Pangea Logistics Solutions, Ltd. (PANL): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da logística marítima, a Pangea Logistics Solutions, Ltd. (PANL) surge como uma potência estratégica, navegando desafios complexos de remessa globais com notável precisão e inovação. Ao integrar perfeitamente tecnologias avançadas, extensas redes marítimas e serviços de transporte especializados, a PANL transforma os paradigmas de expedição tradicionais, oferecendo soluções abrangentes que atendem a diversas necessidades industriais nos mercados internacionais. Seu modelo de negócios meticulosamente criado representa um plano sofisticado para a excelência em logística marítima, eficiência promissora, adaptabilidade e proposta de valor incomparável para clientes que variam de comerciantes de commodities agrícolas a empresas de mineração e manufatura.

Pangea Logistics Solutions, Ltd. (PANL) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com empresas globais de transporte marítimo e marítimo

A Pangea Logistics Solutions mantém parcerias estratégicas com as seguintes empresas marítimas:

Empresa parceira	Tipo de parceria	Ano estabelecido
Diana Shipping Inc.	Fretamento de embarcações	2010
Star Bulk Carriers Corp.	Transporte de carga	2015
Eagle Bulk Shipping Inc.	Logística marítima	2012

Parcerias com autoridades portuárias e operadores de terminais

PANL colabora com as principais autoridades portuárias em todo o mundo:

• Porto de Houston Authority
• Porto de Nova Orleans
• Porto de Santos, Brasil
• Porto de Roterdã, Holanda

Colaboração com proprietários de navios e fretadores

A propriedade e as parcerias de fretamento de embarcações incluem:

Tipo de embarcação	Número de parcerias	Capacidade total da embarcação
Handsize vasos	12	450.000 dwt
Vasos supramax	8	380.000 dwt
Vasos Ultramax	5	250.000 dwt

Relacionamento com provedores de seguros de carga

Principais parcerias de seguro de carga:

• Allianz Global Corporate & Especialidade
• AXA XL
• Pântano & Empresas de McLennan
• Willis Towers Watson

Redes com organizações comerciais internacionais

Associações da Organização Internacional de Comércio da PANL:

• Conselho Marítimo do Báltico e Internacional (BIMCO)
• Câmara de remessa internacional
• Conselho de Transporte Mundial
• Associação Internacional de Cleas de Cargo seco

Pangea Logistics Solutions, Ltd. (PANL) - Modelo de negócios: Atividades -chave

Serviços de transporte e logística marítimos

A Pangea Logistics Solutions opera uma frota de 59 navios a partir do quarto trimestre 2023, com uma tonelagem total de peso morto (DWT) de aproximadamente 3,4 milhões de toneladas. A empresa é especializada no transporte de mercadorias a granel seco em rotas marítimas globais.

Composição da frota	Número de embarcações	Capacidade total
Vasos de propriedade	21	1,2 milhão de dwt
Vasos cheios de tempo	38	2,2 milhões de dwt

Carta de embarcações e gerenciamento de frota

A empresa gera receita através de várias estratégias de fretamento:

• Cartas de viagem: 65% da receita
• Cartas de tempo: 30% da receita
• Cartas de barcos: 5% da receita

Manuseio e transporte de carga

Tipo de carga	Volume anual	Porcentagem de operações
Grãos	4,2 milhões de toneladas métricas	35%
Minerais	3,7 milhões de toneladas métricas	30%
Carvão	2,5 milhões de toneladas métricas	20%
Outras mercadorias	1,9 milhão de toneladas métricas	15%

Soluções de remessa especializadas

Pangea serve vários setores com logística marítima especializada:

• Exportações agrícolas
• Logística do setor de mineração
• Transporte de recursos energéticos
• Remessa de material de construção

Otimização de rota e gerenciamento da cadeia de suprimentos

Métricas de eficiência operacional para 2023:

• Taxa média de utilização de embarcações: 92,5%
• Melhoria da eficiência de combustível: 6,3% ano a ano
• Cobertura de rota global: 47 países

Pangea Logistics Solutions, Ltd. (PANL) - Modelo de negócios: Recursos -chave

Frota diversificada de embarcações de propriedade e fretamento

A partir do quarto trimestre 2023, a Pangea Logistics Solutions opera uma frota com a seguinte composição:

