2 Safe Harbor 2Q25 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. 3 2Q25 Performance Highlights Consistent operating performance and disciplined capital allocation Execution of chartered-in strategy and consistent operating performance supported premium TCE returns amid dry bulk market uncertainty, with TCE rates outperforming benchmark Panamax, Supramax and Handysize indices by 17%. Adjusted EBITDA decreased 0.6 million year-over-year to $15.3 million in 2Q25. Announced the sale of the Handysized Strategic Endeavor for $7.7 million and the purchase of the remaining 49% equity ownership of Seamar Management, the Company's technical management operations, for $2.7 million. As of August 6, 2025, booked 3,671 days at an average of $14,272/day as the Company enters the peak arctic trade season. Began process of financing the Strategic Spirit for $9 million and the Strategic Vision for $9 million, both are expected to close during the third quarter of 2025. Second quarter 2025 GAAP net loss of $2.7 million, or $0.04 per share and Adjusted net loss of $1.4 million, or $0.02 per share. During 2Q25, repurchased $1 million in shares of common stock under existing $15 million share repurchase authorization at an average price of $4.96 per share. 4
5 6 Recent Vessel Acquisitions Disciplined acquiror of complementary assets MV Bulk Sachuest - Supramax MV Bulk Courageous - Ultramax MV Bulk Promise - Panamax MV Bulk Valor - Supramax MV Bulk Concord - Panamax MV Nordic Nuluujaak – Post Panamax(1) MV Nordic Qinnqua – Post Panamax(1) MV Nordic Sanngijug – Post Panamax(1) MV Nordic Siku – Post Panamax(1) (1) On November 6, 2024, the Company acquired the remaining 50% interest in NBP from a non-affiliate, resulting in full ownership of NBP's fleet of four Post Panamax Ice Class 1A dry bulk vessels. Purchased 7 vessels for $245 million Purchased 3 vessels for $83 million & Acquired 15 vessels for 18.06 million shares 2023 & 2024 MV Bulk Prudence - Ultramax 2021 & 2022 MV Bulk Brenton - Supramax MV Bulk Patience - Supramax Strategic Handysize Fleet of 15 vessels 7 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 Dividend payout continues amid strategic execution and fleet growth $15 million repurchase authorization allows for flexible and opportunistic capital deployment 8 Balance Sheet Update Ample liquidity to support ongoing growth of business Opportunistically invested in owned ship fleet Repaid over $22 million in debt during 2025 through operating cash flow Capital allocation priorities will be balanced between debt repayment, fleet investment, opportunistic M&A, and shareholder returns *Note: 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.
10 Value Creation Strategy Durable business model insulated from macro volatility – focused on deploying capital to drive above-sector growth Integrated shipping- logistics model • Provide solutions to customer supply chain issues • More efficient, lower total cost of delivery for customer • Adds volume and margins to PANL ocean freight offerings High fleet utilization • Utilize chartered in fleet to arbitrage vessel positions and provide more revenue days Organic investment • Expand capabilities to offer cargo movement beyond ocean transportation • Expand owned fleet for growth using our unique business plan • Apply consistent approach to expand and renew fleet Inorganic investment • Purchase vessels in support of existing long-term COAs, to maximize returns • Acquire logistics companies to grow in logistics sector Return of capital • Sustain consistent dividend approach, not a payout formula • Conserve capital for fleet renewal and opportunistic growth • Compensate for volatility of sector by maintaining reasonable liquidity Balance sheet optionality • Promote historical lending relationships, sustainable business plan, and consistent performance to help provide favorable lending terms • Maintain low net leverage and substantial free cash generation to provide flexibility in financing growth projects • Consider joint ventures to help mitigate risks and create synergies 11 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 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 Confidential: Pangaea Logistics Solutions Appendix
