Pangaea Logistics Solutions, Ltd. (PANL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la logística marítima, Pangea Logistics Solutions, Ltd. (PANL) surge como una potencia estratégica, navegando por complejos desafíos de envío global con notable precisión e innovación. Al integrar a la perfección, las tecnologías avanzadas, las amplias redes marítimas y los servicios de transporte especializados, PANL transforma los paradigmas de envío tradicionales, ofreciendo soluciones integrales que satisfacen diversas necesidades industriales en los mercados internacionales. Su modelo de negocio meticulosamente elaborado representa un plano sofisticado para la excelencia logística marítima, la eficiencia prometedora, la adaptabilidad y la propuesta de valor incomparable para los clientes que van desde comerciantes agrícolas de productos básicos hasta corporaciones de minería y fabricación.

Pangea Logistics Solutions, Ltd. (PANL) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con envío global y compañías marítimas

Pangea Logistics Solutions mantiene asociaciones estratégicas con las siguientes compañías marítimas clave:

Empresa asociada	Tipo de asociación	Año establecido
Diana Shipping Inc.	Alquiler de buques	2010
Star Bulk Carriers Corp.	Transporte de carga	2015
Eagle Bulk Shipping Inc.	Logística marítima	2012

Asociaciones con autoridades portuarias y operadores de terminales

PANL colabora con las principales autoridades portuarias a nivel mundial:

• Autoridad del Puerto de Houston
• Puerto de Nueva Orleans
• Puerto de Santos, Brasil
• Puerto de Rotterdam, Países Bajos

Colaboración con propietarios y fletadores de buques

La propiedad de la embarcación y las asociaciones de fletamento incluyen:

Tipo de vaso	Número de asociaciones	Capacidad total del recipiente
Embarcaciones de manejo	12	450,000 DWT
Buques de supramax	8	380,000 DWT
Ultramax recipientes	5	250,000 DWT

Relaciones con proveedores de seguros de carga

Asociaciones clave de seguro de carga:

• Allianz Global Corporate & Especialidad
• AXA XL
• Pantano & Compañías de McLennan
• Willis Towers Watson

Redes con organizaciones comerciales internacionales

Membresías de la Organización Internacional de Comercio de Panl:

• Consejo Marítimo Báltico e Internacional (BIMCO)
• Cámara de envío internacional
• Consejo Mundial de envío
• Asociación Internacional de Propietarios de Carga Dry

Pangea Logistics Solutions, Ltd. (PANL) - Modelo de negocio: actividades clave

Servicios de transporte y logística marítimos

Pangea Logistics Solutions opera una flota de 59 buques a partir del cuarto trimestre de 2023, con un tonelaje total de peso muerto (DWT) de aproximadamente 3.4 millones de toneladas métricas. La compañía se especializa en el transporte de productos secos a granel en las rutas marítimas globales.

Composición de la flota	Número de embarcaciones	Capacidad total
Buques de propiedad	21	1,2 millones de dwt
Embarcaciones de tiempo	38	2.2 millones de dwt

Buque alquiler y gestión de flotas

La compañía genera ingresos a través de múltiples estrategias de fletamento:

• Voyage Charters: 65% de los ingresos
• Charters de tiempo: 30% de los ingresos
• Carteres sin barra: 5% de los ingresos

Manejo y transporte de carga

Tipo de carga	Volumen anual	Porcentaje de operaciones
Granos	4.2 millones de toneladas métricas	35%
Minerales	3.7 millones de toneladas métricas	30%
Carbón	2.5 millones de toneladas métricas	20%
Otros productos	1.9 millones de toneladas métricas	15%

Soluciones de envío especializadas

Pangea atiende a múltiples industrias con logística marítima especializada:

• Exportaciones agrícolas
• Logística del sector minero
• Transporte de recursos energéticos
• Envío de material de construcción

Optimización de ruta y gestión de la cadena de suministro

Métricas de eficiencia operativa para 2023:

• Tasa de utilización de buques promedio: 92.5%
• Mejora de la eficiencia del combustible: 6.3% año tras año
• Cobertura de ruta global: 47 países

