<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2026 Workiva-->
<!--r:019d49bb-b2b7-74a5-8b1e-bb9c714ca796,g:c5429794-db68-4167-bf7a-9fdf52cf6abf-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:arcroleRef arcroleURI="https://xbrl.org/2023/arcrole/summation-item" xlink:type="simple" xlink:href="https://www.xbrl.org/2023/calculation-1.1.xsd#summation-item"/>
  <link:roleRef roleURI="http://www.pangaeals.com/role/ConsolidatedBalanceSheets" xlink:type="simple" xlink:href="panl-20260331.xsd#ConsolidatedBalanceSheets"/>
  <link:calculationLink xlink:role="http://www.pangaeals.com/role/ConsolidatedBalanceSheets" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_019e0812-b4fb-79d6-9650-9e7ac1f5783c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesCurrent_019e0812-b4fb-71fe-97c2-0dd8797aab09" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesCurrent"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019e0812-b4fb-79d6-9650-9e7ac1f5783c" xlink:to="loc_us-gaap_LiabilitiesCurrent_019e0812-b4fb-71fe-97c2-0dd8797aab09" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesNoncurrent_019e0812-b4fb-707d-a2ed-fa314095b43c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesNoncurrent"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019e0812-b4fb-79d6-9650-9e7ac1f5783c" xlink:to="loc_us-gaap_LiabilitiesNoncurrent_019e0812-b4fb-707d-a2ed-fa314095b43c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019e0812-b4fb-7123-9503-6921d7f0482a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019e0812-b4fb-79d6-9650-9e7ac1f5783c" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019e0812-b4fb-7123-9503-6921d7f0482a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity_019d49bb-b367-7ade-9a8f-495393b67269" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockValue_019d49bb-b367-7e30-a8fa-a800837c0c36" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommonStockValue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019d49bb-b367-7ade-9a8f-495393b67269" xlink:to="loc_us-gaap_CommonStockValue_019d49bb-b367-7e30-a8fa-a800837c0c36" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapital_019d49bb-b367-7766-b149-36a79faf261c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AdditionalPaidInCapital"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019d49bb-b367-7ade-9a8f-495393b67269" xlink:to="loc_us-gaap_AdditionalPaidInCapital_019d49bb-b367-7766-b149-36a79faf261c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_019d49bb-b367-7644-a839-48c377e1b00e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019d49bb-b367-7ade-9a8f-495393b67269" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit_019d49bb-b367-7644-a839-48c377e1b00e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesNoncurrent_019e07f6-3093-7af4-8957-2b0475a66b94" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesNoncurrent"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuredLongTermDebt_019e07f6-3093-7c4b-870b-c7621cac097f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecuredLongTermDebt"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesNoncurrent_019e07f6-3093-7af4-8957-2b0475a66b94" xlink:to="loc_us-gaap_SecuredLongTermDebt_019e07f6-3093-7c4b-870b-c7621cac097f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractualObligation_019e07f6-3093-732e-9459-0545389f6c37" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ContractualObligation"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesNoncurrent_019e07f6-3093-7af4-8957-2b0475a66b94" xlink:to="loc_us-gaap_ContractualObligation_019e07f6-3093-732e-9459-0545389f6c37" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityNoncurrent_019e07f6-3093-7104-8fbe-8d98477d424a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityNoncurrent"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesNoncurrent_019e07f6-3093-7af4-8957-2b0475a66b94" xlink:to="loc_us-gaap_FinanceLeaseLiabilityNoncurrent_019e07f6-3093-7104-8fbe-8d98477d424a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019d49bb-b367-7a0d-8bd0-2d7abd77b4e9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity_019d49bb-b367-7f10-a273-05ef12e7d8f9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquity"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019d49bb-b367-7a0d-8bd0-2d7abd77b4e9" xlink:to="loc_us-gaap_StockholdersEquity_019d49bb-b367-7f10-a273-05ef12e7d8f9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterest_019d49bb-b367-763f-aa03-a679196fa38d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MinorityInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019d49bb-b367-7a0d-8bd0-2d7abd77b4e9" xlink:to="loc_us-gaap_MinorityInterest_019d49bb-b367-763f-aa03-a679196fa38d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Assets_019d49bb-b367-7e15-99ea-98b199599a9f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Assets"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsCurrent_019d49bb-b367-75d6-9724-61e00e1779c4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetsCurrent"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019d49bb-b367-7e15-99ea-98b199599a9f" xlink:to="loc_us-gaap_AssetsCurrent_019d49bb-b367-75d6-9724-61e00e1779c4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedCashNoncurrent_019d49bb-b367-75ab-8349-b78205c0678f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RestrictedCashNoncurrent"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019d49bb-b367-7e15-99ea-98b199599a9f" xlink:to="loc_us-gaap_RestrictedCashNoncurrent_019d49bb-b367-75ab-8349-b78205c0678f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet_019d49bb-b367-794f-8cb0-5161845d8837" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PropertyPlantAndEquipmentNet"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019d49bb-b367-7e15-99ea-98b199599a9f" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentNet_019d49bb-b367-794f-8cb0-5161845d8837" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseRightOfUseAsset_019d49bb-b367-7d09-a26c-c7469d693227" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseRightOfUseAsset"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019d49bb-b367-7e15-99ea-98b199599a9f" xlink:to="loc_us-gaap_FinanceLeaseRightOfUseAsset_019d49bb-b367-7d09-a26c-c7469d693227" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Goodwill_019d49bb-b367-7afa-ade8-47830281ed12" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Goodwill"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019d49bb-b367-7e15-99ea-98b199599a9f" xlink:to="loc_us-gaap_Goodwill_019d49bb-b367-7afa-ade8-47830281ed12" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssetsNoncurrent_019d49bb-b367-75f2-844b-a954401a745b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherAssetsNoncurrent"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019d49bb-b367-7e15-99ea-98b199599a9f" xlink:to="loc_us-gaap_OtherAssetsNoncurrent_019d49bb-b367-75f2-844b-a954401a745b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesCurrent_019d49bb-b367-715b-8658-3705f2b5ec51" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesCurrent"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPayableCurrent_019d49bb-b367-7d42-98ba-f8e3d3b78c6a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DividendsPayableCurrent"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent_019d49bb-b367-715b-8658-3705f2b5ec51" xlink:to="loc_us-gaap_DividendsPayableCurrent_019d49bb-b367-7d42-98ba-f8e3d3b78c6a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_AccountsPayableAccruedExpensesAndOtherCurrentLiabilities_019d49bb-b367-72fe-9349-7338c9b9633b" xlink:href="panl-20260331.xsd#panl_AccountsPayableAccruedExpensesAndOtherCurrentLiabilities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent_019d49bb-b367-715b-8658-3705f2b5ec51" xlink:to="loc_panl_AccountsPayableAccruedExpensesAndOtherCurrentLiabilities_019d49bb-b367-72fe-9349-7338c9b9633b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityCurrent_019d49bb-b367-7da5-ace7-df097b9de869" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityCurrent"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent_019d49bb-b367-715b-8658-3705f2b5ec51" xlink:to="loc_us-gaap_FinanceLeaseLiabilityCurrent_019d49bb-b367-7da5-ace7-df097b9de869" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLongTermDebtCurrent_019d49bb-b367-789a-ae85-d0d1fd58acca" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherLongTermDebtCurrent"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent_019d49bb-b367-715b-8658-3705f2b5ec51" xlink:to="loc_us-gaap_OtherLongTermDebtCurrent_019d49bb-b367-789a-ae85-d0d1fd58acca" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractWithCustomerLiabilityCurrent_019d49bb-b367-7aea-98a8-58d165dec772" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ContractWithCustomerLiabilityCurrent"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent_019d49bb-b367-715b-8658-3705f2b5ec51" xlink:to="loc_us-gaap_ContractWithCustomerLiabilityCurrent_019d49bb-b367-7aea-98a8-58d165dec772" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities_019d49bb-b367-75f0-afa4-f202890db287" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent_019d49bb-b367-715b-8658-3705f2b5ec51" xlink:to="loc_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities_019d49bb-b367-75f0-afa4-f202890db287" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsPayableTradeCurrent_019d49bb-b367-788f-be42-00e15fd275aa" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccountsPayableTradeCurrent"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent_019d49bb-b367-715b-8658-3705f2b5ec51" xlink:to="loc_us-gaap_AccountsPayableTradeCurrent_019d49bb-b367-788f-be42-00e15fd275aa" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsCurrent_019d49bb-b367-79ea-9c6a-55d97d94a1b7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetsCurrent"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019d49bb-b367-71b7-8178-502b623bffdc" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent_019d49bb-b367-79ea-9c6a-55d97d94a1b7" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019d49bb-b367-71b7-8178-502b623bffdc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsReceivableNetCurrent_019d49bb-b367-7c93-9de7-a93573b6f37d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccountsReceivableNetCurrent"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent_019d49bb-b367-79ea-9c6a-55d97d94a1b7" xlink:to="loc_us-gaap_AccountsReceivableNetCurrent_019d49bb-b367-7c93-9de7-a93573b6f37d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InventoryNet_019d49bb-b367-7462-b987-9ccfcc968237" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InventoryNet"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent_019d49bb-b367-79ea-9c6a-55d97d94a1b7" xlink:to="loc_us-gaap_InventoryNet_019d49bb-b367-7462-b987-9ccfcc968237" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_019d49bb-b367-7cff-b56b-ea424663eecf" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent_019d49bb-b367-79ea-9c6a-55d97d94a1b7" xlink:to="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_019d49bb-b367-7cff-b56b-ea424663eecf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent_019d49bb-b367-7b81-99a0-8cb1deb31bd2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent_019d49bb-b367-79ea-9c6a-55d97d94a1b7" xlink:to="loc_us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent_019d49bb-b367-7b81-99a0-8cb1deb31bd2" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pangaeals.com/role/ConsolidatedStatementsofIncome" xlink:type="simple" xlink:href="panl-20260331.xsd#ConsolidatedStatementsofIncome"/>
  <link:calculationLink xlink:role="http://www.pangaeals.com/role/ConsolidatedStatementsofIncome" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingExpenses_019e07f6-8462-79cb-990c-e7041c80e7ff" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingExpenses"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_VoyageExpense_019e07f6-8462-7c32-ab15-b311d4211865" xlink:href="panl-20260331.xsd#panl_VoyageExpense"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingExpenses_019e07f6-8462-79cb-990c-e7041c80e7ff" xlink:to="loc_panl_VoyageExpense_019e07f6-8462-7c32-ab15-b311d4211865" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_CharterHireExpense_019e07f6-8462-71ab-a9fc-53a1c79c8e88" xlink:href="panl-20260331.xsd#panl_CharterHireExpense"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingExpenses_019e07f6-8462-79cb-990c-e7041c80e7ff" xlink:to="loc_panl_CharterHireExpense_019e07f6-8462-71ab-a9fc-53a1c79c8e88" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_VesselOperatingExpense_019e07f6-8462-7136-9452-0cb87ef3e901" xlink:href="panl-20260331.xsd#panl_VesselOperatingExpense"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingExpenses_019e07f6-8462-79cb-990c-e7041c80e7ff" xlink:to="loc_panl_VesselOperatingExpense_019e07f6-8462-7136-9452-0cb87ef3e901" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_TerminalStevedoreExpenses_019e07f6-8462-7f8a-8d13-2799471290ae" xlink:href="panl-20260331.xsd#panl_TerminalStevedoreExpenses"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingExpenses_019e07f6-8462-79cb-990c-e7041c80e7ff" xlink:to="loc_panl_TerminalStevedoreExpenses_019e07f6-8462-7f8a-8d13-2799471290ae" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense_019e07f6-8462-7c49-9e7a-5ae5801830b1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GeneralAndAdministrativeExpense"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingExpenses_019e07f6-8462-79cb-990c-e7041c80e7ff" xlink:to="loc_us-gaap_GeneralAndAdministrativeExpense_019e07f6-8462-7c49-9e7a-5ae5801830b1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationAmortizationAndAccretionNet_019e07f6-8462-7de1-8ccb-bdbc91c338d6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DepreciationAmortizationAndAccretionNet"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingExpenses_019e07f6-8462-79cb-990c-e7041c80e7ff" xlink:to="loc_us-gaap_DepreciationAmortizationAndAccretionNet_019e07f6-8462-7de1-8ccb-bdbc91c338d6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TangibleAssetImpairmentCharges_019e07f6-8462-7da8-97e6-28056afabb1a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_TangibleAssetImpairmentCharges"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingExpenses_019e07f6-8462-79cb-990c-e7041c80e7ff" xlink:to="loc_us-gaap_TangibleAssetImpairmentCharges_019e07f6-8462-7da8-97e6-28056afabb1a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss_019d49bb-b429-7ba2-8d95-69c659aab405" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019d49bb-b429-7c66-9f68-3e5bd5bdc35a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_019d49bb-b429-7ba2-8d95-69c659aab405" xlink:to="loc_us-gaap_ProfitLoss_019d49bb-b429-7c66-9f68-3e5bd5bdc35a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_019d49bb-b429-7c22-a972-8b9ebaf3bb0f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_019d49bb-b429-7ba2-8d95-69c659aab405" xlink:to="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_019d49bb-b429-7c22-a972-8b9ebaf3bb0f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingIncomeLoss_019d49bb-b429-76ba-addc-1c6a3081a5d3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_019d49bb-b429-7818-a2ec-e805ce9c4c78" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss_019d49bb-b429-76ba-addc-1c6a3081a5d3" xlink:to="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_019d49bb-b429-7818-a2ec-e805ce9c4c78" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingExpenses_019d49bb-b429-7d77-af48-09011e560b16" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingExpenses"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss_019d49bb-b429-76ba-addc-1c6a3081a5d3" xlink:to="loc_us-gaap_OperatingExpenses_019d49bb-b429-7d77-af48-09011e560b16" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonoperatingIncomeExpense_019d49bb-b367-7991-a9b4-6e4ff7d87767" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NonoperatingIncomeExpense"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestRevenueExpenseNet_019d49bb-b429-7f41-b6f5-e32cc2dfb38a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestRevenueExpenseNet"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019d49bb-b367-7991-a9b4-6e4ff7d87767" xlink:to="loc_us-gaap_InterestRevenueExpenseNet_019d49bb-b429-7f41-b6f5-e32cc2dfb38a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestAndOtherIncome_019d49bb-b429-78c2-90d9-6b873d1f084b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestAndOtherIncome"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019d49bb-b367-7991-a9b4-6e4ff7d87767" xlink:to="loc_us-gaap_InterestAndOtherIncome_019d49bb-b429-78c2-90d9-6b873d1f084b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrealizedGainLossOnDerivatives_019d49bb-b429-7342-8637-0575b074567f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_UnrealizedGainLossOnDerivatives"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019d49bb-b367-7991-a9b4-6e4ff7d87767" xlink:to="loc_us-gaap_UnrealizedGainLossOnDerivatives_019d49bb-b429-7342-8637-0575b074567f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpense_019d49bb-b429-7243-9cba-1613cd617b0d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherNonoperatingIncomeExpense"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019d49bb-b367-7991-a9b4-6e4ff7d87767" xlink:to="loc_us-gaap_OtherNonoperatingIncomeExpense_019d49bb-b429-7243-9cba-1613cd617b0d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019d49bb-b367-7c6f-a2dc-0143daa26369" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingIncomeLoss_019d49bb-b367-7b2b-b578-7617d034bdeb" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingIncomeLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019d49bb-b367-7c6f-a2dc-0143daa26369" xlink:to="loc_us-gaap_OperatingIncomeLoss_019d49bb-b367-7b2b-b578-7617d034bdeb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonoperatingIncomeExpense_019d49bb-b367-7be5-98c9-e169c09be959" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NonoperatingIncomeExpense"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019d49bb-b367-7c6f-a2dc-0143daa26369" xlink:to="loc_us-gaap_NonoperatingIncomeExpense_019d49bb-b367-7be5-98c9-e169c09be959" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pangaeals.com/role/ConsolidatedStatementsofCashFlows" xlink:type="simple" xlink:href="panl-20260331.xsd#ConsolidatedStatementsofCashFlows"/>
  <link:calculationLink xlink:role="http://www.pangaeals.com/role/ConsolidatedStatementsofCashFlows" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019d49bb-b429-7ba9-9485-3e9dc841922c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019d49bb-b429-700d-be9c-d3633ad412cd" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019d49bb-b429-7ba9-9485-3e9dc841922c" xlink:to="loc_us-gaap_ProfitLoss_019d49bb-b429-700d-be9c-d3633ad412cd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortization_019d49bb-b429-7b01-99e0-94520079a291" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DepreciationDepletionAndAmortization"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019d49bb-b429-7ba9-9485-3e9dc841922c" xlink:to="loc_us-gaap_DepreciationDepletionAndAmortization_019d49bb-b429-7b01-99e0-94520079a291" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AmortizationOfFinancingCosts_019d49bb-b429-75a2-b89a-ae38227ab044" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AmortizationOfFinancingCosts"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019d49bb-b429-7ba9-9485-3e9dc841922c" xlink:to="loc_us-gaap_AmortizationOfFinancingCosts_019d49bb-b429-75a2-b89a-ae38227ab044" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_AmortizationofPrepaidRent1_019d49bb-b429-7ae5-bdb4-ffa0264c5b63" xlink:href="panl-20260331.xsd#panl_AmortizationofPrepaidRent1"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019d49bb-b429-7ba9-9485-3e9dc841922c" xlink:to="loc_panl_AmortizationofPrepaidRent1_019d49bb-b429-7ae5-bdb4-ffa0264c5b63" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrealizedGainLossOnDerivatives_019d49bb-b429-7053-8bca-e91b80f48eab" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_UnrealizedGainLossOnDerivatives"/>
    <link:calculationArc order="5" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019d49bb-b429-7ba9-9485-3e9dc841922c" xlink:to="loc_us-gaap_UnrealizedGainLossOnDerivatives_019d49bb-b429-7053-8bca-e91b80f48eab" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments_019d49bb-b429-7825-a34e-a0646d84218e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeLossFromEquityMethodInvestments"/>
    <link:calculationArc order="6" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019d49bb-b429-7ba9-9485-3e9dc841922c" xlink:to="loc_us-gaap_IncomeLossFromEquityMethodInvestments_019d49bb-b429-7825-a34e-a0646d84218e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_EarningsAttributableToNoncontrollingInterestRecordedAsInterestExpense_019d49bb-b429-7421-ad8b-234578f504d4" xlink:href="panl-20260331.xsd#panl_EarningsAttributableToNoncontrollingInterestRecordedAsInterestExpense"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019d49bb-b429-7ba9-9485-3e9dc841922c" xlink:to="loc_panl_EarningsAttributableToNoncontrollingInterestRecordedAsInterestExpense_019d49bb-b429-7421-ad8b-234578f504d4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProvisionForDoubtfulAccounts_019d49bb-b429-724e-abd2-f414a96e29fb" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProvisionForDoubtfulAccounts"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019d49bb-b429-7ba9-9485-3e9dc841922c" xlink:to="loc_us-gaap_ProvisionForDoubtfulAccounts_019d49bb-b429-724e-abd2-f414a96e29fb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossOnSaleOfOtherAssets_019d49bb-b429-79cb-8e6d-c34e1992d59f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GainLossOnSaleOfOtherAssets"/>
    <link:calculationArc order="9" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019d49bb-b429-7ba9-9485-3e9dc841922c" xlink:to="loc_us-gaap_GainLossOnSaleOfOtherAssets_019d49bb-b429-79cb-8e6d-c34e1992d59f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_PaymentForDrydockingCosts_019d49bb-b429-7e3e-bf94-c13d5b7dede5" xlink:href="panl-20260331.xsd#panl_PaymentForDrydockingCosts"/>
    <link:calculationArc order="10" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019d49bb-b429-7ba9-9485-3e9dc841922c" xlink:to="loc_panl_PaymentForDrydockingCosts_019d49bb-b429-7e3e-bf94-c13d5b7dede5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensation_019d49bb-b429-78d6-9e23-d4bb2c8547ed" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ShareBasedCompensation"/>
    <link:calculationArc order="11" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019d49bb-b429-7ba9-9485-3e9dc841922c" xlink:to="loc_us-gaap_ShareBasedCompensation_019d49bb-b429-78d6-9e23-d4bb2c8547ed" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsReceivable_019d49bb-b429-7289-b77c-fda1347fd5c0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable"/>
    <link:calculationArc order="12" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019d49bb-b429-7ba9-9485-3e9dc841922c" xlink:to="loc_us-gaap_IncreaseDecreaseInAccountsReceivable_019d49bb-b429-7289-b77c-fda1347fd5c0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInInventories_019d49bb-b429-7d36-97f5-b3f8bd473e10" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInInventories"/>
    <link:calculationArc order="13" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019d49bb-b429-7ba9-9485-3e9dc841922c" xlink:to="loc_us-gaap_IncreaseDecreaseInInventories_019d49bb-b429-7d36-97f5-b3f8bd473e10" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_019d49bb-b429-7e5a-8231-74b6e918e189" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
    <link:calculationArc order="14" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019d49bb-b429-7ba9-9485-3e9dc841922c" xlink:to="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_019d49bb-b429-7e5a-8231-74b6e918e189" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_IncreaseDecreaseInAccountPayableAccruedExpensesAndOtherCurrentLiabilities_019d49bb-b429-7399-b555-9ae479583c93" xlink:href="panl-20260331.xsd#panl_IncreaseDecreaseInAccountPayableAccruedExpensesAndOtherCurrentLiabilities"/>
    <link:calculationArc order="15" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019d49bb-b429-7ba9-9485-3e9dc841922c" xlink:to="loc_panl_IncreaseDecreaseInAccountPayableAccruedExpensesAndOtherCurrentLiabilities_019d49bb-b429-7399-b555-9ae479583c93" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInContractWithCustomerLiability_019d49bb-b429-7a04-9122-b9485566d8cf" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInContractWithCustomerLiability"/>
    <link:calculationArc order="16" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019d49bb-b429-7ba9-9485-3e9dc841922c" xlink:to="loc_us-gaap_IncreaseDecreaseInContractWithCustomerLiability_019d49bb-b429-7a04-9122-b9485566d8cf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TangibleAssetImpairmentCharges_019e02aa-7cac-7de7-8c24-22fe6446855e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_TangibleAssetImpairmentCharges"/>
    <link:calculationArc order="17" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019d49bb-b429-7ba9-9485-3e9dc841922c" xlink:to="loc_us-gaap_TangibleAssetImpairmentCharges_019e02aa-7cac-7de7-8c24-22fe6446855e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019d49bb-b429-724a-967b-8a77895c4201" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfSecuredDebt_019d49bb-b429-7e30-8a89-543bde3ee59e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromIssuanceOfSecuredDebt"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019d49bb-b429-724a-967b-8a77895c4201" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfSecuredDebt_019d49bb-b429-7e30-8a89-543bde3ee59e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentOfFinancingAndStockIssuanceCosts_019d49bb-b429-7670-bb6d-b26266f74f9e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentOfFinancingAndStockIssuanceCosts"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019d49bb-b429-724a-967b-8a77895c4201" xlink:to="loc_us-gaap_PaymentOfFinancingAndStockIssuanceCosts_019d49bb-b429-7670-bb6d-b26266f74f9e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfSecuredDebt_019d49bb-b429-7dad-ac7d-ed94c41e9dbd" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RepaymentsOfSecuredDebt"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019d49bb-b429-724a-967b-8a77895c4201" xlink:to="loc_us-gaap_RepaymentsOfSecuredDebt_019d49bb-b429-7dad-ac7d-ed94c41e9dbd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_ProceedsFromFinancingObligation_019d49bb-b429-7035-8e85-189cdabe9587" xlink:href="panl-20260331.xsd#panl_ProceedsFromFinancingObligation"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019d49bb-b429-724a-967b-8a77895c4201" xlink:to="loc_panl_ProceedsFromFinancingObligation_019d49bb-b429-7035-8e85-189cdabe9587" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeasePrincipalPayments_019d49bb-b429-7a1b-bf31-9f1c1f70a66f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeasePrincipalPayments"/>
    <link:calculationArc order="5" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019d49bb-b429-724a-967b-8a77895c4201" xlink:to="loc_us-gaap_FinanceLeasePrincipalPayments_019d49bb-b429-7a1b-bf31-9f1c1f70a66f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfOtherLongTermDebt_019d49bb-b429-786c-9170-fed8f0b89f23" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RepaymentsOfOtherLongTermDebt"/>
    <link:calculationArc order="6" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019d49bb-b429-724a-967b-8a77895c4201" xlink:to="loc_us-gaap_RepaymentsOfOtherLongTermDebt_019d49bb-b429-786c-9170-fed8f0b89f23" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfDividendsMinorityInterest_019d49bb-b429-77f6-b367-980b0c704d44" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsOfDividendsMinorityInterest"/>
