What Happened?

Shares of pangaea Logistics (NASDAQ: PANL) jumped 2.2% in the afternoon session after the company announced the appointment of Eugene I. Davis to its Board of Directors. 

Mr. Davis, who replaced the resigning Christina Tan, brought 40 years of experience advising companies on creating shareholder value and corporate strategy. The Board determined that Mr. Davis was an independent director. The Chairman of the Board, Richard du Moulin, stated that Davis had a strong track record of helping boards and management teams refine strategy and drive value. The move came as the broader dry bulk shipping sector held a cautiously optimistic outlook, with industry leaders expecting manageable growth.

After the initial pop the shares cooled down to $7.17, up 3.1% from previous close.

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What Is The Market Telling Us

Pangaea’s shares are quite volatile and have had 16 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The biggest move we wrote about over the last year was 9 months ago when the stock gained 15.5% on the news that the company reported impressive fourth quarter 2024 results, which blew past analysts' sales and EBITDA estimates. 

The key highlight for the quarter was an 18% year-on-year growth in adjusted EBITDA, driven by a 17% increase in shipping days. Despite a 10% drop in Time Charter Equivalent (TCE - a measure of a vessel's average daily revenue performance) rates compared to last year, revenue climbed due to the expanded fleet and increased shipping activity. 

Looking ahead, Pangaea's expanded fleet size following its merger with SSI allows expansion into new segments and improved logistics capabilities. Overall, we think this was a solid quarter with some key areas of upside.

Pangaea is up 27% since the beginning of the year, and at $7.17 per share, it is trading close to its 52-week high of $7.39 from December 2025. Investors who bought $1,000 worth of Pangaea’s shares 5 years ago would now be looking at an investment worth $2,568.

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