Pangaea Logistics Solutions Ltd. (NASDAQ:PANL) reported fourth-quarter results on Wednesday that came in below earnings expectations, even as revenue exceeded analyst forecasts.
The company’s stock dipped about 0.48% in after-hours trading following the release of the results.
For the quarter ended December 31, 2025, the maritime shipping group posted adjusted earnings per share of $0.16, missing the consensus estimate of $0.22.
Revenue totaled $183.88 million, beating the forecast of $146.68 million and marking a 25% increase from $147.2 million recorded in the same quarter a year earlier. Adjusted net income reached $10.1 million, while adjusted EBITDA rose 23% year-over-year to $28.7 million.
Despite the earnings miss, the relatively small decline in the share price suggested investors viewed the mixed results cautiously but without a strong negative reaction.
Pangaea reported time charter equivalent (TCE) rates of $17,773 per day, up 11% compared with the previous year and outperforming benchmark Baltic shipping indices by 19%.
Total shipping days increased 26% to 6,025 days, largely reflecting the addition of fifteen handy-size vessels acquired in late 2024. Operating cash flow for the quarter totaled $15.1 million.
“We delivered strong fourth quarter results, supported by solid Arctic trade activity, robust utilization across our niche ice class fleet, and the stability of our long term COAs,” said Mads Boye Petersen, President and Chief Executive Officer.
Looking ahead, the company said it has already secured 5,920 shipping days for the first quarter of 2026 at an average TCE rate of $14,917 per day. Pangaea finished the year with $103.1 million in unrestricted cash and total debt of $375.6 million.
The company also declared a quarterly dividend of $0.05 per share, scheduled to be paid on March 13, 2026.
Separately, in February 2026, Pangaea agreed to sell the vessel Bulk Xaymaca for $9.6 million, with the transaction expected to be completed in the second quarter.