%	-2.14%	-0.8%	8.16%	0.10
PANLPangaea Logistics Solutions, Ltd.	455.47M	7.01	11.13	7.46%	2.67%	3.42%		0.84
SBLKStar Bulk Carriers Corp.	2.38B	20.90	7.46	33.31%	5.85%	2.54%	17.33%	0.59
SBSafe Bulkers, Inc.	533.13M	5.21	6.28	8.17%	16.78%	5.58%		0.65
SHIPSeanergy Maritime Holdings Corp.	199.32M	9.44	4.47	51.91%	10.23%	5.86%	0.47%	0.98

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	287.33M	238.02M	385.95M	372.97M	412.2M	382.9M	718.1M	699.71M	499.27M	536.54M
Revenue Growth %	-0.28%	-0.17%	0.62%	-0.03%	0.11%	-0.07%	0.88%	-0.03%	-0.29%	0.07%
Cost of Goods Sold+	245.85M	212.35M	345.48M	319.56M	362.22M	344.75M	620.27M	570.77M	430.13M	463.46M
COGS % of Revenue	0.86%	0.89%	0.9%	0.86%	0.88%	0.9%	0.86%	0.82%	0.86%	0.86%
Gross Profit+	41.49M	25.67M	40.46M	53.42M	49.97M	38.14M	97.84M	128.94M	69.14M	73.08M
Gross Margin %	0.14%	0.11%	0.1%	0.14%	0.12%	0.1%	0.14%	0.18%	0.14%	0.14%
Gross Profit Growth %	1.32%	-0.38%	0.58%	0.32%	-0.06%	-0.24%	1.57%	0.32%	-0.46%	0.06%
Operating Expenses+	20.96M	12.77M	24.44M	17.34M	26.71M	18.45M	18.97M	23.43M	24.52M	24.63M
OpEx % of Revenue	0.07%	0.05%	0.06%	0.05%	0.06%	0.05%	0.03%	0.03%	0.05%	0.05%
Selling, General & Admin	14.97M	12.77M	15.16M	16.48M	17.38M	15.92M	18.97M	20.1M	22.78M	24.63M
SG&A % of Revenue	0.05%	0.05%	0.04%	0.04%	0.04%	0.04%	0.03%	0.03%	0.05%	0.05%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	5.99M	0	9.28M	860.43K	9.34M	2.53M	0	3.33M	1.74M	0
Operating Income+	20.53M	12.89M	16.03M	36.07M	23.26M	19.7M	78.87M	105.51M	44.62M	48.45M
Operating Margin %	0.07%	0.05%	0.04%	0.1%	0.06%	0.05%	0.11%	0.15%	0.09%	0.09%
Operating Income Growth %	9.23%	-0.37%	0.24%	1.25%	-0.36%	-0.15%	3%	0.34%	-0.58%	0.09%
EBITDA+	33.26M	27M	31.64M	53.69M	41.79M	36.75M	101.85M	135M	74.69M	78.82M
EBITDA Margin %	0.12%	0.11%	0.08%	0.14%	0.1%	0.1%	0.14%	0.19%	0.15%	0.15%
EBITDA Growth %	2.63%	-0.19%	0.17%	0.7%	-0.22%	-0.12%	1.77%	0.33%	-0.45%	0.06%
D&A (Non-Cash Add-back)	12.73M	14.11M	15.61M	17.62M	18.53M	17.06M	22.97M	29.49M	30.07M	30.38M
EBIT	19.22M	14.9M	17.37M	32.88M	26.33M	20.52M	83.89M	107.93M	46.03M	51.95M
Net Interest Income+	-5.86M	-5.74M	-8.27M	-8.9M	-9.28M	-7.83M	-11.51M	-21.49M	-13.92M	-17.15M
Interest Income	0	0	0	0	0	0	0	932.07K	3.57M	3.02M
Interest Expense	5.86M	5.74M	8.27M	8.9M	9.28M	7.83M	11.51M	22.42M	17.49M	20.18M
Other Income/Expense	-7.16M	-3.73M	-6.93M	-12.09M	-6.21M	-7M	-6.5M	-13.28M	-15.62M	-13.58M
Pretax Income+	13.37M	9.16M	9.1M	23.98M	17.05M	12.69M	72.37M	92.23M	29M	34.87M
Pretax Margin %	0.05%	0.04%	0.02%	0.06%	0.04%	0.03%	0.1%	0.13%	0.06%	0.06%
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	0.84%	0.81%	0.86%	0.74%	0.68%	0.89%	0.93%	0.86%	0.91%	0.83%
Net Income+	11.28M	7.46M	7.81M	17.76M	11.66M	11.35M	67.23M	79.49M	26.32M	28.9M
Net Margin %	0.04%	0.03%	0.02%	0.05%	0.03%	0.03%	0.09%	0.11%	0.05%	0.05%
Net Income Growth %	1.93%	-0.34%	0.05%	1.27%	-0.34%	-0.03%	4.92%	0.18%	-0.67%	0.1%
Net Income (Continuing)	13.37M	9.16M	9.1M	23.98M	17.05M	12.69M	72.37M	92.23M	29M	34.87M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	57.1M	60.41M	65.3M	71.68M	72.83M	51.67M	53.48M	54.5M	46.31M	46.84M
EPS (Diluted)+	0.32	0.21	0.20	0.42	0.05	0.26	1.50	1.76	0.58	0.63
EPS Growth %	1.49%	-0.34%	-0.05%	1.1%	-0.89%	4.45%	4.77%	0.17%	-0.67%	0.09%
EPS (Basic)	0.32	0.21	0.20	0.42	0.05	0.26	1.53	1.79	0.59	0.64
Diluted Shares Outstanding	34.96M	35.38M	38.93M	42.78M	43.27M	43.82M	44.85M	45.06M	45.48M	46.05M
Basic Shares Outstanding	34.78M	35.16M	38.41M	42.25M	42.75M	43.42M	44M	44.4M	44.77M	45.39M