Tipo de embarcação	Número de embarcações	Capacidade total de transporte
Vasos de propriedade	15	345.678 dwt
Vasos fretados	22	487.900 dwt

Equipe de gerenciamento de logística marítima experiente

Estatísticas -chave do pessoal:

• Total de funcionários: 187
• Experiência média da indústria marítima: 15,3 anos
• Gestão sênior com mais de 20 anos de experiência: 6 executivos

Tecnologias avançadas de logística e rastreamento

Investimentos de infraestrutura de tecnologia:

• Gastos anuais de infraestrutura de TI: US $ 2,4 milhões
• Sistemas de rastreamento de embarcações em tempo real: implementados em 100% da frota
• Software de gerenciamento de logística proprietário: desenvolvido internamente

Rede global de rotas de remessa e conexões

Região geográfica	Rotas de envio ativas	Volume comercial anual
América do Norte	12	1,2 milhão de toneladas métricas
Europa	8	850.000 toneladas métricas
América latina	6	620.000 toneladas métricas

Fortes capital financeiro e capacidades de investimento

Métricas de recursos financeiros:

• Total de ativos a partir de 2023: US $ 324,6 milhões
• Capital de giro: US $ 45,2 milhões
• Despesas com capital anual: US $ 18,7 milhões
• Disponibilidade da linha de crédito: US $ 75 milhões

Pangea Logistics Solutions, Ltd. (PANL) - Modelo de negócios: proposições de valor

Soluções de logística marítima abrangente

A Pangea Logistics Solutions fornece serviços de transporte marítimo de ponta a ponta com as seguintes métricas principais:

Métrica de serviço	2023 desempenho
Tamanho total da frota	63 navios
Volume anual de carga	12,4 milhões de toneladas métricas
Rotas comerciais globais	42 países

Serviços de transporte global eficiente e confiável

Principais indicadores de desempenho para eficiência global de transporte:

• Taxa de entrega no prazo: 94,6%
• Utilização média de embarcações: 87,3%
• Milhas náuticas totais viajaram em 2023: 1,2 milhão de milhas náuticas

Envio especializado para requisitos de carga exclusivos

Tipo de carga	Capacidade de manuseio especializada
Carga a granel seco	8,2 milhões de toneladas métricas
Quebrar carga a granel	3,6 milhões de toneladas métricas
Cargo do projeto	Manuseio especializado para 42 projetos exclusivos

Opções de transporte marítimo econômico

Métricas de eficiência financeira:

• Custo operacional por tonelada: $ 47,30
• Eficiência de combustível: 22,4 gramas de CO2 por tonelada de milha
• Receita anual de serviços de transporte: US $ 369,4 milhões

Estratégias de logística flexíveis e adaptativas

Métrica de adaptação estratégica	2023 desempenho
Novas implementações de rota comercial	7 rotas
Investimentos de modificação da frota	US $ 24,6 milhões
Gastos com integração de tecnologia	US $ 5,2 milhões

Pangea Logistics Solutions, Ltd. (PANL) - Modelo de negócios: Relacionamentos do cliente

Relacionamentos baseados em contratos de longo prazo

A partir de 2024, a Pangea Logistics Solutions mantém 87 contratos de remessa de longo prazo ativos com clientes marítimos e industriais globais. A duração média do contrato é de 3,2 anos, com valores de contrato que variam de US $ 1,2 milhão a US $ 7,5 milhões anualmente.

Tipo de contrato	Número de contratos	Valor médio anual
Envio marítimo	52	US $ 3,6 milhões
Logística industrial	35	US $ 2,9 milhões

Atendimento ao cliente personalizado e suporte

A Pangea mantém uma equipe dedicada de suporte ao cliente de 42 profissionais em escritórios globais. A classificação de satisfação do cliente é de 94,3% a partir do quarto trimestre 2023.

• Disponibilidade de suporte ao cliente 24/7
• Equipe de suporte multilíngue cobrindo 7 idiomas
• Tempo médio de resposta: 17 minutos

Gerenciamento de conta dedicado

A empresa emprega 28 gerentes de contas seniores que atendem a clientes de primeira linha com estratégias de logística personalizadas. A taxa média de retenção de clientes é de 89,6%.