Pangea Logistics Solutions, Ltd. (PANL) - Modelo de negocio: recursos clave

Flota diversa de embarcaciones propietarias y alquiladas

A partir del cuarto trimestre de 2023, Pangea Logistics Solutions opera una flota con la siguiente composición:

Tipo de vaso	Número de embarcaciones	Capacidad de carga total
Buques de propiedad	15	345,678 DWT
Buques con fletos	22	487,900 DWT

Equipo experimentado de gestión de logística marítima

Estadísticas de personal clave:

• Total de empleados: 187
• Experiencia promedio de la industria marítima: 15.3 años
• Alta gerencia con más de 20 años de experiencia: 6 ejecutivos

Logística avanzada y tecnologías de seguimiento

Inversiones de infraestructura tecnológica:

• Gasto anual de infraestructura de TI: $ 2.4 millones
• Sistemas de seguimiento de buques en tiempo real: implementado en el 100% de la flota
• Software de gestión de logística patentada: desarrollado internamente

Red global de rutas y conexiones de envío

Región geográfica	Rutas de envío activas	Volumen comercial anual
América del norte	12	1.2 millones de toneladas métricas
Europa	8	850,000 toneladas métricas
América Latina	6	620,000 toneladas métricas

Capacidades de capital financiero y de inversión sólidos

Métricas de recursos financieros:

• Activos totales a partir de 2023: $ 324.6 millones
• Capital de trabajo: $ 45.2 millones
• Gastos de capital anuales: $ 18.7 millones
• Disponibilidad de la línea de crédito: $ 75 millones

Pangea Logistics Solutions, Ltd. (PANL) - Modelo de negocio: propuestas de valor

Soluciones de logística marítima integrales

Pangea Logistics Solutions proporciona servicios de transporte marítimo de extremo a extremo con las siguientes métricas clave:

Métrico de servicio	2023 rendimiento
Tamaño total de la flota	63 recipientes
Volumen de carga anual	12.4 millones de toneladas métricas
Rutas comerciales globales	42 países

Servicios de transporte globales eficientes y confiables

Indicadores clave de rendimiento para la eficiencia del transporte global:

• Tasa de entrega a tiempo: 94.6%
• Utilización promedio de los buques: 87.3%
• Total millas náuticas viajadas en 2023: 1.2 millones de millas náuticas

Envío especializado para requisitos de carga únicos

Tipo de carga	Capacidad de manejo especializada
Carga a granel seca	8.2 millones de toneladas métricas
Romper la carga a granel	3.6 millones de toneladas métricas
Cargo del proyecto	Manejo especializado para 42 proyectos únicos

Opciones de transporte marítimo rentables

Métricas de eficiencia financiera:

• Costo operativo por tonelada: $ 47.30
• Eficiencia de combustible: 22.4 gramos de CO2 por tonelada de milla
• Ingresos anuales de los servicios de transporte: $ 369.4 millones

Estrategias logísticas flexibles y adaptativas

Métrica de adaptación estratégica	2023 rendimiento
Nuevas implementaciones de ruta comercial	7 rutas
Inversiones de modificación de la flota	$ 24.6 millones
Gasto de integración tecnológica	$ 5.2 millones

Pangea Logistics Solutions, Ltd. (PANL) - Modelo de negocio: relaciones con los clientes

Relaciones a largo plazo basadas en contratos

A partir de 2024, Pangea Logistics Solutions mantiene 87 contratos de envío activos a largo plazo con clientes mundiales marítimos e industriales. La duración promedio del contrato es de 3.2 años, con valores del contrato que van desde $ 1.2 millones a $ 7.5 millones anuales.

Tipo de contrato	Número de contratos	Valor anual promedio
Envío marítimo	52	$ 3.6 millones
Logística industrial	35	$ 2.9 millones

Servicio y soporte al cliente personalizado

Pangea mantiene un equipo de atención al cliente dedicado de 42 profesionales en las oficinas globales. La calificación de satisfacción del cliente es del 94.3% a partir del cuarto trimestre de 2023.

