Pangaea Logistics Solutions provides ocean transportation and logistics services for drybulk commodities, serving industrial customers — miners, steel mills, energy producers, and commodity traders — who need to move raw materials like coal, iron ore, bauxite, grain, and limestone across oceans. Rather than just moving cargo from port to port, Pangaea manages the full logistics chain, including loading, discharge, port operations, and voyage planning. The company's defining niche is its ice-class fleet: Pangaea operates the world's largest drybulk fleet over 60,000 DWT with Ice-Class 1A designation, enabling it to serve Baltic Sea winter routes, Arctic waters, and the Gulf of St. Lawrence — routes where few competitors can operate and rates carry a premium. Pangaea also focuses on minor bulk cargoes and less-traveled routes that larger, more commoditized operators tend to avoid. Pangaea operates 39 owned vessels supplemented by roughly 25 chartered-in vessels per day, giving it flexibility to scale capacity up or down as market rates shift. Revenue comes from voyage charters and long-term contracts of affreightment (COAs) — where Pangaea is paid per ton of cargo — and time charters, where customers pay a daily rate. Roughly 30% of owned fleet capacity is covered by COAs at any given time. Pangaea is also building a U.S. port and terminal network across Gulf and Mid-Atlantic ports, offering stevedoring and cargo handling services, which management views as a way to reduce earnings cyclicality and deepen customer relationships by bundling shipping and terminal services.