Dividend Payout Ratio	0.01%	0.01%	0.13%	0.13%	0.69%	0.05%	0.08%	0.17%	0.69%	0.65%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	69.31M	68.54M	83.01M	113.51M	127.96M	111.34M	183.96M	222.51M	191.83M	191.99M
Cash & Short-Term Investments	37.52M	22.32M	34.53M	53.61M	50.56M	46.9M	56.21M	128.38M	99.04M	86.81M
Cash Only	37.52M	22.32M	34.53M	53.61M	50.56M	46.9M	56.21M	128.38M	99.04M	86.81M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	19.62M	15.99M	21.09M	28.48M	34.78M	35.98M	71.27M	44.48M	53.67M	49.72M
Days Sales Outstanding	24.92	24.52	19.94	27.87	30.79	34.29	36.22	23.2	39.24	33.83
Inventory	7.49M	13.2M	15.36M	19.22M	21M	15.97M	27.15M	29.1M	16.56M	32.85M
Days Inventory Outstanding	11.12	22.69	16.22	21.96	21.16	16.9	15.98	18.61	14.05	25.87
Other Current Assets	4.15M	9.08M	11.57M	10.91M	12.71M	3.77M	11.37M	12.28M	12.98M	9.75M
Total Non-Current Assets+	297.65M	293.65M	340.29M	339.97M	351.95M	339.06M	523.06M	525.73M	513.35M	744.46M
Property, Plant & Equipment	255.15M	275.27M	336.29M	337.47M	335.09M	321.98M	519.1M	520.45M	504.66M	736.6M
Fixed Asset Turnover	1.13x	0.86x	1.15x	1.11x	1.23x	1.19x	1.38x	1.34x	0.99x	0.73x
Goodwill	0	0	0	0	0	0	0	0	3.1M	3.1M
Intangible Assets	0	0	0	0	0	0	0	0	1.78M	1.01M
Long-Term Investments	42.51M	18.38M	4M	2.5M	15.36M	17.08M	3.96M	5.28M	3.81M	3.75M
Other Non-Current Assets	0	6.1M	4M	2.5M	1.5M	0	0	0	0	0
Total Assets+	366.96M	362.19M	423.3M	453.47M	479.9M	450.4M	707.02M	748.24M	705.18M	936.46M
Asset Turnover	0.78x	0.66x	0.91x	0.82x	0.86x	0.85x	1.02x	0.94x	0.71x	0.57x
Asset Growth %	0.1%	-0.01%	0.17%	0.07%	0.06%	-0.06%	0.57%	0.06%	-0.06%	0.33%
Total Current Liabilities+	72.15M	77.88M	70.01M	79.05M	90.85M	110.81M	111.74M	92.21M	105.33M	109.11M
Accounts Payable	14.06M	15.44M	15.69M	19.89M	24.17M	18.68M	7.03M	9.98M	6.28M	47.76M
Days Payables Outstanding	20.88	26.53	16.57	22.72	24.36	19.78	4.14	6.38	5.33	37.62
Short-Term Debt	32.82M	35.6M	25.99M	23.01M	23.32M	57.63M	15.69M	15.78M	30.75M	16.58M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	3.23M	0	0	9.26M	6.53M	4.39M	0
Current Ratio	0.96x	0.88x	1.19x	1.44x	1.41x	1.00x	1.65x	2.41x	1.82x	1.76x
Quick Ratio	0.86x	0.71x	0.97x	1.19x	1.18x	0.86x	1.40x	2.10x	1.66x	1.46x
Cash Conversion Cycle	15.16	20.68	19.6	27.11	27.6	31.42	48.06	35.43	47.96	22.08
Total Non-Current Liabilities+	129.5M	107.64M	142.63M	141.06M	145.98M	105.16M	294.6M	287.31M	229.65M	352.68M
Long-Term Debt	129.5M	107.64M	117.62M	95.37M	83.65M	44.51M	105.84M	98.82M	68.45M	112.72M
Capital Lease Obligations	0	0	25.02M	45.68M	57.5M	50.52M	170.96M	168.51M	143.27M	239.96M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	0	4.83M	10.14M	17.81M	19.97M	17.94M	0
Total Liabilities	201.65M	185.52M	212.64M	220.11M	236.83M	215.97M	406.34M	379.52M	334.98M	461.79M
Total Debt+	162.32M	143.24M	170.41M	169.43M	177.02M	159.63M	306.96M	299.48M	264.44M	397.37M
Net Debt	124.8M	120.91M	135.87M	115.81M	126.47M	112.73M	250.75M	171.1M	165.4M	310.57M
Debt / Equity	0.98x	0.81x	0.81x	0.73x	0.73x	0.68x	1.02x	0.81x	0.71x	0.84x
Debt / EBITDA	4.88x	5.31x	5.39x	3.16x	4.24x	4.34x	3.01x	2.22x	3.54x	5.04x
Net Debt / EBITDA	3.75x	4.48x	4.29x	2.16x	3.03x	3.07x	2.46x	1.27x	2.21x	3.94x
Interest Coverage	3.51x	2.25x	1.94x	4.05x	2.51x	2.52x	6.85x	4.71x	2.55x	2.40x
Total Equity+	165.32M	176.68M	210.66M	233.37M	243.07M	234.43M	300.68M	368.72M	370.2M	474.66M
Equity Growth %	0.65%	0.07%	0.19%	0.11%	0.04%	-0.04%	0.28%	0.23%	0%	0.28%
Book Value per Share	4.73	4.99	5.41	5.45	5.62	5.35	6.70	8.18	8.14	10.31
Total Shareholders' Equity	108.21M	116.27M	145.35M	161.69M	170.25M	182.77M	247.2M	314.23M	323.89M	427.82M
Common Stock	3.65K	3.66K	4.38K	4.4K	4.49K	4.54K	4.56K	4.59K	4.65K	6.5K
