Pangaea Logistics Solutions, Ltd.

PANL

PANLPangaea Logistics Solutions, Ltd. US flag

NASDAQ Capital Market

7.31

USD

-0.59

- -

478.18MMarket Cap

Income Statement (USD)

API Chat

	2013 Y	2014 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Sales/Revenue/Turnover	392	- -	398	287	238	386	373	412	383	718	700	499	537	632
+ Sales & Services Revenue	392	- -	398	287	238	386	373	412	383	718	700	499	537	632
- Cost of Revenue	359	- -	380	246	212	345	320	362	345	620	571	430	463	563
+ Cost of Goods & Services	359	- -	380	246	212	345	320	362	345	620	571	430	463	563
Gross Profit	33	- -	18	41	26	40	53	50	38	98	129	69	73	69
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	12	- -	13	15	13	15	16	17	16	19	20	23	25	31
+ Selling, General & Admin	12	- -	13	15	13	15	16	17	16	19	20	23	25	31
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	21	- -	5	27	13	25	37	33	22	79	109	46	48	38
- Non-Operating (Income) Loss	6	- -	19	13	4	16	13	16	10	6	23	18	17	18
+ Interest Expense, Net	7	- -	6	6	6	8	9	9	8	12	21	14	17	22
+ Interest Expense	7	- -	6	6	6	8	9	9	8	12	22	17	20	24
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	4	3	2
+ Other Non-Op (Income) Loss	-1	- -	12	7	-2	8	4	6	2	-5	2	4	- -	-5
Pretax Income	16	- -	-14	13	9	9	24	17	13	72	86	29	32	20
- Income Tax Expense (Benefit)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	16	- -	-14	13	9	9	24	17	13	72	86	29	32	20
- Net Extraordinary Losses (Gains)	- -	- -	-3	4	3	3	12	11	3	10	12	4	6	2
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	-3	4	3	3	12	11	3	10	12	4	6	2
Income (Loss) Incl. MI	15	- -	-11	9	6	7	12	6	10	62	73	24	26	19
- Minority Interest	- -	- -	2	-2	-2	-1	-6	-5	-1	-5	-6	-2	-3	-1
Net Income, GAAP	15	- -	-12	11	7	8	18	12	11	67	79	26	29	19
- Preferred Dividends	15	- -	18	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	- -	- -	-30	11	7	8	18	12	11	67	79	26	29	19
EBIT	21	- -	5	27	13	25	37	33	22	79	109	46	48	38
EBITDA	31	- -	17	39	27	41	55	51	39	102	138	76	79	80
EBITDA Margin (%)	7.9	- -	4.2	13.66	11.34	10.6	14.63	12.4	10.26	14.18	19.77	15.31	14.69	12.72
EBITA	21	- -	5	27	13	25	37	33	22	79	109	46	48	38
Gross Margin (%)	8.4	- -	4.49	14.44	10.78	10.48	14.32	12.12	9.96	13.62	18.43	13.85	13.62	10.92
Operating Margin (%)	5.45	- -	1.27	9.23	5.42	6.56	9.9	7.91	5.81	10.98	15.55	9.28	9.03	6
Profit Margin (%)	3.94	- -	-3.05	3.92	3.13	2.02	4.76	2.83	2.96	9.36	11.36	5.27	5.39	3.06
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.01	- -	0.01	- -	- -	0.03	0.05	0.19	0.01	0.13	0.3	0.4	0.41	0.26
Depreciation Expense	10	- -	12	13	14	16	18	19	17	23	29	30	30	42
Basic Weighted Avg Shares	13	3	19	35	35	38	42	43	43	44	44	45	45	64
Basic EPS, GAAP	0.02	-0.06	-1.61	0.32	0.21	0.2	0.42	0.27	0.26	1.53	1.79	0.59	0.64	0.3
Basic EPS from Cont Ops	1.16	-0.06	-0.73	0.38	0.26	0.24	0.57	0.4	0.29	1.64	1.93	0.64	0.7	0.32
Diluted Weighted Avg Shares	13	3	19	35	35	39	43	43	44	45	45	45	46	65
Diluted EPS, GAAP	0.02	-0.06	-1.61	0.32	0.21	0.2	0.42	0.27	0.26	1.5	1.76	0.58	0.63	0.3
Diluted EPS from Cont Ops	1.16	-0.06	-0.73	0.38	0.26	0.23	0.56	0.39	0.29	1.61	1.9	0.63	0.69	0.31

Balance Sheet (USD)