    <link:calculationArc order="7" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019d49bb-b429-724a-967b-8a77895c4201" xlink:to="loc_us-gaap_PaymentsOfDividendsMinorityInterest_019d49bb-b429-77f6-b367-980b0c704d44" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfDividendsCommonStock_019d49bb-b429-722c-933d-2d45a2af2d87" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsOfDividendsCommonStock"/>
    <link:calculationArc order="8" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019d49bb-b429-724a-967b-8a77895c4201" xlink:to="loc_us-gaap_PaymentsOfDividendsCommonStock_019d49bb-b429-722c-933d-2d45a2af2d87" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation_019d49bb-b429-7493-8dec-da7ddda1699c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation"/>
    <link:calculationArc order="9" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019d49bb-b429-724a-967b-8a77895c4201" xlink:to="loc_us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation_019d49bb-b429-7493-8dec-da7ddda1699c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToMinorityShareholders_019d49bb-b429-7700-a64e-1e3d9ca0530b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsToMinorityShareholders"/>
    <link:calculationArc order="10" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019d49bb-b429-724a-967b-8a77895c4201" xlink:to="loc_us-gaap_PaymentsToMinorityShareholders_019d49bb-b429-7700-a64e-1e3d9ca0530b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019d49bb-b429-7c17-87fd-66073913f73e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_PaymentForPurchaseOfVessels_019d49bb-b429-7683-ac9d-854b02c9c84e" xlink:href="panl-20260331.xsd#panl_PaymentForPurchaseOfVessels"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019d49bb-b429-7c17-87fd-66073913f73e" xlink:to="loc_panl_PaymentForPurchaseOfVessels_019d49bb-b429-7683-ac9d-854b02c9c84e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_PaymentsToAcquireAndWriteOffOfProductiveAssets_019d49bb-b429-712f-ad97-48b9dae8bbd2" xlink:href="panl-20260331.xsd#panl_PaymentsToAcquireAndWriteOffOfProductiveAssets"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019d49bb-b429-7c17-87fd-66073913f73e" xlink:to="loc_panl_PaymentsToAcquireAndWriteOffOfProductiveAssets_019d49bb-b429-712f-ad97-48b9dae8bbd2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital_019d49bb-b429-7fb5-add6-0d86bce73a96" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019d49bb-b429-7c17-87fd-66073913f73e" xlink:to="loc_us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital_019d49bb-b429-7fb5-add6-0d86bce73a96" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019d49bb-b429-7bf6-b6f9-fec01f1fd886" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019d49bb-b429-7bbd-9637-8e7081291a05" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019d49bb-b429-7bf6-b6f9-fec01f1fd886" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019d49bb-b429-7bbd-9637-8e7081291a05" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019d49bb-b429-7b7d-a24e-a2c24a011043" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019d49bb-b429-7bf6-b6f9-fec01f1fd886" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019d49bb-b429-7b7d-a24e-a2c24a011043" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019d49bb-b429-737a-a77f-7326a68304fd" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019d49bb-b429-7bf6-b6f9-fec01f1fd886" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019d49bb-b429-737a-a77f-7326a68304fd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_019d49bb-b429-7788-ac2a-afd4ead0f765" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019d49bb-b429-759a-9fe7-7ed75a9cdeb6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_019d49bb-b429-7788-ac2a-afd4ead0f765" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019d49bb-b429-759a-9fe7-7ed75a9cdeb6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedCash_019d49bb-b429-7d5f-9b32-5785e0fb38e0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RestrictedCash"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_019d49bb-b429-7788-ac2a-afd4ead0f765" xlink:to="loc_us-gaap_RestrictedCash_019d49bb-b429-7d5f-9b32-5785e0fb38e0" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pangaeals.com/role/BasisofPresentationandSignificantAccountingPoliciesAdvanceHirePrepaidExpensesandOtherCurrentAssetsDetails" xlink:type="simple" xlink:href="panl-20260331.xsd#BasisofPresentationandSignificantAccountingPoliciesAdvanceHirePrepaidExpensesandOtherCurrentAssetsDetails"/>
  <link:calculationLink xlink:role="http://www.pangaeals.com/role/BasisofPresentationandSignificantAccountingPoliciesAdvanceHirePrepaidExpensesandOtherCurrentAssetsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_019d49bb-b429-7498-9287-4220cde12488" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_AdvanceHire_019d49bb-b429-7891-bdad-3256df8c51b9" xlink:href="panl-20260331.xsd#panl_AdvanceHire"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_019d49bb-b429-7498-9287-4220cde12488" xlink:to="loc_panl_AdvanceHire_019d49bb-b429-7891-bdad-3256df8c51b9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrepaidExpenseCurrent_019d49bb-b429-768e-b482-0092b6fcb012" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PrepaidExpenseCurrent"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_019d49bb-b429-7498-9287-4220cde12488" xlink:to="loc_us-gaap_PrepaidExpenseCurrent_019d49bb-b429-768e-b482-0092b6fcb012" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_AccruedReceivable_019d49bb-b429-72a1-bde1-6e0bf6f4cf1f" xlink:href="panl-20260331.xsd#panl_AccruedReceivable"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_019d49bb-b429-7498-9287-4220cde12488" xlink:to="loc_panl_AccruedReceivable_019d49bb-b429-72a1-bde1-6e0bf6f4cf1f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_MarginDepositAssetLiability_019d49bb-b429-776b-9e65-2ef5839b7a24" xlink:href="panl-20260331.xsd#panl_MarginDepositAssetLiability"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_019d49bb-b429-7498-9287-4220cde12488" xlink:to="loc_panl_MarginDepositAssetLiability_019d49bb-b429-776b-9e65-2ef5839b7a24" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssetsCurrent_019d49bb-b429-7f18-a1f1-4a7ab511842d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherAssetsCurrent"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_019d49bb-b429-7498-9287-4220cde12488" xlink:to="loc_us-gaap_OtherAssetsCurrent_019d49bb-b429-7f18-a1f1-4a7ab511842d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetsCurrent_019d49bb-b429-7984-af2f-5bf63fef412d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeAssetsCurrent"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_019d49bb-b429-7498-9287-4220cde12488" xlink:to="loc_us-gaap_DerivativeAssetsCurrent_019d49bb-b429-7984-af2f-5bf63fef412d" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pangaeals.com/role/BasisofPresentationandSignificantAccountingPoliciesScheduleofAccountsPayableandAccruedLiabilitiesDetails" xlink:type="simple" xlink:href="panl-20260331.xsd#BasisofPresentationandSignificantAccountingPoliciesScheduleofAccountsPayableandAccruedLiabilitiesDetails"/>