Retained Earnings	-24.87M	-17.41M	-9.6M	5.74M	12.74M	23.18M	85.66M	151.33M	159.03M	169.16M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-34.88M	-49.04M	-61.28M	-73.14M	0	0	0	0	0	0
Minority Interest	57.1M	60.41M	65.3M	71.68M	72.83M	51.67M	53.48M	54.5M	46.31M	46.84M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	26.01M	19.21M	29.22M	40.13M	44.46M	20.84M	61.75M	134.8M	53.79M	65.69M
Operating CF Margin %	0.09%	0.08%	0.08%	0.11%	0.11%	0.05%	0.09%	0.19%	0.11%	0.12%
Operating CF Growth %	0.06%	-0.26%	0.52%	0.37%	0.11%	-0.53%	1.96%	1.18%	-0.6%	0.22%
Net Income	13.37M	9.16M	9.1M	23.98M	11.66M	11.35M	67.23M	85.51M	28.54M	31.77M
Depreciation & Amortization	12.73M	14.11M	15.61M	17.62M	19.38M	17.84M	24.01M	29.49M	30.07M	30.38M
Stock-Based Compensation	457.07B	601.92K	1.07M	1.2M	1.74M	2.31M	2.1M	1.77M	2.09M	2.79M
Deferred Taxes	-457.06B	-601.92B	-1.07T	-1.2T	0	0	0	0	0	0
Other Non-Cash Items	-190.57K	1.22M	-1.9M	-119.73K	21.09M	-15.05M	31.19M	6.04M	4.29M	-864.96K
Working Capital Changes	-7.42M	-4.03M	-2.8M	-6.12M	-9.4M	4.38M	-62.78M	12M	-11.2M	1.62M
Change in Receivables	6.77M	-1.78M	-5.64M	-7.66M	-725.97K	-995.17K	-26.67M	15.13M	-14.08M	3.69M
Change in Inventory	8.11M	-5.71M	-2.15M	-3.87M	-2.43M	5.03M	-11.18M	-1.96M	12.55M	-11.03M
Change in Payables	-17.85M	3.69M	6.98M	-392.16K	0	0	0	-8.94M	-4.08M	11.84M
Cash from Investing+	-64.05M	-10.25M	-64.55M	-17.51M	-46.6M	-6.89M	-197.79M	-28.51M	-15.98M	-67.69M
Capital Expenditures	-72.06M	-10.25M	-64.03M	-17.54M	-56.99M	-2.93M	-196.65M	-36.39M	-27.26M	-69.43M
CapEx % of Revenue	0.25%	0.04%	0.17%	0.05%	0.14%	0.01%	0.27%	0.05%	0.05%	0.13%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	8.27M	-9.62M	306.97K	31.59K	10.39M	11.04M	-1.14M	8.4M	18.91M	1.91M
Cash from Financing+	45.74M	-24.16M	45.44M	-5.04M	-916.13K	-18.61M	143.86M	-34.12M	-67.15M	-10.23M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-100K	-100K	-1M	-2.27M	-8.09M	-535.15K	-5.54M	-13.41M	-18.1M	-18.71M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.75M	-4.05M	28.34M	-1.78M	-2.42M	-292.53K	1.11M	-12.92M	-13.03M	-25.42M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-46.05M	8.96M	-34.81M	22.59M	-12.53M	17.91M	-134.91M	98.41M	26.52M	-3.74M
FCF Margin %	-0.16%	0.04%	-0.09%	0.06%	-0.03%	0.05%	-0.19%	0.14%	0.05%	-0.01%
FCF Growth %	-0.4%	1.19%	-4.88%	1.65%	-1.55%	2.43%	-8.53%	1.73%	-0.73%	-1.14%
FCF per Share	-1.32	0.25	-0.89	0.53	-0.29	0.41	-3.01	2.18	0.58	-0.08
FCF Conversion (FCF/Net Income)	2.31x	2.58x	3.74x	2.26x	3.81x	1.84x	0.92x	1.70x	2.04x	2.27x
Interest Paid	5.41M	4.66M	6.98M	8.64M	9.25M	7.15M	9.09M	14.91M	18.85M	17.98M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.49%	4.36%	4.03%	8%	4.89%	4.75%	25.13%	23.75%	7.12%	6.84%
Return on Invested Capital (ROIC)	5.83%	3.29%	3.73%	7.78%	4.85%	4.12%	13.17%	14.5%	6.22%	5.5%
Gross Margin	14.44%	10.78%	10.48%	14.32%	12.12%	9.96%	13.62%	18.43%	13.85%	13.62%
Net Margin	3.92%	3.13%	2.02%	4.76%	2.83%	2.96%	9.36%	11.36%	5.27%	5.39%
Debt / Equity	0.98x	0.81x	0.81x	0.73x	0.73x	0.68x	1.02x	0.81x	0.71x	0.84x
Interest Coverage	3.51x	2.25x	1.94x	4.05x	2.51x	2.52x	6.85x	4.71x	2.55x	2.40x
FCF Conversion	2.31x	2.58x	3.74x	2.26x	3.81x	1.84x	0.92x	1.70x	2.04x	2.27x
Revenue Growth	-27.86%	-17.16%	62.15%	-3.36%	10.52%	-7.11%	87.55%	-2.56%	-28.65%	7.46%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Voyage	-	365.71M	349.74M	614.48M	640.03M	468.58M	494.11M
Voyage Growth	-	-	-4.37%	75.70%	4.16%	-26.79%	5.45%
Charter	53.22M	46.48M	33.16M	103.62M	59.67M	23.72M	30.33M
Charter Growth	-	-12.65%	-28.67%	212.51%	-42.41%	-60.26%	27.87%