API Chat

	2013 Y	2014 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Current Assets	98	- -	85	69	62	83	114	128	111	184	223	192	192	216
+ Cash, Cash Equivalents & STI	19	- -	30	38	22	35	54	51	47	56	128	99	87	103
+ Cash & Cash Equivalents	19	- -	30	38	22	35	54	51	47	56	128	99	87	103
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	45	- -	27	20	22	27	31	35	36	71	44	54	50	67
+ Accounts Receivable, Net	45	- -	27	20	16	21	28	28	29	54	37	48	42	56
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	6	6	2	6	7	17	8	6	7	11
+ Inventories	21	- -	16	7	13	15	19	21	16	27	29	17	33	28
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	21	- -	16	7	13	15	19	21	16	27	29	17	33	28
+ Other ST Assets	13	- -	12	5	5	6	10	22	13	29	21	23	23	17
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	232	- -	247	298	300	340	340	352	339	523	526	513	744	712
+ Property, Plant & Equip, Net	197	- -	208	255	275	336	337	335	322	519	520	505	737	704
+ Property, Plant & Equip	219	- -	231	290	324	398	413	412	413	628	641	642	899	897
- Accumulated Depreciation	22	- -	23	35	49	61	76	77	91	109	121	138	163	193
+ LT Investments & Receivables	32	- -	38	43	18	- -	- -	15	17	4	5	4	4	4
+ LT Investments	32	- -	38	43	18	- -	- -	15	17	4	5	4	4	4
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	3	- -	1	- -	6	4	2	2	- -	- -	- -	5	4	4
+ Total Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	5	4	4
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	3	3
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	1	1
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	3	- -	1	- -	6	4	2	2	- -	- -	- -	- -	- -	- -
Total Assets	330	- -	332	367	362	423	453	480	450	707	748	705	936	928
+ Payables & Accruals	69	- -	53	35	36	36	33	41	29	40	33	33	36	43
+ Accounts Payable	39	- -	34	14	15	16	20	24	19	7	10	6	15	14
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	30	- -	19	21	20	21	13	16	11	33	23	26	22	29
+ ST Debt	27	- -	80	33	36	28	28	36	65	30	32	53	45	47
+ ST Borrowings	27	- -	80	33	36	26	23	23	58	16	16	31	17	17
+ ST Finance Leases	- -	- -	- -	- -	- -	2	5	13	7	14	16	22	28	30
+ Other ST Liabilities	16	- -	12	4	6	6	18	14	17	41	27	20	28	38
+ Deferred Revenue	16	- -	12	4	6	6	15	14	13	32	21	16	15	25
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	- -	3	- -	4	9	7	4	13	13
Total Current Liabilities	112	- -	145	72	78	70	79	91	111	112	92	105	109	128
+ LT Debt	101	- -	87	129	108	143	141	141	95	277	267	212	123	106
+ LT Borrowings	101	- -	87	129	108	118	95	84	45	106	99	68	113	97
+ LT Finance Leases	- -	- -	- -	- -	- -	25	46	57	51	171	169	143	10	8
+ Other LT Liabilities	103	- -	- -	- -	- -	- -	- -	5	10	18	20	18	230	220
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	103	- -	- -	- -	- -	- -	- -	5	10	18	20	18	230	220
Total Noncurrent Liabilities	204	- -	87	129	108	143	141	146	105	295	287	230	353	325
Total Liabilities	316	- -	231	202	186	213	220	237	216	406	380	335	462	453
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	- -	- -	134	133	134	155	156	158	160	162	163	165	259	257
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	- -	- -	134	133	134	155	156	158	160	162	163	165	259	257
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-6	- -	-36	-25	-17	-10	6	13	23	86	151	159	169	172
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Equity Before Minority Interest	-6	- -	98	108	116	145	162	170	183	247	314	324	428	429
+ Minority/Non Controlling Interest	20	- -	3	57	60	65	72	73	52	53	54	46	47	45
Total Equity	15	- -	100	165	177	211	233	243	234	301	369	370	475	475
Total Liabilities & Equity	330	- -	332	367	362	423	453	480	450	707	748	705	936	928
Shares Outstanding	13	- -	35	37	37	44	44	45	45	46	46	46	65	65
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	27	51	70	57	185	185	165	39	38
Net Debt	108	- -	137	125	121	109	65	56	55	65	-14	- -	42	11
Net Debt to Equity	740.3	- -	136.24	75.49	68.44	51.78	27.75	23.21	23.56	21.72	-3.74	0.04	8.95	2.32
Tangible Common Equity Ratio	4.43	- -	30.26	45.05	48.78	49.77	51.46	50.65	52.05	42.53	49.28	52.17	50.47	50.96
Current Ratio	0.88	- -	0.59	0.96	0.8	1.19	1.44	1.41	1	1.65	2.41	1.82	1.76	1.69
Cash Conversion Cycle	- -	- -	4.57	10.44	20.4	16.28	23.93	23.32	23.94	26.45	36.3	43.21	42.13	38.69

Cash Flow Statement (USD)