  <link:calculationLink xlink:role="http://www.pangaeals.com/role/BasisofPresentationandSignificantAccountingPoliciesScheduleofAccountsPayableandAccruedLiabilitiesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsPayableAndOtherAccruedLiabilitiesCurrent_019d49bb-b429-7911-a73f-b5ffaa02e254" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccountsPayableAndOtherAccruedLiabilitiesCurrent"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilities_019d49bb-b429-746f-9a1c-c5109955bfd3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeLiabilities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AccountsPayableAndOtherAccruedLiabilitiesCurrent_019d49bb-b429-7911-a73f-b5ffaa02e254" xlink:to="loc_us-gaap_DerivativeLiabilities_019d49bb-b429-746f-9a1c-c5109955bfd3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAccruedLiabilitiesCurrent_019d49bb-b429-73f4-a269-b69e11de842f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherAccruedLiabilitiesCurrent"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AccountsPayableAndOtherAccruedLiabilitiesCurrent_019d49bb-b429-7911-a73f-b5ffaa02e254" xlink:to="loc_us-gaap_OtherAccruedLiabilitiesCurrent_019d49bb-b429-73f4-a269-b69e11de842f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsPayableOtherCurrentAndNoncurrent_019d49bb-b429-73a3-8afe-e5b802c80b4d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccountsPayableOtherCurrentAndNoncurrent"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AccountsPayableAndOtherAccruedLiabilitiesCurrent_019d49bb-b429-7911-a73f-b5ffaa02e254" xlink:to="loc_us-gaap_AccountsPayableOtherCurrentAndNoncurrent_019d49bb-b429-73a3-8afe-e5b802c80b4d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_AccruedVoyageExpenses_019d49bb-b429-7511-b692-f0ad4c52e973" xlink:href="panl-20260331.xsd#panl_AccruedVoyageExpenses"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AccountsPayableAndOtherAccruedLiabilitiesCurrent_019d49bb-b429-7911-a73f-b5ffaa02e254" xlink:to="loc_panl_AccruedVoyageExpenses_019d49bb-b429-7511-b692-f0ad4c52e973" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsPayableCurrentAndNoncurrent_019d49bb-b429-7c9c-bd5c-fa12e321e2d9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccountsPayableCurrentAndNoncurrent"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AccountsPayableAndOtherAccruedLiabilitiesCurrent_019d49bb-b429-7911-a73f-b5ffaa02e254" xlink:to="loc_us-gaap_AccountsPayableCurrentAndNoncurrent_019d49bb-b429-7c9c-bd5c-fa12e321e2d9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccruedBonusesCurrentAndNoncurrent_019e0331-f69e-78c1-89c1-77eeddf8639c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccruedBonusesCurrentAndNoncurrent"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AccountsPayableAndOtherAccruedLiabilitiesCurrent_019d49bb-b429-7911-a73f-b5ffaa02e254" xlink:to="loc_us-gaap_AccruedBonusesCurrentAndNoncurrent_019e0331-f69e-78c1-89c1-77eeddf8639c" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pangaeals.com/role/FixedAssetsDetails" xlink:type="simple" xlink:href="panl-20260331.xsd#FixedAssetsDetails"/>
  <link:calculationLink xlink:role="http://www.pangaeals.com/role/FixedAssetsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet_019d49bb-b429-7c87-a855-dc068e864362" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PropertyPlantAndEquipmentNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_VesselsAndVesselImprovementsPropertyPlantAndEquipementGross_019d49bb-b429-7bb9-a77d-f7b8c78813ac" xlink:href="panl-20260331.xsd#panl_VesselsAndVesselImprovementsPropertyPlantAndEquipementGross"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNet_019d49bb-b429-7c87-a855-dc068e864362" xlink:to="loc_panl_VesselsAndVesselImprovementsPropertyPlantAndEquipementGross_019d49bb-b429-7bb9-a77d-f7b8c78813ac" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pangaeals.com/role/DebtScheduleofDebtDetails" xlink:type="simple" xlink:href="panl-20260331.xsd#DebtScheduleofDebtDetails"/>
  <link:calculationLink xlink:role="http://www.pangaeals.com/role/DebtScheduleofDebtDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebt_019d49bb-b429-7044-bdd5-95dcd1bd71eb" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebt"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtCurrent_019d49bb-b429-7548-9597-a43967347412" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtCurrent"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebt_019d49bb-b429-7044-bdd5-95dcd1bd71eb" xlink:to="loc_us-gaap_LongTermDebtCurrent_019d49bb-b429-7548-9597-a43967347412" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtNoncurrent_019d49bb-b429-7abb-aa1d-80ddc1440dd7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtNoncurrent"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebt_019d49bb-b429-7044-bdd5-95dcd1bd71eb" xlink:to="loc_us-gaap_LongTermDebtNoncurrent_019d49bb-b429-7abb-aa1d-80ddc1440dd7" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pangaeals.com/role/DebtScheduleofDebtDetails_1" xlink:type="simple" xlink:href="panl-20260331.xsd#DebtScheduleofDebtDetails_1"/>
  <link:calculationLink xlink:role="http://www.pangaeals.com/role/DebtScheduleofDebtDetails_1" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebt_019d49bb-b429-790e-a0f8-08231502fb44" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebt"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentCarryingAmount_019d49bb-b429-73f4-bb58-e5c602cf4899" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtInstrumentCarryingAmount"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebt_019d49bb-b429-790e-a0f8-08231502fb44" xlink:to="loc_us-gaap_DebtInstrumentCarryingAmount_019d49bb-b429-73f4-bb58-e5c602cf4899" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnamortizedDebtIssuanceExpense_019d49bb-b429-7274-a7d7-544fadf89da6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_UnamortizedDebtIssuanceExpense"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebt_019d49bb-b429-790e-a0f8-08231502fb44" xlink:to="loc_us-gaap_UnamortizedDebtIssuanceExpense_019d49bb-b429-7274-a7d7-544fadf89da6" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pangaeals.com/role/DebtFutureMinimumAnnualPaymentsDetails" xlink:type="simple" xlink:href="panl-20260331.xsd#DebtFutureMinimumAnnualPaymentsDetails"/>