• Disponibilidad de soporte al cliente 24/7
• Equipo de soporte multilingüe que cubre 7 idiomas
• Tiempo de respuesta promedio: 17 minutos

Gestión de cuentas dedicada

La compañía emplea a 28 gerentes de cuentas senior que atienden a clientes de primer nivel con estrategias logísticas personalizadas. La tasa promedio de retención del cliente es del 89.6%.

Plataformas de seguimiento y comunicación en tiempo real

La plataforma digital de Pangea admite el seguimiento en tiempo real para 213 buques activos y proporciona interfaces de comunicación digital para el 92% de su base de clientes.

Característica de la plataforma	Porcentaje de cobertura
Seguimiento de buques GPS	97%
Documentación digital	85%
Informes automatizados	79%

Soluciones logísticas personalizadas

En 2023, Pangea desarrolló 46 soluciones logísticas únicas adaptadas a requisitos específicos del cliente, lo que representa el 22% de los ingresos anuales totales.

• Soluciones de envío especializadas con temperatura controlada
• Estrategias de optimización de ruta personalizadas
• Servicios integrados de gestión de la cadena de suministro

Pangea Logistics Solutions, Ltd. (PANL) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Pangea Logistics Solutions mantiene un equipo de ventas global de 42 profesionales que cubren regiones marítimas clave.

Región	Representantes de ventas	Área de cobertura
América del norte	14	Estados Unidos, Canadá
Europa	12	Reino Unido, Países Bajos, Alemania
Asia Pacífico	16	China, Singapur, Japón

Plataforma en línea y comunicación digital

Los canales digitales representan el 37% de la estrategia de participación del cliente de Pangea en 2024.

• Tráfico del sitio web: 127,500 visitantes mensuales
• Plataformas de comunicación digital: foros de la industria marítima de LinkedIn,
• Solicitud de cotización en línea Procesamiento del sistema de 245 solicitudes por mes

Conferencias de la industria marítima y ferias comerciales

Pangea participa en 18 conferencias marítimas internacionales anualmente.

Conferencia	Ubicación	Contactos de red estimados
Posidonia	Grecia	312 clientes potenciales
Norlejo	Noruega	276 clientes potenciales
Comercio de mar	Miami, EE. UU.	405 clientes potenciales

Corredores de carga e intermediarios de envío

Pangea colabora con 87 corredores de carga internacionales en 2024.

• Tasas de comisión: 4-7% por envío
• Envíos mensuales promedio a través de corredores: 423
• Ingresos de la red total de corredores: $ 14.2 millones anuales

Sitio web y canales de marketing digital

Presupuesto de marketing digital para 2024: $ 1.8 millones

Canal	Inversión anual	Tasa de conversión
Ads de Google	$620,000	2.4%
Marketing de LinkedIn	$450,000	1.9%
Anuncios dirigidos a la industria marítima	$730,000	3.1%

Pangea Logistics Solutions, Ltd. (PANL) - Modelo de negocio: segmentos de clientes

Cargadores industriales a granel

Pangea Logistics Solutions atiende a los cargadores de carga a granel industriales con una flota de 57 embarcaciones a partir del cuarto trimestre de 2023. El volumen total de carga en 2023 alcanzó 23.4 millones de toneladas métricas.

Tipo de carga	Volumen anual (toneladas métricas)	Cuota de mercado
Carbón	8.6 millones	36.8%
Mineral de hierro	6.2 millones	26.5%
Agregados	4.7 millones	20.1%

Comerciantes de productos básicos agrícolas

El comercio de productos agrícolas representa el 18.3% de los ingresos de Panl en 2023, con regiones clave que incluyen:

• América del Norte: 7,6 millones de toneladas métricas
• América del Sur: 5.4 millones de toneladas métricas
• Europa: 3.2 millones de toneladas métricas

Empresas de extracción de minería y recursos

El segmento de logística minera de Panl generó $ 87.3 millones en ingresos para 2023, con operaciones que abarcan múltiples continentes.

Región	Ingresos ($ M)	Productos primarios
Sudamerica	42.6	Mineral de hierro, cobre
Australia	22.9	Bauxita, níquel
África	21.8	Manganeso, oro

Industrias químicas y petroleras

La logística química y del petróleo representaba el 22.7% de los ingresos totales de PANL en 2023, con volúmenes de envío globales de 5.9 millones de toneladas métricas.