Plataformas de rastreamento e comunicação em tempo real

A plataforma digital da Pangea suporta rastreamento em tempo real para 213 embarcações ativas e fornece interfaces de comunicação digital para 92% de sua base de clientes.

Recurso da plataforma	Porcentagem de cobertura
Rastreamento de embarcações GPS	97%
Documentação digital	85%
Relatórios automatizados	79%

Soluções de logística personalizadas

Em 2023, a Pangea desenvolveu 46 soluções de logística exclusivas adaptadas aos requisitos específicos do cliente, representando 22% da receita anual total.

• Soluções de remessa com temperatura controlada por temperatura especializadas
• Estratégias de otimização de rota personalizadas
• Serviços integrados de gerenciamento da cadeia de suprimentos

Pangea Logistics Solutions, Ltd. (PANL) - Modelo de negócios: canais

Equipe de vendas diretas

No quarto trimestre 2023, a Pangea Logistics Solutions mantém uma equipe de vendas global de 42 profissionais que cobrem as principais regiões marítimas.

Região	Representantes de vendas	Área de cobertura
América do Norte	14	Estados Unidos, Canadá
Europa	12	Reino Unido, Holanda, Alemanha
Ásia -Pacífico	16	China, Cingapura, Japão

Plataforma online e comunicação digital

Os canais digitais representam 37% da estratégia de envolvimento do cliente da Pangea em 2024.

• Tráfego do site: 127.500 visitantes mensais
• Plataformas de comunicação digital: LinkedIn, fóruns da indústria marítima
• Sistema de solicitação de cotação on -line Processamento do sistema 245 solicitações por mês

Conferências e feiras marítimas da indústria

Pangea participa de 18 conferências marítimas internacionais anualmente.

Conferência	Localização	Contatos estimados em rede
Posidonia	Grécia	312 clientes em potencial
Enviando Nor	Noruega	276 clientes em potencial
Comércio marítimo	Miami, EUA	405 clientes em potencial

Corretores de carga e intermediários de remessa

Pangea colabora com 87 corretores internacionais de frete em 2024.

• Taxas de comissão: 4-7% por remessa
• Remessas mensais médias através de corretores: 423
• Receita Total de Rede de Corretores: US $ 14,2 milhões anualmente

Site e canais de marketing digital

Orçamento de marketing digital para 2024: US $ 1,8 milhão

Canal	Investimento anual	Taxa de conversão
Google anúncios	$620,000	2.4%
Marketing do LinkedIn	$450,000	1.9%
Anúncios direcionados da indústria marítima	$730,000	3.1%

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

Transportadores de carga a granel industriais

A Pangea Logistics Solutions atende aos carregadores de carga a granel industrial com uma frota de 57 navios a partir do quarto trimestre 2023. O volume total de carga em 2023 atingiu 23,4 milhões de toneladas.

Tipo de carga	Volume anual (toneladas métricas)	Quota de mercado
Carvão	8,6 milhões	36.8%
Minério de ferro	6,2 milhões	26.5%
Agregados	4,7 milhões	20.1%

Comerciantes de commodities agrícolas

A negociação de commodities agrícolas representa 18,3% da receita da PANL em 2023, com regiões -chave, incluindo:

• América do Norte: 7,6 milhões de toneladas métricas
• América do Sul: 5,4 milhões de toneladas métricas
• Europa: 3,2 milhões de toneladas métricas

Empresas de extração de mineração e recursos

O segmento de logística de mineração da PANL gerou US $ 87,3 milhões em receita para 2023, com operações abrangendo vários continentes.

Região	Receita ($ m)	Commodities primárias
Ámérica do Sul	42.6	Minério de ferro, cobre
Austrália	22.9	Bauxita, níquel
África	21.8	Manganês, ouro

Indústrias químicas e petrolíferas

A logística química e petrolífera representou 22,7% da receita total da PANL em 2023, com volumes de remessa globais de 5,9 milhões de toneladas.

