2 Safe Harbor 3Q25 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 4Q25 Performance Highlights Seasonal arctic activity drives strong earnings and operating cash flow Strong seasonal demand in arctic trade routes drove high utilization and supported premium TCE returns amid dry bulk market uncertainty, with TCE rates outperforming benchmark Panamax, Supramax and Handysize indices by 19%. Adjusted EBITDA of $28.7 million, increase of 23% year-over-year, driven by a 26% increase in shipping days and improved market rates. Strong fourth quarter 2025 cash flow from operations of $15.1 million, resulted in year-end cash and cash equivalents of $103 million and net leverage of 2.7x. As of March 9, 2025, booked 5,920 days at an average of $14,917/day driven by seasonally strong market pricing dynamics resulting from geopolitical disruptions. In February 2026, entered into an agreement to sell the 2006-built Bulk Xaymaca for $9.6 million; expected to complete in the second quarter of 2026. Fourth quarter 2025 GAAP net income of $11.9 million, or $0.19 per share and Adjusted net income of $10.1 million, or $0.16 per share. Share repurchases during the fourth quarter totaled 200,231 at an average price of $4.92 per share, leaving $12.0 million of availability under the current share repurchase authorization. 4 4Q & Full Year 2025 Performance Summary Adjusted EBITDA $s in Millions Adjusted EPS $s per Share TCE Rate $s per Shipping Day Operating Cash Flow $s in Millions
5 Outperforming Industry Benchmark Our TCE has exceeded the market by an average of 23% on a trailing 5-year basis Cargo Focused Business Model Consistently Delivers Above-Market Performance • Current 1Q26 booked TCE rate of $14,917, an 18% 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. * Q1 26 estimated TCE performance based on shipping days booked as of March 9, 2026 **Average of the published Panamax, Supramax and Handysized indices, net of commission 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) Vessels are owned through a joint venture, of which Pangaea owns 50% as of September 30, 2024 and December 31, 2023. 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 Consistent dividend payout amid strategic execution and fleet growth $12 million repurchase authorization allows for flexible and opportunistic capital deployment 8 Balance Sheet Update Ample liquidity to support ongoing growth of business Continue to opportunistically invest in modern and compliant vessel fleet to meet customer cargo requirements on demand Robust operating cash flow and opportunistic vessel financings, contributed to $103 million in available cash & liquidity at the end of 2025 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 3Q25 (as of 9/30/25) exclude $0.3 million in restricted cash related to a bank guarantee issued in connection with the Company’s insurance arrangements. (1) (2) (2)
9 Macro Shipping Outlook Focused on providing comprehensive logistics solutions with targeted dry bulks Near Term Outlook (1H 2026) Medium Term Outlook (2026 - 2027) Long-Term Outlook (2028 & Beyond) • Trade policy uncertainty and geopolitical disruptions continue to delay long-term trade route decisions and impact trade patterns for commodities. • Geopolitical route disruptions create route inefficiencies and tightness in the market, supporting near term pricing. • Global ton-mile demand is expected to grow ~2% in 2026 vs. 2025. • Global dry bulk fleet is expected to remain steady, but the orderbook remains manageable despite continued overall fleet aging. • Effective industry capacity continue to be limited due to emissions-driven fleet inefficiencies and increased dry-docking days. • Clarity in emissions free fuel alternatives creates opportunity for fleet renewal and niche offerings. • Supply chain reorganizations provide the opportunity for the Company to grow its logistics offerings with new and existing customers. • Emissions regulations will continue to put pressure on markets as fleets age amid limited new and compliant vessels are built. 