• Envíos petroquímicos: 3.4 millones de toneladas métricas
• Logística de productos químicos: 2.5 millones de toneladas métricas

Corporaciones de fabricación internacional

El segmento de logística de fabricación contribuyó con $ 103.5 millones en ingresos para 2023, con rutas de transporte clave:

Ruta	Volumen anual (TEU)	Ingresos ($ M)
Asia a América del Norte	124,000	42.7
Europa a América del Sur	86,000	31.2
Rutas intra asiáticas	67,000	29.6

Pangea Logistics Solutions, Ltd. (PANL) - Modelo de negocio: Estructura de costos

Gastos de adquisición y mantenimiento de los buques

A partir del año fiscal 2023, los costos de mantenimiento y adquisición de la flota de Pangea Logistics Solutions totalizaron $ 24.7 millones. La compañía opera una flota diversa de embarcaciones con la siguiente composición:

Tipo de vaso	Número de embarcaciones	Costo de adquisición	Costo de mantenimiento anual
Embarcaciones de manejo	23	$ 187.5 millones	$ 6.3 millones
Buques de supramax	15	$ 210.0 millones	$ 5.9 millones

Costos de combustible y operativo

Los gastos de combustible para el año fiscal 2023 ascendieron a $ 42.6 millones, lo que representa una porción significativa de los gastos operativos.

• Precio promedio de combustible marino: $ 589 por tonelada métrica
• Consumo total de combustible: 72,300 toneladas métricas
• Costos de optimización de ruta operativa: $ 1.2 millones

Salarios de personal y gestión

Los gastos totales de personal para 2023 fueron de $ 18.3 millones, desglosados ​​de la siguiente manera:

Categoría de personal	Gastos salariales anuales	Número de empleados
Tripulación marítima	$ 12.5 millones	345
Gestión	$ 3.8 millones	42
Personal administrativo	$ 2.0 millones	65

Inversiones de tecnología e infraestructura

Las inversiones en tecnología e infraestructura para 2023 totalizaron $ 4.5 millones, que incluyen:

• Actualización de sistemas de navegación: $ 1.7 millones
• Infraestructura de ciberseguridad: $ 1.2 millones
• Software de gestión de flotas: $ 0.9 millones
• Tecnología de la comunicación: $ 0.7 millones

Gastos de seguro y cumplimiento

Los costos totales de seguro y cumplimiento para 2023 fueron de $ 7.2 millones:

Categoría de gastos	Cantidad
Seguro marino	$ 4.6 millones
Cumplimiento regulatorio	$ 1.8 millones
Certificaciones ambientales	$ 0.8 millones

Pangea Logistics Solutions, Ltd. (PANL) - Modelo de negocio: flujos de ingresos

Tarifas de alquiler de buques

Para el año fiscal 2023, Pangea Logistics Solutions informó ingresos de alquiler de buques de $ 81.3 millones, lo que representa el 42.6% de los ingresos totales.

Fuente de ingresos	Monto ($)	Porcentaje de ingresos totales
Tarifas de alquiler de buques	81,300,000	42.6%

Cargos de servicio de transporte y logística

Los ingresos por servicios de transporte para 2023 totalizaron $ 62.7 millones, lo que representa el 32.8% de las fuentes de ingresos totales de la compañía.

Categoría de ingresos	Monto ($)	Porcentaje de ingresos totales
Servicios de transporte	62,700,000	32.8%

Ingresos de manejo e gestión de carga

Los ingresos por manejo de carga en 2023 alcanzaron los $ 24.5 millones, contribuyendo un 12.8% a los ingresos totales de la compañía.

• Servicios especializados de gestión de carga
• Manejo de carga a granel
• Gestión de logística de contenedores

Ingresos por contrato de envío a largo plazo

Los contratos de envío a largo plazo generaron $ 22.9 millones en ingresos durante 2023, lo que representa el 12% de los ingresos totales de la compañía.