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
Other	-	-	-	-	-	-	175.25M
Other Growth	-	-	-	-	-	-	-
UNITED STATES	-	-	-	-	-	-	169.38M
UNITED STATES Growth	-	-	-	-	-	-	-
CANADA	-	-	-	-	-	-	72.82M
CANADA Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Pangaea Logistics Solutions, Ltd. (PANL) has a price-to-earnings (P/E) ratio of 11.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Pangaea Logistics Solutions, Ltd. (PANL) reported $595.3M in revenue for fiscal year 2024. This represents a 54% increase from $387.1M in 2012.

Pangaea Logistics Solutions, Ltd. (PANL) grew revenue by 7.5% over the past year. This is steady growth.

Yes, Pangaea Logistics Solutions, Ltd. (PANL) is profitable, generating $15.9M in net income for fiscal year 2024 (5.4% net margin).

Dividend & Returns

Yes, Pangaea Logistics Solutions, Ltd. (PANL) pays a dividend with a yield of 5.80%. This makes it attractive for income-focused investors.

Pangaea Logistics Solutions, Ltd. (PANL) has a return on equity (ROE) of 6.8%. This is below average, suggesting room for improvement.

Pangaea Logistics Solutions, Ltd. (PANL) generated $40.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Pangaea Logistics Solutions, Ltd. (PANL) 10-Year Financial Performance & Capital Metrics

PANL • • Industrial / General

IndustrialsMarine ShippingDry Bulk ShippingDry Bulk Operators

Revenue $537M +7.5%
EBITDA $79M +5.5%
Net Income $29M +9.8%
EPS (Diluted) 0.63 +8.6%
Gross Margin 13.62% -1.6%
EBITDA Margin 14.69% -1.8%
Operating Margin 9.03% +1.0%
Net Margin 5.39% +2.2%
ROE 6.84% -4.0%
ROIC 5.5% -11.6%
Debt/Equity 0.84 +17.2%
Interest Coverage 2.40 -5.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 19.9%
✓Momentum leader: RS Rating 80 (top 20%)
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 5.8%
✓Trading at only 0.7x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.02%

