Pangaea Logistics Solutions Ltd. has reported its financial results for the fourth quarter ended December 31, 2025. The company's GAAP net income attributable to Pangaea was $11.9 million, or $0.19 per share, while adjusted net income was $10.1 million, or $0.16 per share. Adjusted EBITDA stood at $28.7 million, and operating cash flow was $15.1 million for the period.
During the fourth quarter of 2025, the company's time charter equivalent ("TCE") rates earned were $17,773 per day, representing an 11% increase on a year-over-year basis. Total shipping days, including both voyage and time charter days, increased by 26% to 6,025 days. This increase was primarily due to the acquisition of fifteen handy-size vessels completed at the end of the fourth quarter of 2024.
The TCE earned was $17,773 per day for the three months ended December 31, 2025, compared to an average of $15,942 per day for the same period in 2024. The company's average TCE exceeded the benchmark Baltic Panamax, Supramax, and Handysize indices by 19%, supported by its long-term coas, specialized fleet, and cargo-focused strategy.
Total adjusted EBITDA increased by 23% to $28.7 million in the fourth quarter of 2025, compared to the prior-year quarter. As of December 31, 2025, the company had $103.1 million in unrestricted cash and cash equivalents, and total debt, including finance lease obligations, was $375.6 million. During the three months ending December 31, 2025, the company repaid $7.6 million in finance leases and $4.2 million in long-term debt.
Management highlighted strong arctic trade activity, robust utilization across the company's niche ice class fleet, and the stability of its long-term coas as factors contributing to the strong fourth quarter results. The company also declared a quarterly cash dividend of $0.05 per common share and entered into a memorandum of agreement in February 2026 to sell the 2006-built bulk Xaymaca for $9.6 million.
Pangaea's strategic focus includes disciplined, returns-focused capital allocation, sustainable return of capital, organic growth investment, and ongoing fleet renewal. The company remains committed to delivering consistent shareholder returns, with over $100 million in cash at year-end, providing strong liquidity to support balance sheet flexibility, capital returns, and disciplined investment.
In addition, Pangaea is committed to developing a leading dry bulk logistics and transportation services company of scale, providing its customers with specialized shipping and supply chain and logistics offerings in commodity and niche markets that drive premium returns measured in time charter equivalent per day. The company continues to leverage its integrated shipping and logistics model to deliver value across the supply chain and drive strong fleet utilization.
Following these announcements, the company's shares moved -4.42%, and are now trading at a price of $6.70. If you want to know more, read the company's complete 8-K report here.