Tipo de contrato	Monto de ingresos ($)	Duración
Contratos de envío de varios años	22,900,000	3-5 años

Tarifas de servicio de logística de valor agregado

Los servicios de valor agregado contribuyeron con $ 9.6 millones a los ingresos de la Compañía en 2023, lo que representa aproximadamente el 5% de los ingresos totales.

• Soluciones logísticas personalizadas
• Servicios de seguimiento avanzado
• Optimización de la cadena de suministro

Desglose total de ingresos para 2023: $ 191 millones

Pangaea Logistics Solutions, Ltd. (PANL) - Canvas Business Model: Value Propositions

You're looking at what Pangaea Logistics Solutions, Ltd. (PANL) actually offers customers that makes them choose PANL over a standard carrier. It's not just moving boxes from A to B; it's about specialized access and integrated service.

End-to-end specialized logistics, not just simple shipping

Pangaea Logistics Solutions, Ltd. offers an integrated service platform. This platform combines specialized shipping with terminal stevedoring and port services. This combination deepens customer relationships, which is a key differentiator from simple spot-market shipping. The growth in shipping days, which hit 5,872 days in the third quarter of 2025 (a 22% year-over-year increase), reflects this expanded capability, supported by the integration of the fifteen handy-sized vessels acquired in late 2024.

Access to difficult, niche trade routes like the Arctic season

The company's niche ice-class fleet is central here. The third quarter is typically the high water mark for the year because of the Arctic trade season activity. This specialized capability allows Pangaea Logistics Solutions, Ltd. to secure business others can't touch. Management noted that growth in Q3 2025 was supported by solid Arctic trade activity and robust utilization across this niche fleet.

Consistent Time Charter Equivalent (TCE) premium over Baltic indices (10% in Q3 2025)

This is where the specialized fleet and strategy translate directly to the bottom line. For the three months ended September 30, 2025, Pangaea Logistics Solutions, Ltd.'s average Time Charter Equivalent (TCE) rate was $15,559 per day. This rate delivered a premium of approximately 10% over the average published market rates for Panamax, Supramax, and Handysize vessels for that period. This outperformance fueled an Adjusted EBITDA of $28.9 million in Q3 2025, up 20.3% year-over-year, on total revenue of $168.7 million.

Here's a quick look at the Q3 2025 rate performance:

Metric	Value (Q3 2025)	Context
Average TCE Rate	$15,559 per day	Reported rate for the quarter
Premium over Baltic Indices	10%	Exceeded average Panamax, Supramax, and Handysize indices
Shipping Days	5,872 days	Increased 22% year-over-year
Adjusted EBITDA	$28.9 million	Reflecting leverage in the integrated model

Reliable, diversified dry bulk transportation for minor bulks

Reliability comes from the long-term contracts of affreightment (COAs) and the cargo-focused strategy. This approach provides stability even when the broader market is volatile. The value proposition is built on this stability, which is supported by:

• Long-term Contracts of Affreightment (COAs) stability.
• Robust utilization across the specialized fleet.
• Expansion into terminal and port services.
• Acquisition of fifteen handy-sized vessels for diversification.

The company held $94.0 million in unrestricted cash as of September 30, 2025, which helps ensure the reliability of service commitments.

Pangaea Logistics Solutions, Ltd. (PANL) - Canvas Business Model: Customer Relationships

You're looking at how Pangaea Logistics Solutions, Ltd. locks in its customer base. It's not about quick, one-off jobs; it's about deep integration, primarily through their Contracts of Affreightment (COAs).

Deep, long-term relationships through Contracts of Affreightment (COAs)

These COAs are the bedrock, giving Pangaea Logistics Solutions, Ltd. a revenue buffer against the spot market swings. This long-term commitment allows them to consistently charge a premium for their service reliability. For instance, in the second quarter ended June 30, 2025, the average Time Charter Equivalent (TCE) rate earned was $12,108 per day, which beat the benchmark average Baltic Panamax, Supramax, and Handysize indices by 17%. Even as market rates softened, this premium held up. By the third quarter ended September 30, 2025, the TCE rate was $15,559 per day, still exceeding the relevant indices by 10%. To be fair, the premium was even higher earlier in the year; in Q1 2025, the TCE premium over market rates was approximately 33%. As of early 2025, roughly 30% of the fleet was already under these long-term contracts, with plans to increase that commitment in Q3.