5Y5.41%

3Y-9.26%

TTM14.22%

Profit (Net Income) CAGR

10Y-

5Y19.91%

3Y-24.53%

TTM-26.31%

EPS CAGR

10Y-

5Y67.56%

3Y-25.11%

TTM-37.32%

ROCE

10Y Avg8.7%

5Y Avg10.61%

3Y Avg10.25%

Latest6.79%

Peer Comparison

Dry Bulk Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GLBSGlobus Maritime Limited	35.4M	1.72	82.30	11.74%	-16.48%	-3.41%		0.78
DSXDiana Shipping Inc.	241.98M	2.09	35.54	-12.93%	11.18%	4.89%	24.5%	1.26
HSHPHimalaya Shipping Ltd.	421.25M	9.03	18.81	236.4%	4.39%	3.28%		4.61
GNKGenco Shipping & Trading Limited	859.67M	19.88	11.36	10.21%	-2.14%	-0.8%	8.16%	0.10
PANLPangaea Logistics Solutions, Ltd.	455.47M	7.01	11.13	7.46%	2.67%	3.42%		0.84
SBLKStar Bulk Carriers Corp.	2.38B	20.90	7.46	33.31%	5.85%	2.54%	17.33%	0.59
SBSafe Bulkers, Inc.	533.13M	5.21	6.28	8.17%	16.78%	5.58%		0.65
SHIPSeanergy Maritime Holdings Corp.	199.32M	9.44	4.47	51.91%	10.23%	5.86%	0.47%	0.98