  <link:calculationLink xlink:role="http://www.pangaeals.com/role/DebtFutureMinimumAnnualPaymentsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentCarryingAmount_019d49bb-b429-7bd7-bc07-125681005143" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtInstrumentCarryingAmount"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_LongTermDebtBeforeUnamortizedDiscountPremiumGross_019d49bb-b429-7325-ba42-339546a9dfb0" xlink:href="panl-20260331.xsd#panl_LongTermDebtBeforeUnamortizedDiscountPremiumGross"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_019d49bb-b429-7bd7-bc07-125681005143" xlink:to="loc_panl_LongTermDebtBeforeUnamortizedDiscountPremiumGross_019d49bb-b429-7325-ba42-339546a9dfb0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_019d49bb-b429-7c0a-a59f-8b8653fd4214" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_019d49bb-b429-7bd7-bc07-125681005143" xlink:to="loc_us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_019d49bb-b429-7c0a-a59f-8b8653fd4214" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_LongTermDebtBeforeUnamortizedDiscountPremiumGross_019d49bb-b429-7d65-8082-3ed274c110ae" xlink:href="panl-20260331.xsd#panl_LongTermDebtBeforeUnamortizedDiscountPremiumGross"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_019d49bb-b429-739e-8d7f-c012ebc4059c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_panl_LongTermDebtBeforeUnamortizedDiscountPremiumGross_019d49bb-b429-7d65-8082-3ed274c110ae" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_019d49bb-b429-739e-8d7f-c012ebc4059c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_019d49bb-b429-7810-b205-23f486a58a01" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_panl_LongTermDebtBeforeUnamortizedDiscountPremiumGross_019d49bb-b429-7d65-8082-3ed274c110ae" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_019d49bb-b429-7810-b205-23f486a58a01" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_019d49bb-b429-7d46-b01e-d57c67b91cad" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_panl_LongTermDebtBeforeUnamortizedDiscountPremiumGross_019d49bb-b429-7d65-8082-3ed274c110ae" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_019d49bb-b429-7d46-b01e-d57c67b91cad" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_019d49bb-b429-78f5-8a59-10fa9ea26f5d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_panl_LongTermDebtBeforeUnamortizedDiscountPremiumGross_019d49bb-b429-7d65-8082-3ed274c110ae" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_019d49bb-b429-78f5-8a59-10fa9ea26f5d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_019d49bb-b429-722d-9ebb-ddc94cb4026a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_panl_LongTermDebtBeforeUnamortizedDiscountPremiumGross_019d49bb-b429-7d65-8082-3ed274c110ae" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_019d49bb-b429-722d-9ebb-ddc94cb4026a" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pangaeals.com/role/FinanceLeasesScheduleofFinanceLeasesDetails" xlink:type="simple" xlink:href="panl-20260331.xsd#FinanceLeasesScheduleofFinanceLeasesDetails"/>
  <link:calculationLink xlink:role="http://www.pangaeals.com/role/FinanceLeasesScheduleofFinanceLeasesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_panl_FinanceLeaseLiabilityNet_019d49bb-b429-75f9-97c9-f0b62aebe153" xlink:href="panl-20260331.xsd#panl_FinanceLeaseLiabilityNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiability_019d49bb-b429-77f0-953f-a0a6cc4ddf4c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiability"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_panl_FinanceLeaseLiabilityNet_019d49bb-b429-75f9-97c9-f0b62aebe153" xlink:to="loc_us-gaap_FinanceLeaseLiability_019d49bb-b429-77f0-953f-a0a6cc4ddf4c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_FinanceLeaseLiabilityIssuanceCosts_019d49bb-b429-721a-8cfc-7c54287bde7b" xlink:href="panl-20260331.xsd#panl_FinanceLeaseLiabilityIssuanceCosts"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_panl_FinanceLeaseLiabilityNet_019d49bb-b429-75f9-97c9-f0b62aebe153" xlink:to="loc_panl_FinanceLeaseLiabilityIssuanceCosts_019d49bb-b429-721a-8cfc-7c54287bde7b" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pangaeals.com/role/FinanceLeasesScheduleofFutureMinimumLeasePaymentsforLeasesDetails" xlink:type="simple" xlink:href="panl-20260331.xsd#FinanceLeasesScheduleofFutureMinimumLeasePaymentsforLeasesDetails"/>
  <link:calculationLink xlink:role="http://www.pangaeals.com/role/FinanceLeasesScheduleofFutureMinimumLeasePaymentsforLeasesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_panl_LongTermDebtAndFinanceLeaseObligation_019d49bb-b429-7008-b2e2-0d94e965b6e2" xlink:href="panl-20260331.xsd#panl_LongTermDebtAndFinanceLeaseObligation"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear_019d49bb-b429-75bf-bd59-db19bb4d2077" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_panl_LongTermDebtAndFinanceLeaseObligation_019d49bb-b429-7008-b2e2-0d94e965b6e2" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear_019d49bb-b429-75bf-bd59-db19bb4d2077" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_019d49bb-b429-7b0c-8547-e862858edb76" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_panl_LongTermDebtAndFinanceLeaseObligation_019d49bb-b429-7008-b2e2-0d94e965b6e2" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_019d49bb-b429-7b0c-8547-e862858edb76" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo_019d49bb-b429-7c3e-9e13-a81539150e77" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_panl_LongTermDebtAndFinanceLeaseObligation_019d49bb-b429-7008-b2e2-0d94e965b6e2" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo_019d49bb-b429-7c3e-9e13-a81539150e77" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree_019d49bb-b429-7205-b19a-0775bd652dd0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_panl_LongTermDebtAndFinanceLeaseObligation_019d49bb-b429-7008-b2e2-0d94e965b6e2" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree_019d49bb-b429-7205-b19a-0775bd652dd0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFour_019d49bb-b429-71ff-b8a6-be2544d0069f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueYearFour"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_panl_LongTermDebtAndFinanceLeaseObligation_019d49bb-b429-7008-b2e2-0d94e965b6e2" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFour_019d49bb-b429-71ff-b8a6-be2544d0069f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_FinanceLeaseLiabilityToBePaidAfterYearFour_019d49bb-b429-7008-8612-b2b185cc1134" xlink:href="panl-20260331.xsd#panl_FinanceLeaseLiabilityToBePaidAfterYearFour"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_panl_LongTermDebtAndFinanceLeaseObligation_019d49bb-b429-7008-b2e2-0d94e965b6e2" xlink:to="loc_panl_FinanceLeaseLiabilityToBePaidAfterYearFour_019d49bb-b429-7008-8612-b2b185cc1134" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractualObligation_019d49bb-b429-7654-adfb-d9484aee727c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ContractualObligation"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_LongTermDebtAndLeaseObligationNetOfUnamortizedIssuanceExpense_019d49bb-b429-73c7-a102-dcdbd9ad56d3" xlink:href="panl-20260331.xsd#panl_LongTermDebtAndLeaseObligationNetOfUnamortizedIssuanceExpense"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ContractualObligation_019d49bb-b429-7654-adfb-d9484aee727c" xlink:to="loc_panl_LongTermDebtAndLeaseObligationNetOfUnamortizedIssuanceExpense_019d49bb-b429-73c7-a102-dcdbd9ad56d3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities_019d49bb-b429-7c04-9bb2-39b43209fe29" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ContractualObligation_019d49bb-b429-7654-adfb-d9484aee727c" xlink:to="loc_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities_019d49bb-b429-7c04-9bb2-39b43209fe29" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtAndCapitalLeaseObligations_019d49bb-b429-7c1f-8e34-964bc7d4c