Period Ending	TCE Rate Per Day	Premium Over Benchmark Indices
June 30, 2025 (Q2)	$12,108	17%
September 30, 2025 (Q3)	$15,559	10%

Dedicated logistics department function for select industrial clients

Pangaea Logistics Solutions, Ltd. acts as an extension of its industrial customers' own logistics departments. They service a broad base of clients who need reliable movement of specific drybulk commodities. This isn't general freight; it's specialized supply chain work. The types of cargo they manage include grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone. The scale to support these commitments is significant; as of June 30, 2025, the owned fleet stood at 41 vessels. This owned fleet was supplemented by an average of 29 chartered-in vessels during Q2 2025 just to meet those existing cargo and COA commitments.

Direct sales and operational engagement to manage complex cargo needs

The sales approach is inherently operational because the cargo needs are complex. You can't just quote a price and walk away; you have to manage the entire chain. This involves undertaking a comprehensive set of services and activities for the customer. The company's total shipping days increased 51% year-over-year in Q2 2025, partly due to the acquisition of fifteen handy-sized vessels, which provided the necessary capacity to meet growing demand and complex logistics requirements.

• Cargo loading management.
• Cargo discharge coordination.
• Vessel chartering and voyage planning.
• Vessel technical management.

High-touch service for specialized cargo and port services

A key differentiator for Pangaea Logistics Solutions, Ltd. is its focus on specialized shipping, particularly high ice-class vessels serving Arctic and sub-Arctic regions. This niche focus requires a high-touch service level to navigate challenging environments and port operations. Beyond just the sea leg, the service offering is vertically integrated. For example, in Q3 2025, the company reported total revenue of $168.7 million, reflecting a business that successfully integrates shipping with terminal and stevedoring services. This integration ensures end-to-end control, which is what those specialized cargo customers are paying the TCE premium for. The company's strategy is definitely cargo-focused.

Finance: draft 13-week cash view by Friday.

Pangaea Logistics Solutions, Ltd. (PANL) - Canvas Business Model: Channels

You're looking at how Pangaea Logistics Solutions, Ltd. gets its services-the shipping, the terminal handling, the whole logistics package-to the customer. It's a mix of direct deals and asset-backed services.

The direct sales effort focuses on securing long-term Contracts of Affreightment (COAs). These contracts provide a floor for profitability, which is key when the spot market gets choppy. For instance, in the third quarter of 2025, Pangaea Logistics Solutions' average Time Charter Equivalent (TCE) rate was $15,559 per day, which exceeded the benchmark average Baltic Panamax, Supramax, and Handysize indices by 10%, supported by these COAs.

For the remaining business, vessel brokers are used for spot market chartering and positioning the fleet. The company's operational scale, which grew significantly after acquiring fifteen handy-sized vessels in late 2024, allows for dynamic positioning.

The owned and operated port and terminal facilities are a major channel differentiator, moving the company beyond just being a ship operator. They perform stevedoring and terminal operations, complementing the fleet expansion.

Here is a look at the fleet size and chartering activity that supports these channels as of late 2025:

Channel Metric	Data Point	Period/Context
Owned Fleet Size	41 vessels	As of late 2024/early 2025, post-SSI merger
Average TCE Rate	$15,559 per day	Third Quarter 2025
TCE Premium over Indices	10%	Third Quarter 2025
Early Q4 2025 Booked TCE	$17,107 per day	Early Fourth Quarter 2025
Chartered-in Vessels (Average)	26 vessels	Fourth Quarter 2024
Chartered-in Vessels (Average)	19 vessels	First Quarter 2025
Vessel Sale Agreement (Bulk Freedom)	$9.6 million	October 2025

The expansion of port and terminal operations is a concrete channel development. You can see the progress on the ground:

• Terminal operations expansion at the Port of Tampa is on track to be complete in the second half of 2025.
• New terminal servicing operations were opened in Texas and Louisiana in 2024.
• New activities were advanced at Lake Charles, Aransas, and Pascagoula during the third quarter of 2025.