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	287.33M	238.02M	385.95M	372.97M	412.2M	382.9M	718.1M	699.71M	499.27M	536.54M
Revenue Growth %	-0.28%	-0.17%	0.62%	-0.03%	0.11%	-0.07%	0.88%	-0.03%	-0.29%	0.07%
Cost of Goods Sold+	245.85M	212.35M	345.48M	319.56M	362.22M	344.75M	620.27M	570.77M	430.13M	463.46M
COGS % of Revenue	0.86%	0.89%	0.9%	0.86%	0.88%	0.9%	0.86%	0.82%	0.86%	0.86%
Gross Profit+	41.49M	25.67M	40.46M	53.42M	49.97M	38.14M	97.84M	128.94M	69.14M	73.08M
Gross Margin %	0.14%	0.11%	0.1%	0.14%	0.12%	0.1%	0.14%	0.18%	0.14%	0.14%
Gross Profit Growth %	1.32%	-0.38%	0.58%	0.32%	-0.06%	-0.24%	1.57%	0.32%	-0.46%	0.06%
Operating Expenses+	20.96M	12.77M	24.44M	17.34M	26.71M	18.45M	18.97M	23.43M	24.52M	24.63M
OpEx % of Revenue	0.07%	0.05%	0.06%	0.05%	0.06%	0.05%	0.03%	0.03%	0.05%	0.05%
Selling, General & Admin	14.97M	12.77M	15.16M	16.48M	17.38M	15.92M	18.97M	20.1M	22.78M	24.63M
SG&A % of Revenue	0.05%	0.05%	0.04%	0.04%	0.04%	0.04%	0.03%	0.03%	0.05%	0.05%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	5.99M	0	9.28M	860.43K	9.34M	2.53M	0	3.33M	1.74M	0
Operating Income+	20.53M	12.89M	16.03M	36.07M	23.26M	19.7M	78.87M	105.51M	44.62M	48.45M
Operating Margin %	0.07%	0.05%	0.04%	0.1%	0.06%	0.05%	0.11%	0.15%	0.09%	0.09%
Operating Income Growth %	9.23%	-0.37%	0.24%	1.25%	-0.36%	-0.15%	3%	0.34%	-0.58%	0.09%
EBITDA+	33.26M	27M	31.64M	53.69M	41.79M	36.75M	101.85M	135M	74.69M	78.82M
EBITDA Margin %	0.12%	0.11%	0.08%	0.14%	0.1%	0.1%	0.14%	0.19%	0.15%	0.15%
EBITDA Growth %	2.63%	-0.19%	0.17%	0.7%	-0.22%	-0.12%	1.77%	0.33%	-0.45%	0.06%
D&A (Non-Cash Add-back)	12.73M	14.11M	15.61M	17.62M	18.53M	17.06M	22.97M	29.49M	30.07M	30.38M
EBIT	19.22M	14.9M	17.37M	32.88M	26.33M	20.52M	83.89M	107.93M	46.03M	51.95M
Net Interest Income+	-5.86M	-5.74M	-8.27M	-8.9M	-9.28M	-7.83M	-11.51M	-21.49M	-13.92M	-17.15M
Interest Income	0	0	0	0	0	0	0	932.07K	3.57M	3.02M
Interest Expense	5.86M	5.74M	8.27M	8.9M	9.28M	7.83M	11.51M	22.42M	17.49M	20.18M
Other Income/Expense	-7.16M	-3.73M	-6.93M	-12.09M	-6.21M	-7M	-6.5M	-13.28M	-15.62M	-13.58M
Pretax Income+	13.37M	9.16M	9.1M	23.98M	17.05M	12.69M	72.37M	92.23M	29M	34.87M
Pretax Margin %	0.05%	0.04%	0.02%	0.06%	0.04%	0.03%	0.1%	0.13%	0.06%	0.06%
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	0.84%	0.81%	0.86%	0.74%	0.68%	0.89%	0.93%	0.86%	0.91%	0.83%
Net Income+	11.28M	7.46M	7.81M	17.76M	11.66M	11.35M	67.23M	79.49M	26.32M	28.9M
Net Margin %	0.04%	0.03%	0.02%	0.05%	0.03%	0.03%	0.09%	0.11%	0.05%	0.05%
Net Income Growth %	1.93%	-0.34%	0.05%	1.27%	-0.34%	-0.03%	4.92%	0.18%	-0.67%	0.1%
Net Income (Continuing)	13.37M	9.16M	9.1M	23.98M	17.05M	12.69M	72.37M	92.23M	29M	34.87M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	57.1M	60.41M	65.3M	71.68M	72.83M	51.67M	53.48M	54.5M	46.31M	46.84M
EPS (Diluted)+	0.32	0.21	0.20	0.42	0.05	0.26	1.50	1.76	0.58	0.63
EPS Growth %	1.49%	-0.34%	-0.05%	1.1%	-0.89%	4.45%	4.77%	0.17%	-0.67%	0.09%
EPS (Basic)	0.32	0.21	0.20	0.42	0.05	0.26	1.53	1.79	0.59	0.64
Diluted Shares Outstanding	34.96M	35.38M	38.93M	42.78M	43.27M	43.82M	44.85M	45.06M	45.48M	46.05M
Basic Shares Outstanding	34.78M	35.16M	38.41M	42.25M	42.75M	43.42M	44M	44.4M	44.77M	45.39M
Dividend Payout Ratio	0.01%	0.01%	0.13%	0.13%	0.69%	0.05%	0.08%	0.17%	0.69%	0.65%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	69.31M	68.54M	83.01M	113.51M	127.96M	111.34M	183.96M	222.51M	191.83M	191.99M
Cash & Short-Term Investments	37.52M	22.32M	34.53M	53.61M	50.56M	46.9M	56.21M	128.38M	99.04M	86.81M
Cash Only	37.52M	22.32M	34.53M	53.61M	50.56M	46.9M	56.21M	128.38M	99.04M	86.81M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	19.62M	15.99M	21.09M	28.48M	34.78M	35.98M	71.27M	44.48M	53.67M	49.72M
Days Sales Outstanding	24.92	24.52	19.94	27.87	30.79	34.29	36.22	23.2	39.24	33.83
Inventory	7.49M	13.2M	15.36M	19.22M	21M	15.97M	27.15M	29.1M	16.56M	32.85M
