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PANGAEA 2Q26 Earnings Call Presentation BULK SACHUEST EE
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2 Safe Harbor 2Q26 Earnings Call Presentation This presentation may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Pangaea’s and managements’ current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of Pangaea’s business. These risks, uncertainties and contingencies include: business conditions; weather and natural disasters; changing interpretations of GAAP; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments; requirements or changes adversely affecting the business in which Pangaea is engaged; fluctuations in customer demand; management of rapid growth; intensity of competition from other providers of logistics and shipping services; general economic conditions; geopolitical events and regulatory changes; and other factors set forth in Pangaea’s filings with the Securities and Exchange Commission and the filings of its predecessors. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that certain of Pangaea’s financial results are unaudited and do not conform to SEC Regulation S-X and as a result such information may fluctuate materially depending on many factors. Accordingly, Pangaea’s financial results in any particular period may not be indicative of future results. Pangaea is not under any obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
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3 2Q26 Performance Highlights Robust growth driven by strong execution and strategic fleet positioning Supportive dry bulk market conditions, strong operating execution and strategic fleet positioning resulted in TCE rates outperforming benchmark Panamax, Supramax and Handysize indices by 10%. Adjusted EBITDA of $35.0 million, increase of 125% year-over-year, driven by a 50% improvement in TCE rates. As of August 10, 2026 booked 4,873 days at an average of $20,258/day driven by a continued focus on premium cargo opportunities and prudent risk management while navigating higher fuel costs. Continue to execute on key capital allocation priorities, including increasing the quarterly cash dividend to $0.10 per common share, payable on September 15, 2026. In 2Q26, completed the sale of the 2006-built Bulk Xaymaca for $9.6 million. Second quarter 2026 GAAP net income of $10.2 million, or $0.16 per share and Adjusted net income of $16.9 million, or $0.26 per share. Second quarter of 2026 cash flow from operations was $21.1 million , combined with vessel sale, debt repayment, and shareholder capital returns during the quarter resulted in unrestricted cash and cash equivalents of $105.7 million at quarter-end and net leverage of 2.1x.
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4 2Q 2026 Performance Summary Adjusted EBITDA $s in Millions Adjusted EPS $s per Share TCE Rate $s per Shipping Day Operating Cash Flow $s in Millions
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5 Outperforming Industry Benchmark Our TCE has exceeded the market by an average of 25% on a trailing 5-year basis Cargo Focused Business Model Consistently Delivers Above-Market Performance • Current 3Q26 booked TCE rate of $20,258, a 14% premium to the market average through the quarter.* • Our niche, higher-margin trades, long-term COAs and charter-in strategy remain key areas of differentiation. * Q3 26 estimated TCE performance based on shipping days booked as of August 10, 2026 **Average of the published Panamax, Supramax and Handysize indices, net of commission
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6 Return of Capital Program Quarterly cash dividend and share repurchase program, support long-term shareholder value creation Annual Dividend Payout Ratio % of Adjusted Net Income Total Annual Cash Dividend Paid $s per Share Annual Dividend Coverage Ratio Ratio of Operating Cash Flow to Dividends Issued Strong cash flow and profitability support consistent return of capital through the cycle Consistent dividend payout amid strategic execution and fleet growth $12 million repurchase authorization allows for flexible and opportunistic capital deployment
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7 Balance Sheet Update Ample liquidity to support ongoing growth of business Continue to opportunistically invest in modern and regulatory compliant vessel fleet to meet customer cargo requirements on demand Strong financial position underpinned by $105.7 million cash balance and 2.1x net leverage as of June 30, 2026 Capital allocation priorities will be balanced between fleet investment, debt repayment, opportunistic M&A and shareholder returns 1) Total net debt as of 12/31/24 reflects $100mm in incremental finance lease obligations assumed as part of the SSI acquisition, which closed on 12/30/24. 2) Total net debt and total cash for 2Q26 (as of 6/30/26) exclude $0.3 million in restricted cash related to a bank guarantee issued in connection with the Company’s insurance arrangements. (1) (2) (2)
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8 Macro Shipping Outlook Focused on providing comprehensive logistics solutions with targeted dry bulks Near Term Outlook (2H 2026) Medium Term Outlook (2027) Long-Term Outlook (2028 & Beyond) • Positive momentum in iron ore, grain and minor bulk trades carried into the third quarter, with strength broad-based across vessel classes. • Moderate fleet growth is expected to be broadly offset by increased tonne-mile demand as disruption of trade routes continue. • Arctic seasonal tailwinds, better-than- expected trade activity and a manageable orderbook support healthy pricing through year end. • Long-haul Atlantic-to-Asia and West African ore volumes and bauxite should continue to lend tonne-mile support. • Disruption of trade routes, geopolitical tension and future restriction on vessel speeds remain the key variables to watch. • Global bulk carrier supply is increasing but is expected to remain at low levels in historical terms. • Ongoing fleet renewal monetizes older tonnage and improves fleet efficiency ahead of evolving regulatory requirements. • Geopolitical changes should add tonne- mile demand in the sub-Cape and minor bulk trades central to our cargo book. • Expanding niche bulk trades and a growing onshore logistics platform serve as multi-year growth engines.