API Chat

	2013 Y	2014 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
+ Net Income	16	- -	-14	13	9	9	24	17	13	72	86	29	32	20
+ Depreciation & Amortization	10	- -	12	13	14	16	18	19	17	23	29	30	30	42
+ Non-Cash Items	2	- -	9	7	- -	7	5	8	-1	-7	8	6	2	-15
+ Stock-Based Compensation	- -	- -	- -	- -	- -	- -	- -	2	2	2	2	2	3	4
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Asset Impairment Charge	- -	- -	12	5	- -	- -	- -	5	2	- -	3	- -	- -	- -
+ Other Non-Cash Adj	2	- -	-3	2	- -	7	5	2	-5	-9	3	4	-1	-19
+ Chg in Non-Cash Work Cap	-6	- -	13	-7	-4	-3	-6	1	-8	-26	12	-11	2	6
+ (Inc) Dec in Accts Receiv	-15	- -	15	7	-2	-6	-8	-1	-1	-27	15	-14	4	-15
+ (Inc) Dec in Inventories	-7	- -	5	8	-6	-2	-4	-2	5	-11	-2	13	-11	4
+ (Inc) Dec in Prepaid Assets	-3	- -	4	4	-4	-1	2	-6	- -	-25	19	- -	-3	- -
+ Inc (Dec) in Accts Payable	17	- -	-6	-18	4	7	- -	10	-11	17	-9	-4	12	7
+ Inc (Dec) in Other	3	- -	-5	-8	3	-1	4	- -	-2	19	-11	-5	- -	9
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	21	- -	20	26	19	29	40	44	21	62	135	54	66	54
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	23	8	- -	- -	- -	10	12	- -	8	17	- -	17
+ Disp of Fixed Prod Assets	- -	- -	23	8	- -	- -	- -	10	12	- -	8	17	- -	17
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-82	- -	-58	-72	-10	-64	-18	-57	-3	-197	-36	-27	-69	-6
+ Acq of Fixed Prod Assets	-82	- -	-58	-72	-10	-64	-18	-57	-3	-197	-36	-27	-69	-6
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	- -	99	- -	- -	- -	10	- -	- -	- -	- -	- -	- -	- -	-3
+ Increase in Capital Stock	- -	99	- -	- -	- -	10	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-3
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	-1	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	-1	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	- -	- -	- -	- -	- -	-1	- -	- -	-15	-1	-1	-8	- -	-3
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	-1	- -	- -	-15	-1	-1	-8	- -	-3
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-2	-98	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	2	4
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-84	-98	-34	-64	-10	-65	-18	-47	-7	-198	-29	-16	-68	11
+ Dividends Paid	- -	- -	- -	- -	- -	-1	-2	-8	-1	-6	-13	-18	-19	-16
+ Net Cash From Debt	37	- -	23	48	-20	8	-5	7	-18	148	-8	-36	34	-27
+ Cash From Debt	62	- -	53	74	6	35	28	40	18	220	24	- -	89	19
+ Repayments of Debt	-25	- -	-31	-27	-26	-27	-33	-32	-36	-72	-31	-36	-55	-45
+ Other Financing Activities	25	- -	3	-2	-4	28	2	- -	-1	1	-13	-13	-25	-3
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	62	99	25	46	-24	45	-5	-1	-19	144	-34	-67	-10	-49
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	-1	- -	11	8	-15	10	18	-3	-5	8	72	-29	-12	17
EBITDA	31	- -	17	39	27	41	55	51	39	102	138	76	79	80
EBITDA Margin (%)	7.9	- -	4.2	13.66	11.34	10.6	14.63	12.4	10.26	14.18	19.77	15.31	14.69	12.72
Free Cash Flow	-61	- -	-38	-46	9	-35	23	-13	18	-135	98	27	-4	47
Net Cash Paid for Acquisitions	- -	- -	- -	- -	- -	1	- -	- -	15	1	1	8	- -	3
Free Cash Flow to Firm	-54	- -	- -	-40	15	-27	31	-3	26	-123	121	44	16	71
Free Cash Flow to Equity	- -	- -	-10	10	-11	-26	18	5	12	14	99	8	30	38
Free Cash Flow per Basic Share	-4.52	-0.07	-2.02	-1.32	0.25	-0.91	0.53	-0.29	0.41	-3.07	2.22	0.59	-0.08	0.74
Price/Free Cash Flow	1.26	-137.04	1.15	0.94	4.08	1.54	2.25	1.26	5.11	0.66	1.36	4.62	1.83	7.39
Cash Flow to Net Income	1.37	1.15	-1.63	2.31	2.58	3.74	2.26	3.81	1.84	0.92	1.7	2.04	2.27	2.77
Capital Expenditures	-82	- -	-58	-72	-10	-64	-18	-57	-3	-197	-36	-27	-69	-6