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 (U.S. dollars in thousands, except per share data) December 31, 2025 December 31, 2024 Current Assets Cash and cash equivalents $ 103,054 $ 86,805 Accounts receivable, net 55,854 42,371 Other current assets 56,868 62,818 Total current assets $ 215,776 $ 191,994 Restricted cash 270 — Fixed assets, including finance lease right of use assets, net 704,384 736,598 Goodwill 3,105 3,105 Other Non-current Assets 4,561 4,761 Total assets $ 928,096 $ 936,457 Current liabilities Accounts payable, accrued expenses and related party payable $ 55,063 $ 62,029 Other current liabilities 26,089 2,392 Current portion long-term debt, financing obligation and finance lease obligation 46,882 41,843 Total current liabilities 128,034 106,264 Secured long-term debt and finance lease liabilities, net 325,326 342,250 Total Pangaea Logistics Solutions Ltd. equity 429,333 427,822 Non-controlling interests 45,403 46,843 Total stockholders' equity 474,736 474,664 Total liabilities and stockholders' equity $ 928,096 $ 936,457 14 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. (U.S. dollars in thousands, except per share data) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Revenues: Voyage revenue $ 166,348 $ 137,601 $ 577,547 $ 494,107 Charter revenue 13,117 6,588 39,258 30,326 Terminal & stevedore revenue 4,415 2,986 15,236 12,103 Total revenue 183,880 147,175 632,041 536,536 Expenses: Voyage expense 72,382 67,674 283,679 237,479 Charter hire expense 46,788 34,425 129,735 130,764 Vessel operating expenses 27,658 14,254 94,948 55,544 Terminal Expenses 3,818 1,974 12,189 9,299 General and administrative 6,743 6,277 31,071 24,626 Depreciation and amortization 11,740 7,766 42,475 30,376 Gain on sale of vessel and equipment (2,692) — (3,000) — Total expenses 166,438 132,370 591,097 488,088 Income from operations 17,442 14,805 40,944 48,449 Total other expense, net (5,164) (5,752) (20,777) (16,679) Net income 12,278 9,053 20,167 31,769 Income attributable to non-controlling interests (394) (618) (798) (2,866) Net income attributable to Pangaea Logistics Solutions Ltd. $ 11,884 $ 8,435 $ 19,369 $ 28,903 Adjusted EBITDA (1) $ 28,739 $ 23,319 $ 88,015 $ 83,325 15 Reconciliation of Non-GAAP Measures (In thousands of U.S. dollars, except as indicated) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Adjusted Gross Profit Gross Profit $ 21,529 $ 21,157 $ 69,154 $ 73,185 Add: Vessel Depreciation and amortization 11,704 7,692 42,336 30,266 Adjusted Gross Profit (Non-GAAP) $ 33,233 $ 28,848 $ 111,490 $ 103,451 Adjusted EBITDA Net income $ 12,278 $ 9,053 $ 20,167 $ 31,769 Interest expense, net 5,382 4,119 22,375 14,051 Income attributable to non-controlling interest recorded as long-term liability interest expense — 2,682 — 3,103 Depreciation and amortization 11,740 7,766 42,475 30,376 Income tax (benefit) provision (included in Other income) (289) 75 533 285 EBITDA (Non-GAAP) $ 29,111 $ 23,696 $ 85,549 $ 79,584 Adjustments to EBITDA Gain on sale of vessel and equipment (2,692) — (3,000) — Share-based compensation 1,416 475 4,111 2,788 Unrealized gain (loss) on derivative instruments, net 903 (851) 1,355 953 Adjusted EBITDA $ 28,739 $ 23,319 $ 88,015 $ 83,325 16 Reconciliation of Non-GAAP Measures In thousands of U.S. dollars, except per share amounts (earnings per common share and adjusted earnings per common share). Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Earnings Per Common Share Net income attributable to Pangaea Logistics Solutions Ltd. $ 11,884 $ 8,435 $ 19,369 $ 28,903 Weighted average number of common shares - basic 63,510,714 45,792,112 63,802,958 45,391,855 Weighted average number of common shares - diluted 64,176,117 46,527,775 64,703,473 46,046,044 Earnings per common share - basic $ 0.19 $ 0.18 $ 0.30 $ 0.64 Earnings per common share - diluted $ 0.19 $ 0.18 $ 0.30 $ 0.63 Adjusted EPS Net income attributable to Pangaea Logistics Solutions Ltd. $ 11,884 $ 8,435 $ 19,369 $ 28,903 Non-GAAP Add: Gain on sale of vessel and equipment (2,692) — (3,000) — Unrealized loss on derivative instruments 903 (851) 1,355 953 Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. $ 10,095 $ 7,584 $ 17,723 $ 29,856 Weighted average number of common shares - basic 63,510,714 45,792,112 63,802,958 45,391,855 Weighted average number of common shares - diluted 64,176,117 46,527,775 64,703,473 46,046,044 Adjusted EPS - basic $ 0.16 $ 0.17 $ 0.28 $ 0.66 Adjusted EPS - diluted $ 0.16 $ 0.16 $ 0.27 $ 0.65