4e9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtAndCapitalLeaseObligations"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_LongTermDebtAndFinanceLeaseObligation_019d49bb-b429-738d-a0eb-40ae421d8461" xlink:href="panl-20260331.xsd#panl_LongTermDebtAndFinanceLeaseObligation"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebtAndCapitalLeaseObligations_019d49bb-b429-7c1f-8e34-964bc7d4c4e9" xlink:to="loc_panl_LongTermDebtAndFinanceLeaseObligation_019d49bb-b429-738d-a0eb-40ae421d8461" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_FinanceLeaseLiabilityInterestCosts_019d49bb-b429-7c02-bfc9-cb75e2689ead" xlink:href="panl-20260331.xsd#panl_FinanceLeaseLiabilityInterestCosts"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebtAndCapitalLeaseObligations_019d49bb-b429-7c1f-8e34-964bc7d4c4e9" xlink:to="loc_panl_FinanceLeaseLiabilityInterestCosts_019d49bb-b429-7c02-bfc9-cb75e2689ead" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019d49bb-b429-7c82-8463-5d239bdfa7ba" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDue"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear_019d49bb-b429-72d7-95c9-f836eb6eec4a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019d49bb-b429-7c82-8463-5d239bdfa7ba" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear_019d49bb-b429-72d7-95c9-f836eb6eec4a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_019d49bb-b429-7937-a6ed-dc36c5449b24" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019d49bb-b429-7c82-8463-5d239bdfa7ba" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_019d49bb-b429-7937-a6ed-dc36c5449b24" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo_019d49bb-b429-7495-84a2-71f8b61f83fd" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019d49bb-b429-7c82-8463-5d239bdfa7ba" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo_019d49bb-b429-7495-84a2-71f8b61f83fd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree_019d49bb-b429-71d3-af11-9ae641bef4be" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019d49bb-b429-7c82-8463-5d239bdfa7ba" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree_019d49bb-b429-71d3-af11-9ae641bef4be" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pangaeals.com/role/CommitmentandContingenciesScheduleofLesseeOperatingLeaseLiabilitytobePaidMaturityDetails" xlink:type="simple" xlink:href="panl-20260331.xsd#CommitmentandContingenciesScheduleofLesseeOperatingLeaseLiabilitytobePaidMaturityDetails"/>
  <link:calculationLink xlink:role="http://www.pangaeals.com/role/CommitmentandContingenciesScheduleofLesseeOperatingLeaseLiabilitytobePaidMaturityDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019d49bb-b429-7334-be73-03d8f9bd0b12" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_019d49bb-b429-7eaa-883c-22105aeea68b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019d49bb-b429-7334-be73-03d8f9bd0b12" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_019d49bb-b429-7eaa-883c-22105aeea68b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_019d49bb-b429-730b-87c5-402e26da1534" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019d49bb-b429-7334-be73-03d8f9bd0b12" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_019d49bb-b429-730b-87c5-402e26da1534" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_019d49bb-b429-7d09-ac24-082e4bd628f1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019d49bb-b429-7334-be73-03d8f9bd0b12" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_019d49bb-b429-7d09-ac24-082e4bd628f1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_019d49bb-b429-7460-8da1-13617c7f72b3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019d49bb-b429-7334-be73-03d8f9bd0b12" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_019d49bb-b429-7460-8da1-13617c7f72b3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_019d49bb-b429-71f0-a787-d0ff228c2181" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019d49bb-b429-7334-be73-03d8f9bd0b12" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_019d49bb-b429-71f0-a787-d0ff228c2181" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive_019d49bb-b429-7581-a433-f35dfecfe4bb" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019d49bb-b429-7334-be73-03d8f9bd0b12" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive_019d49bb-b429-7581-a433-f35dfecfe4bb" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pangaeals.com/role/SegmentReportingDetails" xlink:type="simple" xlink:href="panl-20260331.xsd#SegmentReportingDetails"/>
  <link:calculationLink xlink:role="http://www.pangaeals.com/role/SegmentReportingDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019d49bb-b429-7469-bcb3-58c180d42e66" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_019d49bb-b429-7095-be3a-8743d21b6839" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019d49bb-b429-7469-bcb3-58c180d42e66" xlink:to="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_019d49bb-b429-7095-be3a-8743d21b6839" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_VoyageExpense_019d49bb-b429-7efb-ac8d-46332edcae5c" xlink:href="panl-20260331.xsd#panl_VoyageExpense"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019d49bb-b429-7469-bcb3-58c180d42e66" xlink:to="loc_panl_VoyageExpense_019d49bb-b429-7efb-ac8d-46332edcae5c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherExpenses_019d49bb-b429-7938-b533-82e22c4c788f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherExpenses"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019d49bb-b429-7469-bcb3-58c180d42e66" xlink:to="loc_us-gaap_OtherExpenses_019d49bb-b429-7938-b533-82e22c4c788f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonoperatingIncomeExpense_019d49bb-b429-73e8-903b-99b41d22a55e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NonoperatingIncomeExpense"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019d49bb-b429-7469-bcb3-58c180d42e66" xlink:to="loc_us-gaap_NonoperatingIncomeExpense_019d49bb-b429-73e8-903b-99b41d22a55e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_RevenueFromContractWithCustomerExcludingAssessedTaxAndVoyageExpense_019d49bb-b429-79b6-b02c-ebe3ca128509" xlink:href="panl-20260331.xsd#panl_RevenueFromContractWithCustomerExcludingAssessedTaxAndVoyageExpense"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_019d49bb-b429-7f05-a6da-44e360d7fcb2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_panl_RevenueFromContractWithCustomerExcludingAssessedTaxAndVoyageExpense_019d49bb-b429-79b6-b02c-ebe3ca128509" xlink:to="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_019d49bb-b429-7f05-a6da-44e360d7fcb2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_panl_VoyageExpense_019d49bb-b429-7df3-be49-622be1a5de2f" xlink:href="panl-20260331.xsd#panl_VoyageExpense"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_panl_RevenueFromContractWithCustomerExcludingAssessedTaxAndVoyageExpense_019d49bb-b429-79b6-b02c-ebe3ca128509" xlink:to="loc_panl_VoyageExpense_019d49bb-b429-7df3-be49-622be1a5de2f" xlink:type="arc"/>
  </link:calculationLink>
</link:linkbase>