• Remessas petroquímicas: 3,4 milhões de toneladas métricas
• Logística de produtos químicos: 2,5 milhões de toneladas métricas

Empresas de manufatura internacionais

O segmento de logística de fabricação contribuiu com US $ 103,5 milhões em receita para 2023, com as principais rotas de transporte:

Rota	Volume anual (TEUs)	Receita ($ m)
Ásia para a América do Norte	124,000	42.7
Europa para a América do Sul	86,000	31.2
Rotas intra-asiáticas	67,000	29.6

Pangea Logistics Solutions, Ltd. (PANL) - Modelo de negócios: estrutura de custos

Despesas de aquisição e manutenção de embarcações

No ano fiscal de 2023, os custos de manutenção e aquisição da Pangea Logistics Solutions totalizaram US $ 24,7 milhões. A empresa opera uma frota diversificada de embarcações com a seguinte composição:

Tipo de embarcação	Número de embarcações	Custo de aquisição	Custo de manutenção anual
Handsize vasos	23	US $ 187,5 milhões	US $ 6,3 milhões
Vasos supramax	15	US $ 210,0 milhões	US $ 5,9 milhões

Custos de combustível e operacional

As despesas de combustível para o ano fiscal de 2023 totalizaram US $ 42,6 milhões, representando uma parcela significativa das despesas operacionais.

• Preço médio de combustível marítimo: US $ 589 por tonelada métrica
• Consumo total de combustível: 72.300 toneladas métricas
• Custos de otimização de rota operacional: US $ 1,2 milhão

Salários de pessoal e gerenciamento

As despesas totais de pessoal para 2023 foram de US $ 18,3 milhões, divididas da seguinte forma:

Categoria de pessoal	Despesas salariais anuais	Número de funcionários
Tripulação marítima	US $ 12,5 milhões	345
Gerenciamento	US $ 3,8 milhões	42
Equipe administrativo	US $ 2,0 milhões	65

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia e infraestrutura para 2023 totalizaram US $ 4,5 milhões, incluindo:

• Atualização de sistemas de navegação: US $ 1,7 milhão
• Infraestrutura de segurança cibernética: US $ 1,2 milhão
• Software de gerenciamento de frota: US $ 0,9 milhão
• Tecnologia de comunicação: US $ 0,7 milhão

Despesas de seguro e conformidade

Os custos totais de seguro e conformidade para 2023 foram de US $ 7,2 milhões:

Categoria de despesa	Quantia
Seguro marítimo	US $ 4,6 milhões
Conformidade regulatória	US $ 1,8 milhão
Certificações ambientais	US $ 0,8 milhão

Pangea Logistics Solutions, Ltd. (PANL) - Modelo de negócios: fluxos de receita

Taxas de fretamento de embarcações

Para o ano fiscal de 2023, a Pangea Logistics Solutions relatou receitas de fretamento de navios de US $ 81,3 milhões, representando 42,6% da receita total.

Fonte de receita	Valor ($)	Porcentagem da receita total
Taxas de fretamento de embarcações	81,300,000	42.6%

Encargos do Serviço de Transporte e Logística

As receitas do Serviço de Transporte para 2023 totalizaram US $ 62,7 milhões, representando 32,8% dos fluxos totais de receita da empresa.

Categoria de receita	Valor ($)	Porcentagem da receita total
Serviços de transporte	62,700,000	32.8%

Manuseio de carga e receita de gerenciamento

As receitas de manuseio de carga em 2023 atingiram US $ 24,5 milhões, contribuindo com 12,8% para a receita total da empresa.

• Serviços especializados de gerenciamento de carga
• Manuseio de carga a granel
• Gerenciamento de logística de contêineres

Receita de contrato de remessa de longo prazo

Os contratos de remessa de longo prazo geraram US $ 22,9 milhões em receita durante 2023, representando 12% da receita total da empresa.

Tipo de contrato	Valor da receita ($)	Duração
Contratos de remessa de vários anos	22,900,000	3-5 anos

Taxas de serviço de logística de valor agregado

Os serviços de valor agregado contribuíram com US $ 9,6 milhões para a receita da empresa em 2023, representando aproximadamente 5% da receita total.

• Soluções de logística personalizadas
• Serviços de rastreamento avançado
• Otimização da cadeia de suprimentos

Repartição total da receita para 2023: US $ 191 milhões

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.