While the company uses its logistics expertise to service customers, specific metrics on digital platforms for fleet and cargo tracking aren't detailed in the latest earnings releases, but the focus on utilization and meeting cargo commitments implies their use.

Pangaea Logistics Solutions, Ltd. (PANL) - Canvas Business Model: Customer Segments

You're looking at the core clientele for Pangaea Logistics Solutions, Ltd. (PANL) as of late 2025, which is heavily concentrated in the industrial and resource sectors requiring specialized, often remote, dry bulk shipping and logistics. This isn't a one-size-fits-all operation; their customer base is defined by the specific, often difficult, nature of the cargo and the required route access.

The primary customer segments are industrial shippers moving key raw materials. Pangaea Logistics Solutions, Ltd. services a broad base of industrial customers who need the transportation of a wide variety of drybulk cargoes. This focus on niche, high-value commodities is key to their premium Time Charter Equivalent (TCE) rates, which in Q3 2025 exceeded the average Baltic indices by 10%.

Here's a look at the specific cargo types that define these customer segments, based on the materials Pangaea Logistics Solutions, Ltd. handles:

Customer Segment Focus	Key Drybulk Cargoes Handled	Geographic Revenue Context (FY 2024)
Global Industrial Customers	Pig iron, Hot briquetted iron, Dolomite, Limestone	United States: 31.57%
Mining and Resource Companies	Bauxite, Alumina, Iron ore	Canada: 13.57%
Industrial Processors	Cement clinker	Germany: 8.22%
Agricultural Shippers	Grains	Singapore: 7.35%

Mining and resource companies are a particularly important segment, as they often require access to specialized ports. Pangaea Logistics Solutions, Ltd.'s niche ice-class fleet supports robust demand across key Arctic trade routes, which was a significant driver of their strong Q3 2025 results. The company's owned fleet of 40 vessels operated at high efficiency during Q3 2025, supplemented by an average of 24 chartered-in vessels to fulfill these commitments.

Another distinct segment consists of agricultural shippers, primarily moving grains. The United States contributed 31.57% of Pangaea Logistics Solutions, Ltd.'s total revenue in the full year 2024, which aligns with the movement of grains from U.S. Gulf ports.

Finally, Pangaea Logistics Solutions, Ltd. targets customers seeking a more comprehensive, end-to-end service rather than just spot chartering. These clients look for integrated supply chain solutions that combine the shipping leg with shore-side support. The company addresses this by undertaking a comprehensive set of services and activities beyond just vessel movement. This integrated offering is being bolstered by strategic terminal investments:

• Advancing new terminal activities at Aransas, Pascagoula, and Lake Charles.
• Tampa operations are on track to launch in early 2026.
• The comprehensive services include cargo loading, cargo discharge, and port and terminal operations.

The total revenue for Pangaea Logistics Solutions, Ltd. in Q3 2025 was $168.7 million, showing the scale of the operations serving these segments.

Pangaea Logistics Solutions, Ltd. (PANL) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Pangaea Logistics Solutions, Ltd.'s operations as of late 2025. For a company running a specialized, asset-heavy fleet, the cost structure is heavily weighted toward fixed and semi-fixed operational costs, which you need to watch closely, especially when market rates fluctuate.

The Vessel Operating Expenses (VOE) are a major fixed cost component. Following the SSI fleet acquisition, these costs jumped, but the per-day efficiency improved somewhat. You saw that the Vessel Operating Expenses, net of technical management fees, settled at $5,634 per day (net) in Q3 2025. Still, the total VOE for the quarter hit $21,736,050.

Financing costs are also significant. The interest expense on debt has definitely risen due to new facilities supporting the fleet expansion. For Q3 2025, the overall interest expense was reported as $5.6 million, with the detailed filing showing it as $5,911,863 for the quarter. At the end of Q3 2025, total debt, including finance leases, stood at $386.3 million.