13 Selected Balance Sheet Data June 30, 2025 December 31, 2024 (in thousands,may not foot due to rounding) Current Assets Cash and cash equivalents $ 59,253 $ 86,805 Accounts receivable, net 49,326 42,371 Other current assets 75,430 62,818 Total current assets $ 184,009 $ 191,994 Fixed assets, including finance lease right of use assets, net 722,316 736,598 Goodwill 3,105 3,105 Other Non-current Assets 6,566 4,761 Total assets $ 915,995 $ 936,457 Current liabilities Accounts payable, accrued expenses and related party payable $ 61,463 $ 47,763 Current portion long-term debt and finance lease liabilities 44,939 44,687 Other current liabilities 19,608 16,658 Total current liabilties 126,010 109,108 Secured long-term debt and finance lease liabilities, net 330,855 352,685 Total Pangaea Logistics Solutions Ltd. equity 414,353 427,822 Non-controlling interests 44,777 46,843 Total stockholders' equity 459,130 474,664 Total liabilities and stockholders' equity $ 915,995 $ 936,457 14 Selected Income Statement Data Adjusted EBITDA represents net income (or loss), determined in accordance with U.S. GAAP, excluding interest expense, interest income, income taxes, depreciation and amortization, loss on impairment, loss on sale and leaseback of vessels, share-based compensation, other non-operating income and/or expense, and other non-recurring items, if any. (in thousands,may not foot due to rounding) Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Revenues: Voyage revenue $ 146,269 $ 124,096 $ 255,929 $ 211,386 Charter revenue 6,850 3,847 16,843 18,878 Terminal & stevedore revenue 3,571 3,555 6,720 5,982 Total revenue 156,689 131,498 279,491 236,246 Expenses: Voyage expense 77,782 61,151 138,089 98,266 Charter hire expense 31,423 32,685 49,064 59,828 Vessel operating expenses 23,375 14,736 45,553 27,405 Terminal Expenses 2,686 2,828 5,238 4,908 General and administrative 7,172 5,030 14,446 12,308 Depreciation and amortization 10,597 7,454 20,521 14,890 Total expenses 153,036 123,884 272,911 217,604 Income from operations 3,654 7,614 6,580 18,642 Total other expense, net (6,554) (3,621) (11,679) (1,983) Net (loss) income (2,900) 3,994 (5,099) 16,659 Loss (income) attributable to non-controlling interests 158 (311) 376 (1,302) Net (loss) income attributable to Pangaea Logistics Solutions Ltd. $ (2,742) $ 3,683 $ (4,723) $ 15,357 Adjusted EBITDA (1) $ 15,284 $ 15,931 $ 30,059 $ 35,878 15 Reconciliation of Non-GAAP Measures Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Net Transportation and Service Revenue Gross Profit $ 10,864,628 $ 12,671,400 $ 21,093,045 $ 31,005,001 Add: Vessel Depreciation and amortization 10,558,287 7,426,197 20,454,301 14,835,191 Net transportation and service revenue $ 21,422,915 $ 20,097,597 $ 41,547,346 $ 45,840,192 Adjusted EBITDA Net (loss) income $ (2,900,066) $ 3,993,500 $ (5,098,740) $ 16,659,134 Interest expense, net 5,736,608 3,147,421 11,438,174 6,123,067 Income (loss) attributable to Non-controlling interest recorded as long-term liability interest expense — (119,950) — 695,152 Depreciation and amortization 10,597,483 7,453,675 20,520,975 14,890,148 EBITDA (Non-GAAP) $ 13,434,025 $ 14,474,646 $ 26,860,409 $ 38,367,501 Adjustments to EBITDA Share-based compensation 549,181 528,673 2,080,781 1,667,350 Unrealized (loss) gain on derivative instruments, net 1,300,932 927,503 1,117,392 (4,156,836) Adjusted EBITDA $ 15,284,138 $ 15,930,822 $ 30,058,582 $ 35,878,015 16 Reconciliation of Non-GAAP Measures Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Earnings Per Common Share Net income attributable to Pangaea Logistics Solutions Ltd. $ (2,742,116) $ 3,682,775 $ (4,722,993) $ 15,356,951 Weighted average number of common shares - basic 64,042,209 45,276,791 63,988,996 45,245,655 Weighted average number of common shares - diluted 64,042,209 46,028,902 63,988,996 45,922,272 Earnings per common share - basic (0.04) 0.08 (0.07) 0.34 Earnings per common share - diluted (0.04) 0.08 (0.07) 0.33 Adjusted EPS Net (loss) income attributable to Pangaea Logistics Solutions Ltd. $ (2,742,116) $ 3,682,775 $ (4,722,993) $ 15,356,951 Non-GAAP Add: Unrealized loss (gain) on derivative instruments 1,300,932 927,503 1,117,392 (4,156,836) Non-GAAP adjusted net (loss) income attributable to Pangaea Logistics Solutions Ltd. (1,441,184) 4,610,278 (3,605,601) 11,200,115 Weighted average number of common shares - basic 64,042,209 45,276,791 63,988,996 45,245,655 Weighted average number of common shares - diluted 64,042,209 46,028,902 63,988,996 45,922,272 Adjusted EPS - basic $ (0.02) $ 0.10 $ (0.06) $ 0.25 Adjusted EPS - diluted $ (0.02) $ 0.10 $ (0.06) $ 0.24