3Q24 Earnings Call Presentation 2 Safe Harbor 3Q24 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 3Q24 Performance Highlights Significant strategic progress amid seasonally strong artic trade demand Seasonal artic trade demand drove high utilization of specialized ice-class fleet, resulting in earned TCE rates in 3Q24 exceeding the benchmark average Baltic Panamax and Supramax indices by 19%. Adjusted EBITDA declined to $23.9 million in 3Q24, due to a 43% increase in charter- hire expenses, which more than offset a 3.7% increase in earned TCE rates and a 3% decrease in vessel operating expenses, net of technical management fees. Announced definitive agreement for dry bulk fleet combination with the dry bulk fleet of M.T. Maritime, expanding into handy-sized segment and increasing the size of the dry bulk fleet by 60%, pending shareholder approval. Continue to execute on key capital allocation priorities, maintaining cash dividend of $0.10 per common share, to be paid on December 13, 2024. Entering the fourth quarter prevailing market rates have been mixed. As of November 11, 2024, booked 3,378 days at an average of $16,629/day. Took delivery of the Bulk Brenton and Bulk Patience increasing the amount of environmentally compliant fleet tonnage and increased the number of owned vessels to 26. 4 3Q 2024 Performance Summary Adjusted EBITDA $s in Millions Adjusted EPS $s per Share TCE Rate $s per Shipping Day Operating Cash Flow $s in Millions $23.9 $27.9 3Q24 3Q23 $0.24 $0.32 3Q24 3Q23 $16,324 $15,748 3Q24 3Q23 $28.5 $16.3 3Q24 3Q23

5 Outperforming Industry Benchmark Our TCE has exceeded the market by an average of 31% on a trailing 5-year basis Cargo Focused Business Model Consistently Delivers Above- Market Performance • Current 4Q24 booked TCE rate of $16,629, an 38% 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. * Q4 24 estimated TCE performance based on shipping days booked as of November 11, 2024 **Average of the published Panamax and Supramax indices, net of commission - 1,000 2,000 3,000 4,000 5,000 6,000 $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 D ay s TC E R at e ($ s p er S h ip p in g D ay ) PANL Total Shipping Days PANL TCE Rate Market TCE Rate** 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 2023 & 2024 MV Bulk Prudence - Ultramax 2021 & 2022 MV Bulk Brenton - Supramax MV Bulk Patience - Supramax 7 Return of Capital Program Stable quarterly cash dividend supported by stable profitability 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 Targeted dividend policy is aimed toward sustainability through the cycle Dividend payout has increased amid favorable market conditions and strategic execution Improved margins and cash conversion support dividend coverage despite volatile dry bulk market 6.3% 7.4% 16.5% 58.0% 2020 2021 2022 2023 $0.02 $0.11 $0.30 $0.40 2020 2021 2022 2023 22.9x 11.2x 10.1x 3.0x 2020 2021 2022 2023 8 Balance Sheet Update Ample liquidity to support ongoing growth of business Opportunistically invested in owned ship fleet during 2021 amid attractive market dynamics Repaid over $35 million in debt during 2023 through operating cash flow and vessel sales Capital allocation priorities will be balanced between debt repayment, fleet investment, opportunistic M&A and shareholder returns $116.4 $255.5 $175.6 $168.9 $199.7 $46.9 $56.2 $128.4 $99.0 $93.1 2.7x 2.4x 1.3x 2.1x 2.5x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x $- $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 2020 2021 2022 2023 3Q24 TT M N et D eb t/ A d j. E B IT D A $s in M ill io n s Total Net Debt Total Cash Net Leverage

9 Macro Shipping Outlook Focused on providing comprehensive logistics solutions with targeted dry bulks Near Term Outlook (4Q24 – 1Q25) Medium Term Outlook (Full-Year 2025) Long-Term Outlook (2026 - 2027) • Dry bulk demand appears to be following seasonal norms, while wetter-than-normal weather in the Baltic region are likely to shorten the artic trade season in Q4 • US Infrastructure spending is beginning to ramp up, creating favorable tailwinds for construction related raw materials • Global dry bulk fleet growth is expected to remain limited amid limited new-building activity • Trade disruptions resulting from geopolitical tensions are expected to increase could create opportunities as trade looks to avoid regions of turmoil • Current risk to medium-term rate improvement is a more pronounced global recession • 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 (in thousands,may not foot due