The company announced its Q3 2025 earnings on November 6, 2025. It reported non‑GAAP adjusted net income of $11.2 million, or $0.17 per share, on total revenue of $168.7 million. The quarter’s TCE rate was $15,559 per day, up 5% from the same period a year earlier, and the company logged 5,872 shipping days, a 22% increase driven largely by the integration of its newly acquired 15‑vessel SSI fleet.
Revenue rose 17% year‑over‑year, while adjusted EBITDA climbed 20.3% to $28.9 million, reflecting a 13% decline in voyage expenses per day and the company’s continued ability to command premium TCE rates above the Baltic Panamax, Supramax and Handysize indices by 10%. The integrated logistics model—combining dry‑bulk shipping with port and terminal services—has helped the company maintain margin strength even as market rates softened.
The results underscore the progress of the SSI acquisition, which has expanded Pangaea’s fleet to 41 vessels and increased shipping days, positioning the company to grow its stevedoring and terminal services. Management highlighted that the integration is expected to deliver annual cost synergies of at least $2.5 million by year‑end 2025, further supporting the company’s long‑term profitability.
While the company did not provide new guidance, it reiterated its focus on disciplined capital allocation, ongoing terminal expansion projects in Tampa, Aransas, Pascagoula and Lake Charles, and a commitment to returning capital to shareholders through dividends and share repurchases. The Q3 performance signals that Pangaea’s differentiated, integrated model remains resilient amid a challenging dry‑bulk market.
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