Pangaea Logistics Solutions Ltd 2026年季度报告

FORM 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March31, 2026 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36798 PANGAEA LOGISTICS SOLUTIONS LTD.(Exact name of Registrant as specified in its charter) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days. YesNo Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submittedand posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post suchfiles). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growthcompany. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of theExchange Act. (Check one): Large accelerated Filer☐Accelerated Filer☒Non-accelerated Filer☐Smaller reporting company☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common Stock, par value $0.0001 per share, 65,414,923 shares outstanding as of May8, 2026. TABLE OF CONTENTS Item 1.Financial Statements (unaudited) Unaudited Condensed Consolidated Statements of Operations (unaudited) for the three months ended March31, 2026 and 2025 Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations Quantitative and Qualitative Disclosures about Market Risks PART IIOTHER INFORMATIONItem 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.ExhibitsSignatures Pangaea Logistics Solutions Ltd.Condensed Consolidated Balance Sheets(U.S. Dollars in thousands, except for share and per share data) The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.3 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. Pangaea Logistics Solutions, Ltd.Unaudited Interim Condensed Consolidated Statements of Cash Flows(U.S. Dollars in thousands, except for share and per share data) Investing activities Note 1 - General Information and Recent Events The accompanying consolidated financial statements include the accounts of Pangaea Logistics Solutions Ltd. and its consolidatedsubsidiaries (collectively, the “Company”, “Pangaea” “we” or “our”). The Company is engaged in the ocean transportation of drybulkcargoes worldwide through the ownership, chartering and operation of drybulk vessels. The Company is a holding company incorporatedunder the laws of Bermuda as an exempted company on April 29, 2014. As of March31, 2026, the Company's owned fleet consisted of three Panamax, two Ultramax Ice Class 1C, two Ultramax, eightSupramax, four Post-Panamax Ice Class 1A drybulk vessels and fourteen Handysize vessels. In addition, the Company owns two-thirdsof its consolidated subsidiary Nordic Bulk Holding Company Ltd. (“NBHC”) which owns a fleet of six Panamax Ice Class 1A drybulkvessels. The Company owns port and terminal operations located in Fort Lauderdale, Florida, Baltimore, Maryland, Port Aransas, Texas, Tampa,Florida, and Lake Charles, Louisiana. Additionally, the Company also holds a 50% equity interest in the owner of a deck barge. Note 2 - Basis of Presentation and Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States ("U.S.")generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q. Accordingly,these interim financial statements do not include all of the information and note disclosures required by U.S. GAAP for completecondensed fina