Days Inventory Outstanding	11.12	22.69	16.22	21.96	21.16	16.9	15.98	18.61	14.05	25.87
Other Current Assets	4.15M	9.08M	11.57M	10.91M	12.71M	3.77M	11.37M	12.28M	12.98M	9.75M
Total Non-Current Assets+	297.65M	293.65M	340.29M	339.97M	351.95M	339.06M	523.06M	525.73M	513.35M	744.46M
Property, Plant & Equipment	255.15M	275.27M	336.29M	337.47M	335.09M	321.98M	519.1M	520.45M	504.66M	736.6M
Fixed Asset Turnover	1.13x	0.86x	1.15x	1.11x	1.23x	1.19x	1.38x	1.34x	0.99x	0.73x
Goodwill	0	0	0	0	0	0	0	0	3.1M	3.1M
Intangible Assets	0	0	0	0	0	0	0	0	1.78M	1.01M
Long-Term Investments	42.51M	18.38M	4M	2.5M	15.36M	17.08M	3.96M	5.28M	3.81M	3.75M
Other Non-Current Assets	0	6.1M	4M	2.5M	1.5M	0	0	0	0	0
Total Assets+	366.96M	362.19M	423.3M	453.47M	479.9M	450.4M	707.02M	748.24M	705.18M	936.46M
Asset Turnover	0.78x	0.66x	0.91x	0.82x	0.86x	0.85x	1.02x	0.94x	0.71x	0.57x
Asset Growth %	0.1%	-0.01%	0.17%	0.07%	0.06%	-0.06%	0.57%	0.06%	-0.06%	0.33%
Total Current Liabilities+	72.15M	77.88M	70.01M	79.05M	90.85M	110.81M	111.74M	92.21M	105.33M	109.11M
Accounts Payable	14.06M	15.44M	15.69M	19.89M	24.17M	18.68M	7.03M	9.98M	6.28M	47.76M
Days Payables Outstanding	20.88	26.53	16.57	22.72	24.36	19.78	4.14	6.38	5.33	37.62
Short-Term Debt	32.82M	35.6M	25.99M	23.01M	23.32M	57.63M	15.69M	15.78M	30.75M	16.58M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	3.23M	0	0	9.26M	6.53M	4.39M	0
Current Ratio	0.96x	0.88x	1.19x	1.44x	1.41x	1.00x	1.65x	2.41x	1.82x	1.76x
Quick Ratio	0.86x	0.71x	0.97x	1.19x	1.18x	0.86x	1.40x	2.10x	1.66x	1.46x
Cash Conversion Cycle	15.16	20.68	19.6	27.11	27.6	31.42	48.06	35.43	47.96	22.08
Total Non-Current Liabilities+	129.5M	107.64M	142.63M	141.06M	145.98M	105.16M	294.6M	287.31M	229.65M	352.68M
Long-Term Debt	129.5M	107.64M	117.62M	95.37M	83.65M	44.51M	105.84M	98.82M	68.45M	112.72M
Capital Lease Obligations	0	0	25.02M	45.68M	57.5M	50.52M	170.96M	168.51M	143.27M	239.96M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	0	4.83M	10.14M	17.81M	19.97M	17.94M	0
Total Liabilities	201.65M	185.52M	212.64M	220.11M	236.83M	215.97M	406.34M	379.52M	334.98M	461.79M
Total Debt+	162.32M	143.24M	170.41M	169.43M	177.02M	159.63M	306.96M	299.48M	264.44M	397.37M
Net Debt	124.8M	120.91M	135.87M	115.81M	126.47M	112.73M	250.75M	171.1M	165.4M	310.57M
Debt / Equity	0.98x	0.81x	0.81x	0.73x	0.73x	0.68x	1.02x	0.81x	0.71x	0.84x
Debt / EBITDA	4.88x	5.31x	5.39x	3.16x	4.24x	4.34x	3.01x	2.22x	3.54x	5.04x
Net Debt / EBITDA	3.75x	4.48x	4.29x	2.16x	3.03x	3.07x	2.46x	1.27x	2.21x	3.94x
Interest Coverage	3.51x	2.25x	1.94x	4.05x	2.51x	2.52x	6.85x	4.71x	2.55x	2.40x
Total Equity+	165.32M	176.68M	210.66M	233.37M	243.07M	234.43M	300.68M	368.72M	370.2M	474.66M
Equity Growth %	0.65%	0.07%	0.19%	0.11%	0.04%	-0.04%	0.28%	0.23%	0%	0.28%
Book Value per Share	4.73	4.99	5.41	5.45	5.62	5.35	6.70	8.18	8.14	10.31
Total Shareholders' Equity	108.21M	116.27M	145.35M	161.69M	170.25M	182.77M	247.2M	314.23M	323.89M	427.82M
Common Stock	3.65K	3.66K	4.38K	4.4K	4.49K	4.54K	4.56K	4.59K	4.65K	6.5K
Retained Earnings	-24.87M	-17.41M	-9.6M	5.74M	12.74M	23.18M	85.66M	151.33M	159.03M	169.16M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-34.88M	-49.04M	-61.28M	-73.14M	0	0	0	0	0	0
Minority Interest	57.1M	60.41M	65.3M	71.68M	72.83M	51.67M	53.48M	54.5M	46.31M	46.84M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	26.01M	19.21M	29.22M	40.13M	44.46M	20.84M	61.75M	134.8M	53.79M	65.69M
Operating CF Margin %	0.09%	0.08%	0.08%	0.11%	0.11%	0.05%	0.09%	0.19%	0.11%	0.12%
Operating CF Growth %	0.06%	-0.26%	0.52%	0.37%	0.11%	-0.53%	1.96%	1.18%	-0.6%	0.22%
Net Income	13.37M	9.16M	9.1M	23.98M	11.66M	11.35M	67.23M	85.51M	28.54M	31.77M
Depreciation & Amortization	12.73M	14.11M	15.61M	17.62M	19.38M	17.84M	24.01M	29.49M	30.07M	30.38M
Stock-Based Compensation	457.07B	601.92K	1.07M	1.2M	1.74M	2.31M	2.1M	1.77M	2.09M	2.79M
Deferred Taxes	-457.06B	-601.92B	-1.07T	-1.2T	0	0	0	0	0	0
