Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

The following tables present selected financial information with respect to our reportable segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Shipping segment
Voyage revenue	$	155,049,805	$	144,811,943	410,491,971		$	356,004,231
Charter revenue	9,297,988		4,860,376		26,141,128		23,738,200
Shipping segment total revenue	$	164,347,793	$	149,672,319	$	436,633,099	$	379,742,431
Reconciliation:
All other revenue (1)	4,322,039		3,442,745		11,528,061		9,619,038
Total consolidated revenue	$	168,669,832	$	153,115,064	$	448,161,160	$	389,361,469

Shipping segment total revenue	$	164,347,793	$	149,672,319	$	436,633,099	$	379,742,431
Less:
Voyage expense	73,207,858		71,539,649		211,296,953		169,805,168
TCE revenue (2)	$	91,139,935	$	78,132,670	$	225,336,146	$	209,937,263

Other operating expenses	78,539,742		66,574,194		213,361,937		185,912,735
Other (expenses)/income	3,934,719		8,944,099		15,613,497		10,927,310
Total consolidated net income	$	12,987,513	$	6,057,122	$	7,888,773	$	22,716,256

(1) All other revenue includes revenue from our port and terminal operations, as well as other ancillary services.

(2) TCE revenue represents shipping segment total revenue less voyage expenses and is considered the segment measure of profit/loss.

Geographical Disclosure

Revenue from external customers is attributed to geographic areas as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
United States	$	43,383,009	$	31,570,668	$	124,851,652	$	114,634,374
Canada	38,716,767		45,375,728		47,321,072		55,051,974
Singapore	13,011,349		1,575,823		44,009,498		19,173,796
Germany	11,626,483		9,297,329		41,618,711		30,163,845
Other (1)	61,932,224		65,295,516		190,360,227		170,337,480
Total consolidated revenue	$	168,669,832	$	153,115,064	$	448,161,160	$	389,361,469

(1) This includes revenue from various regions across Asia, Europe, South America, and other international markets.

Revenue is presented geographically based on the customer's country of domicile.

Pangaea Logistics Solutions Ltd. 10-Q