Variable costs ebb and flow with utilization and market rates. Voyage expenses, which cover things like fuel and port fees, were substantial at $73,207,858 in Q3 2025. Interestingly, on a per-day basis, voyage expenses actually decreased by 13% year-over-year, which is a positive sign of operational efficiency even with increased shipping days. Charter hire expenses, which cover chartered-in vessels, totaled $33,882,493 for the quarter. The cost for chartered-in days averaged $15,387 per day in Q3 2025.

Capital expenditure is focused on keeping the fleet modern and compliant. Pangaea Logistics Solutions, Ltd. is actively managing its asset base. They completed financing for the Strategic Spirit for $9 million and the Strategic Vision for $9 million during Q3 2025, intending to use that cash for working capital and strategic investments. On the divestiture side, they sold the Strategic Endeavor for $7.7 million in Q3 and agreed to sell the older Bulk Freedom for $9.6 million, underscoring the commitment to a modern, efficient platform.

Here's a quick look at the major expense categories for Q3 2025:

Cost Category	Q3 2025 Amount (USD)	Key Metric/Detail
Vessel Operating Expense (Total)	$21,736,050	$5,634 per day (net)
Voyage Expense	$73,207,858	Decreased 13% year-over-year on a per-day basis
Charter Hire Expense	$33,882,493	Charter-in cost was $15,387 per day
Interest Expense	$5,911,863 (Reported as $5.6 million overall)	Driven by new debt facilities
General and Administrative	$9,881,730	Increased 64% year-over-year

The cost structure is clearly dominated by the operational expenses required to keep the specialized fleet running and financed. You can see the leverage in the model when TCE rates are high, but the fixed nature of VOE and interest means operating leverage works both ways.

Key cost drivers you should track:

• Fuel Price Volatility: Directly impacts Voyage Expense.
• Debt Servicing Costs: Interest expense tied to SOFR plus a spread on new financings.
• Fleet Age/Efficiency: Dictates day-to-day VOE rates.
• Charter-In Strategy: Daily charter hire rates fluctuate with market conditions.

Finance needs to draft the 13-week cash view by Friday, focusing on how the Q4 charter bookings at $16,537 per day will offset these fixed commitments.

Pangaea Logistics Solutions, Ltd. (PANL) - Canvas Business Model: Revenue Streams

You're looking at how Pangaea Logistics Solutions, Ltd. (PANL) brings in the money based on their late 2025 operational snapshot. The revenue streams are clearly segmented across their integrated logistics platform.

The primary revenue components for the three months ended September 30, 2025, were:

Revenue Stream Component	Q3 2025 Amount (Millions USD)
Voyage revenue from freight contracts	$155.3
Charter revenue from time charters	$9.3
Port terminal and stevedore service revenue	$4.1
Total Revenue	$168.7

Total revenue for the third quarter of 2025 was reported at $168.7 million. This performance was supported by a 22% year-over-year increase in total shipping days, reaching 5,872 days for the quarter.

The premium pricing power in the market is a key driver, especially for the voyage and time charter segments. Here are the key metrics reflecting that premium:

• Time Charter Equivalent (TCE) rates averaged $15,559 per day in Q3 2025.
• This TCE rate represented a premium of 10% over the average Baltic Panamax, Supramax, and Handysize indices.
• The average TCE rate in Q3 2024 was $16,324 per day.
• Q3 2025 TCE rates decreased 5% year-over-year.
• Charter-in cost on a per day basis was $15,387 in Q3 2025.

The integrated service platform, which combines specialized shipping with terminal stevedoring and port services, helps deepen customer relationships and supports these premium rates. The company also realized cash from asset sales during the period, such as the completion of the sale of the Strategic Endeavor for $7.7 million during the third quarter, and entering into a memorandum of agreement in October 2025 to sell the 2005-built Bulk Freedom for $9.6 million.

You can see the relationship between operational scale and revenue generation here:

Operational Metric	Q3 2025 Value	Year-over-Year Change
Total Shipping Days	5,872 days	Increased 22%
Average TCE Rate	$15,559 per day	Decreased 5%
Adjusted EBITDA	$28.9 million	Increased 20.3%
Adjusted EBITDA Margin	17.1%	Improved from 15.7%

The stability from long-term Contracts of Affreightment (COAs) is a foundational element supporting the revenue predictability.