Other Non-Cash Items	-190.57K	1.22M	-1.9M	-119.73K	21.09M	-15.05M	31.19M	6.04M	4.29M	-864.96K
Working Capital Changes	-7.42M	-4.03M	-2.8M	-6.12M	-9.4M	4.38M	-62.78M	12M	-11.2M	1.62M
Change in Receivables	6.77M	-1.78M	-5.64M	-7.66M	-725.97K	-995.17K	-26.67M	15.13M	-14.08M	3.69M
Change in Inventory	8.11M	-5.71M	-2.15M	-3.87M	-2.43M	5.03M	-11.18M	-1.96M	12.55M	-11.03M
Change in Payables	-17.85M	3.69M	6.98M	-392.16K	0	0	0	-8.94M	-4.08M	11.84M
Cash from Investing+	-64.05M	-10.25M	-64.55M	-17.51M	-46.6M	-6.89M	-197.79M	-28.51M	-15.98M	-67.69M
Capital Expenditures	-72.06M	-10.25M	-64.03M	-17.54M	-56.99M	-2.93M	-196.65M	-36.39M	-27.26M	-69.43M
CapEx % of Revenue	0.25%	0.04%	0.17%	0.05%	0.14%	0.01%	0.27%	0.05%	0.05%	0.13%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	8.27M	-9.62M	306.97K	31.59K	10.39M	11.04M	-1.14M	8.4M	18.91M	1.91M
Cash from Financing+	45.74M	-24.16M	45.44M	-5.04M	-916.13K	-18.61M	143.86M	-34.12M	-67.15M	-10.23M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-100K	-100K	-1M	-2.27M	-8.09M	-535.15K	-5.54M	-13.41M	-18.1M	-18.71M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.75M	-4.05M	28.34M	-1.78M	-2.42M	-292.53K	1.11M	-12.92M	-13.03M	-25.42M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-46.05M	8.96M	-34.81M	22.59M	-12.53M	17.91M	-134.91M	98.41M	26.52M	-3.74M
FCF Margin %	-0.16%	0.04%	-0.09%	0.06%	-0.03%	0.05%	-0.19%	0.14%	0.05%	-0.01%
FCF Growth %	-0.4%	1.19%	-4.88%	1.65%	-1.55%	2.43%	-8.53%	1.73%	-0.73%	-1.14%
FCF per Share	-1.32	0.25	-0.89	0.53	-0.29	0.41	-3.01	2.18	0.58	-0.08
FCF Conversion (FCF/Net Income)	2.31x	2.58x	3.74x	2.26x	3.81x	1.84x	0.92x	1.70x	2.04x	2.27x
Interest Paid	5.41M	4.66M	6.98M	8.64M	9.25M	7.15M	9.09M	14.91M	18.85M	17.98M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.49%	4.36%	4.03%	8%	4.89%	4.75%	25.13%	23.75%	7.12%	6.84%
Return on Invested Capital (ROIC)	5.83%	3.29%	3.73%	7.78%	4.85%	4.12%	13.17%	14.5%	6.22%	5.5%
Gross Margin	14.44%	10.78%	10.48%	14.32%	12.12%	9.96%	13.62%	18.43%	13.85%	13.62%
Net Margin	3.92%	3.13%	2.02%	4.76%	2.83%	2.96%	9.36%	11.36%	5.27%	5.39%
Debt / Equity	0.98x	0.81x	0.81x	0.73x	0.73x	0.68x	1.02x	0.81x	0.71x	0.84x
Interest Coverage	3.51x	2.25x	1.94x	4.05x	2.51x	2.52x	6.85x	4.71x	2.55x	2.40x
FCF Conversion	2.31x	2.58x	3.74x	2.26x	3.81x	1.84x	0.92x	1.70x	2.04x	2.27x
Revenue Growth	-27.86%	-17.16%	62.15%	-3.36%	10.52%	-7.11%	87.55%	-2.56%	-28.65%	7.46%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Voyage	-	365.71M	349.74M	614.48M	640.03M	468.58M	494.11M
Voyage Growth	-	-	-4.37%	75.70%	4.16%	-26.79%	5.45%
Charter	53.22M	46.48M	33.16M	103.62M	59.67M	23.72M	30.33M
Charter Growth	-	-12.65%	-28.67%	212.51%	-42.41%	-60.26%	27.87%

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
Other	-	-	-	-	-	-	175.25M
Other Growth	-	-	-	-	-	-	-
UNITED STATES	-	-	-	-	-	-	169.38M
UNITED STATES Growth	-	-	-	-	-	-	-
CANADA	-	-	-	-	-	-	72.82M
CANADA Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Pangaea Logistics Solutions, Ltd. (PANL) has a price-to-earnings (P/E) ratio of 11.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Pangaea Logistics Solutions, Ltd. (PANL) reported $595.3M in revenue for fiscal year 2024. This represents a 54% increase from $387.1M in 2012.

Pangaea Logistics Solutions, Ltd. (PANL) grew revenue by 7.5% over the past year. This is steady growth.

Yes, Pangaea Logistics Solutions, Ltd. (PANL) is profitable, generating $15.9M in net income for fiscal year 2024 (5.4% net margin).

Dividend & Returns

Yes, Pangaea Logistics Solutions, Ltd. (PANL) pays a dividend with a yield of 5.80%. This makes it attractive for income-focused investors.

Pangaea Logistics Solutions, Ltd. (PANL) has a return on equity (ROE) of 6.8%. This is below average, suggesting room for improvement.

Pangaea Logistics Solutions, Ltd. (PANL) generated $40.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.