v3.26.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 105,675,000 $ 103,054,000
Accounts receivable (net of allowance of $6,536 and $6,017 at June 30, 2026 and December 31, 2025, respectively) 59,147,000 55,854,000
Inventories 51,095,000 28,389,000
Advance hire, prepaid expenses and other current assets 50,027,000 28,478,000
Total current assets 265,944,000 215,776,000
Restricted cash 270,000 270,000
Fixed assets, at cost, net of accumulated depreciation of $200,962 and $179,988 at June 30, 2026 and December 31, 2025, respectively 667,189,000 677,518,000
Finance lease right of use assets, at cost, net of accumulated depreciation of $7,648 and $12,678 at June 30, 2026 and December 31, 2025, respectively 16,376,000 26,866,000
Goodwill 3,105,000 3,105,000
Other non-current assets 3,792,000 4,561,000
Total assets 956,677,000 928,096,000
Current liabilities    
Accounts payable, accrued expenses and other current liabilities 83,012,000 54,257,000
Deferred revenue 27,805,000 24,891,000
Current portion of secured long-term debt 40,155,000 16,910,000
Current portion of financing obligations 38,521,000 27,896,000
Current portion of finance lease liabilities 1,000,000 2,076,000
Dividend payable 607,000 1,198,000
Total current liabilities 192,184,000 128,034,000
Secured long-term debt, net 66,542,000 97,157,000
Financing obligations, net 195,360,000 219,774,000
Finance lease liabilities, net 7,909,000 8,395,000
Total noncurrent liabilities 269,811,000 325,326,000
Commitments and contingencies - Note 9
Stockholders' equity:    
Common stock, $0.0001 par value, 100,000,000 shares authorized; 65,473,772 shares issued and outstanding at June 30, 2026; 64,973,988 shares issued and outstanding at December 31, 2025 7,000 7,000
Additional paid-in capital 259,394,000 257,072,000
Retained earnings 189,228,000 172,255,000
Total Pangaea Logistics Solutions Ltd. equity 448,629,000 429,333,000
Non-controlling interests 46,053,000 45,403,000
Total stockholders' equity 494,682,000 474,736,000
Total liabilities and stockholders' equity 956,677,000 928,096,000
Related Party    
Current liabilities    
Affiliated companies payable $ 1,085,000 $ 806,000