to rounding) September 30, 2024 December 31, 2023 (unaudited) (audited) Current Assets Cash and cash equivalents 93,120$ 99,038$ Accounts receivable, net 44,157 47,892 Other current assets 58,962 44,897 Total current assets 196,239 191,826 Fixed assets, including finance lease right of use assets, net 543,716 504,659 Goodwill 3,105 3,105 Other Non-current Assets 6,107 5,590 Total assets 749,167$ 705,180$ Current liabilities Accounts payable, accrued expenses and other current liabilities 47,778$ 35,836$ Current portion long-term debt and finance lease liabilities 30,776 52,722 Other current liabilities 17,360 16,776 Total current liabilties 95,914 105,334 Secured long-term debt and finance lease liabilities, net 258,081 211,713 Other long-term liabilities 16,357 17,937 Total Pangaea Logistics Solutions Ltd. equity 332,590 323,886 Non-controlling interests 46,225 46,310 Total stockholders' equity 378,815 370,196 Total liabilities and stockholders' equity 749,167$ 705,180$ 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) 2024 2023 2024 2023 (unaudited) (unaudited) (audited) (audited) Revenues: Voyage revenue 145,120$ 127,885$ 356,506$ 346,300$ Charter revenue 4,860 3,798 23,738 16,637 Terminal & stevedore revenue 3,135 3,934 9,117 4,454 Total revenue 153,115 135,616 389,361 367,391 Expenses: - - - - Voyage expense 71,540 59,075 169,805 170,349 Charter hire expense 36,511 25,467 96,339 77,183 Vessel operating expenses 13,885 14,253 41,290 41,070 Terminal Expenses 2,417 3,518 7,325 3,892 General and administrative 6,042 5,500 18,350 17,115 Depreciation and amortization 7,719 8,092 22,609 22,546 Loss on sale of vessel - - - 1,172 Total expenses 138,114 115,905 355,718 333,329 Income from operations 15,001 19,711 33,644 34,062 - - - - Total other expense, net (8,944) 479 (10,927) (7,702) Net income 6,057 20,190 22,716 26,360 Income attributable to noncontrolling interests (946) (1,322) (2,248) (1,173) Net income attributable to Pangaea Logistics Solutions Ltd. 5,111$ 18,868$ 20,468$ 25,187$ Adjusted EBITDA (1) 23,917$ 27,881$ 59,795$ 60,042$ Nine months ended September 30,Three months ended September 30, 15 Reconciliation of Non-GAAP Measures 9/30/2024 9/30/2023 9/30/2024 9/30/2023 (unaudited) (unaudited) (unaudited) (unaudited) Net Transportation and Service Revenue Gross Profit 21,084,541$ 25,240,555$ 52,075,557$ 52,433,372$ Add: Vessel Depreciation and amortization 7,677,620 8,063,270 22,526,796 22,462,168 Net transportation and service revenue 28,762,161$ 33,303,825$ 74,602,353$ 74,895,540$ Adjusted EBITDA Net Income 6,057,122$ 20,190,102$ 22,716,256$ 26,359,872$ Interest expense, net 3,808,222 3,573,182 9,931,289 9,857,006 Income (loss) attributable to Non-controlling interest recorded as long-term liability interest expense (274,326) 267,198 420,826 1,027,798 Depreciation and amortization 7,719,083 8,092,495 22,609,231 22,546,350 EBITDA 17,310,101 32,122,977 55,677,602 59,791,026 Non-GAAP Adjustments: Loss on sale of vessels - - - 1,172,196 Share-based compensation 645,835 270,007 2,313,185 1,393,514 Unrealized loss (gain) on derivative instruments, net 5,961,224 (4,531,912) 1,804,388 (2,760,059) Other non-recurring items - 19,476 - 445,178 Adjusted EBITDA 23,917,160$ 27,880,548$ 59,795,175$ 60,041,855$ For the three months ended For the nine months ended 16 Reconciliation of Non-GAAP Measures Earnings Per Common Share Net income attributable to Pangaea Logistics Solutions Ltd. 5,111,040$ 18,868,291$ 20,467,991$ 25,187,098$ Weighted average number of common shares - basic 45,279,813 44,775,438 45,257,462 44,754,620 Weighted average number of common shares - diluted 46,011,402 45,081,668 45,947,548 45,108,039 Earnings per common share - basic 0.11$ 0.42$ 0.45$ 0.56$ Earnings per common share - diluted 0.11$ 0.42$ 0.45$ 0.56$ Adjusted EPS Net income attributable to Pangaea Logistics Solutions Ltd. 5,111,040$ 18,868,291$ 20,467,991$ 25,187,098$ Non-GAAP Add: Loss on impairment of vessels - - - - Loss on sale of vessels -$ -$ -$ 1,172,196$ Unrealized loss (gain) on derivative instruments, net 5,961,224 (4,531,912) 1,804,388 (2,760,059) Other non-recurring items - 19,476 - 445,178 Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. 11,072,264 14,355,855 22,272,379 24,044,413 Weighted average number of common shares - basic 45,279,813 44,775,438 45,257,462 44,754,620 Weighted average number of common shares - diluted 46,011,402 45,081,668 45,947,548 45,108,039 Adjusted EPS - basic 0.24$ 0.32$ 0.49$ 0.54$ Adjusted EPS - diluted 0.24$ 0.32$ 0.48$ 0.53$