PANLPangaea Logistics Solutions Ltd.

Deep Sea Foreign Transportation Of Freight

Revenue: $632M; 18% YoY
Operating margin: 6.5%; 28% YoY
EBITDA: $83M; 5.8% YoY
Market cap: $521M
Employees: —
Net debt / EBITDA: 1.6×; $130M net debt
AI in 10-K: 1.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
277% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
30% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.1 per 10K words · 36th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$521M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
2 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$718M	$700M	$499M	$537M	$632M	18%
Operating income	$79M	$106M	$45M	$48M	$41M	15%
Net income	$67M	$79M	$26M	$29M	$19M	33%
Operating cash flow	$62M	$135M	$54M	$66M	$54M	18%
Stock-based comp	$2M	$2M	$2M	$3M	$4M	47%
Dividends	$6M	$13M	$18M	$19M	$16M	13%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 18, 2025	Strategic Shipping Inc.	SCHEDULE 13D/A	87.0%	Active
Nov 28, 2025	Strategic Shipping Inc.	SCHEDULE 13D/A	29.0%	Active
Nov 6, 2025	Strategic Shipping Inc.	SCHEDULE 13D/A	29.0%	Passive
Jan 14, 2025	Boggild Carl Claus	SCHEDULE 13D/A	12.8%	Passive
Jan 6, 2025	Strategic Shipping Inc.	SCHEDULE 13D	84.6%	Active
Apr 6, 2023	Pangaea Logistics Solutions Ltd.	SC 13D/A	17.9%	Active
Aug 26, 2021	Pangaea One, L.P.	SC 13D/A	0.1%	Passive
Aug 17, 2021	Pangaea One, L.P.	SC 13D/A	22.5%	Active
Jun 14, 2021	Pangaea One, L.P.	SC 13D/A	0.3%	Active
Apr 27, 2021	Pangaea One, L.P.	SC 13D/A	48.1%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1M · 3
Net: −$1M

Pay vs performance

No pay-versus-performance disclosure yet.