v3.26.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 89,744,000 $ 103,054,000
Accounts receivable (net of allowance of $6,642 and $6,017 at March 31, 2026 and December 31, 2025, respectively) 61,280,000 55,854,000
Inventories 40,262,000 28,389,000
Advance hire, prepaid expenses and other current assets 50,120,000 28,478,000
Vessel held for sale 9,384,000 0
Total current assets 250,790,000 215,776,000
Restricted cash 270,000 270,000
Fixed assets, at cost, net of accumulated depreciation of $191,074 and $179,988 at March 31, 2026 and December 31, 2025, respectively 674,958,000 677,518,000
Finance lease right of use assets, at cost, net of accumulated depreciation of $7,465 and $12,678 at March 31, 2026 and December 31, 2025, respectively 16,580,000 26,866,000
Goodwill 3,105,000 3,105,000
Other non-current assets 4,991,000 4,561,000
Total assets 950,695,000 928,096,000
Current liabilities    
Accounts payable, accrued expenses and other current liabilities 72,684,000 54,257,000
Deferred revenue 28,708,000 24,891,000
Current portion of secured long-term debt 16,985,000 16,910,000
Current portion of financing obligations 31,764,000 27,896,000
Current portion of finance lease liabilities 1,000,000 2,076,000
Dividend payable 577,000 1,198,000
Total current liabilities 153,586,000 128,034,000
Secured long-term debt, net 93,156,000 97,157,000
Financing obligations, net 208,969,000 219,774,000
Finance lease liabilities, net 8,153,000 8,395,000
Total non current liabilities 310,278,000 325,326,000
Commitments and contingencies - Note 9
Stockholders' equity:    
Common stock, $0.0001 par value, 100,000,000 shares authorized; 65,414,923 shares issued and outstanding at March 31, 2026; 64,973,988 shares issued and outstanding at December 31, 2025 7,000 7,000
Additional paid-in capital 258,771,000 257,072,000
Retained earnings 182,280,000 172,255,000
Total Pangaea Logistics Solutions Ltd. equity 441,058,000 429,333,000
Non-controlling interests 45,773,000 45,403,000
Total stockholders' equity 486,831,000 474,736,000
Total liabilities and stockholders' equity 950,695,000 928,096,000
Related Party    
Current liabilities    
Affiliated companies payable $ 1,867,000 $ 806,000