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9 Value Creation Strategy Durable business model insulated from macro volatility – focused on deploying capital to drive above-sector growth
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10 Investment Conclusion Small-cap growth play with stable return of capital program Integrated shipping-logistics model delivering consistent, above-market returns Focused on consistently high fleet utilization to drive operating leverage Positioned to benefit from tightening global supply of dry-bulk vessels amid continued demand growth Growing on-shore logistics offering provides significant, incremental revenue opportunities Leading position within Ice-Class trades supports superior earned TCE rates Disciplined capital allocation strategy Long-term cargo-based contracts provide multi-year demand visibility Significant balance sheet optionality to pursue growth, low net leverage
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Confidential: Pangaea Logistics Solutions Appendix
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12 Selected Balance Sheet Data June 30, 2026 December 31, 2025 (in thousands,may not foot due to rounding) Current Assets Cash and cash equivalents $ 105,675 $ 103,054 Accounts receivable, net 59,147 55,854 Other current assets 101,122 56,868 Total current assets $ 265,944 $ 215,776 Restricted cash 270 270 Fixed assets, including finance lease right of use assets, net 683,565 704,384 Goodwill 3,105 3,105 Other Non-current Assets 3,792 4,561 Total assets $ 956,677 $ 928,096 Current liabilities Accounts payable, accrued expenses and related party payable $ 84,097 $ 55,063 Current portion long-term debt and finance lease liabilities 79,676 46,882 Other current liabilities 28,411 26,089 Total current liabilities 192,184 128,034 Secured long-term debt and finance lease liabilities, net 269,811 325,326 Total Pangaea Logistics Solutions Ltd. equity 448,629 429,333 Non-controlling interests 46,053 45,403 Total stockholders' equity 494,682 474,736 Total liabilities and stockholders' equity $ 956,677 $ 928,096
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13 Selected Income Statement Data (1) Adjusted EBITDA is net income (or loss) under U.S. GAAP, excluding interest expense and income, income taxes, depreciation and amortization, impairment losses, gain or loss on vessel sales, sale and leaseback losses, share-based compensation, non-operating items, and other non-recurring items. Management and certain investors use Adjusted EBITDA to assess operating performance, and Pangaea’s Board reviews it periodically. It is a non-GAAP measure and may differ from definitions used by other companies. (in thousands,may not foot due to rounding) Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Revenues: Voyage revenue $ 171,697 $ 146,269 $ 323,697 $ 255,929 Charter revenue 11,469 6,850 23,911 16,843 Terminal & stevedore revenue 3,953 3,571 10,091 6,720 Total revenue 187,119 156,689 357,699 279,491 Expenses: Voyage expense 79,058 77,782 152,796 138,089 Charter hire expense 39,104 31,423 78,282 49,064 Vessel operating expenses 23,263 23,375 43,825 45,553 Terminal Expenses 2,954 2,686 7,329 5,238 General and administrative 8,962 7,172 18,989 14,446 Depreciation and amortization 12,433 10,597 24,309 20,521 Loss on write-down of vessel held for sale — — 358 — Total expenses 165,774 153,036 325,888 272,911 Income from operations 21,345 3,654 31,811 6,580 Total other expense, net (10,863) (6,554) (7,664) (11,679) Net income (loss) 10,481 (2,900) 24,146 (5,099) (Income) loss attributable to non-controlling interests (280) 158 (650) 376 Net income (loss) attributable to Pangaea Logistics Solutions Ltd. $ 10,201 $ (2,742) $ 23,496 $ (4,723) Adjusted EBITDA (1) $ 35,013 $ 15,554 $ 60,212 $ 30,381
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14 Reconciliation of Non-GAAP Measures Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net Transportation and Service Revenue Gross Profit $ 30,343 $ 10,865 $ 51,230 $ 21,093 Add: Vessel Depreciation and amortization 12,397 10,558 24,237 20,454 Net transportation and service revenue $ 42,740 $ 21,423 $ 75,467 $ 41,547 Adjusted EBITDA Net income (loss) $ 10,481 $ (2,900) $ 24,146 $ (5,099) Interest expense, net 4,661 5,737 8,553 11,438 Depreciation and amortization 12,433 10,597 24,309 20,521 Income tax provision (included in Other income / expense) 119 270 434 323 EBITDA (Non-GAAP) $ 27,694 $ 13,704 $ 57,442 $ 27,183 Adjustments to EBITDA Loss on write-down of vessel held for sale — — 358 — Share-based compensation 622 549 2,322 2,081 Unrealized loss on derivative instruments, net 6,696 1,301 89 1,117 Adjusted EBITDA $ 35,013 $ 15,554 $ 60,212 $ 30,381
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15 Reconciliation of Non-GAAP Measures In thousands, except per share amounts (earnings per common share and adjusted earnings per common share). Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Earnings Per Common Share Net income attributable to Pangaea Logistics Solutions Ltd. $ 10,201 $ (2,742) $ 23,496 $ (4,723) Weighted average number of common shares - basic 64,396,991 64,042,209 64,295,098 63,988,996 Weighted average number of common shares - diluted 65,025,857 64,042,209 64,901,400 63,988,996 Earnings per common share - basic $ 0.16 $ (0.04) $ 0.37 $ (0.07) Earnings per common share - diluted $ 0.16 $ (0.04) $ 0.36 $ (0.07) Adjusted EPS Net income (loss) attributable to Pangaea Logistics Solutions Ltd. $ 10,201 $ (2,742) $ 23,496 $ (4,723) Non-GAAP Add: Loss on write-down of vessel held for sale — — 358 — Unrealized loss on derivative instruments, net 6,696 1,301 89 1,117 Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. $ 16,897 $ (1,441) $ 23,944 $ (3,606) Weighted average number of common shares - basic 64,396,991 64,042,209 64,295,098 63,988,996 Weighted average number of common shares - diluted 65,025,857 64,042,209 64,901,400 63,988,996 Adjusted EPS - basic $ 0.26 $ (0.02) $ 0.37 $ (0.06) Adjusted EPS - diluted $ 0.26 $ (0.02) $ 0.37 $ (0.06)