q32021investorpresentati

THIRD QUARTER 2021 EARNINGS CONFERENCE CALL PRESENTATION 1

SAFE HARBOR This presentation includes 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. 2

BUSINESS HIGHLIGHTS •Adjusted EBITDAof $33.6 million •Net income of $27.0 million •$49.2 million cash, restricted cash and cash equivalents Q3‐2021 Results •23 drybulk ships and one barge in owned and controlled fleet at September 30, 2021 Fleet •Operating 58 vessels on average during Q3 2021 •7.7 million tons carried; 136 voyages performed for 53 clients Operations 1) Adjusted EBITDA represents net income (or loss), determined in accordance with U.S. GAAP, excluding interest expense, income taxes, depreciation and amortization, loss on sale and leaseback of vessels, share‐based compensation and other non‐operating income and/or expense, if any. Consistent Performance Working Fleet Extensive and varied experience 3

Customer Focus: Long‐term, fixed contract employment and recurring business with new and longstanding customers Targeted Business: Specialty tonnage provides consistent returns through fluctuating market cycles. Rate Environment: The Baltic Dry Index average increased significantly in the third quarter. (1) Per reported indices DRIVERS OF PERFORMANCE 4 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 5500 Baltic Dry Index (1)

3rd Quarter Highlights • Net income attributable to Pangaea Logistics Solutions Ltd. was $27.0 million for the three months ended September 30, 2021, as compared to a $7.6 million for the same period of 2020. o Non‐GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. was $21.7 million, as compared to non‐GAAP adjusted net income of $8.1 million for the three months ended September 30, 2020. • Diluted net income per share was $0.60 for the three months ended September 30, 2021, as compared to a diluted net income per share of $0.17 for the same period of 2020. • Pangaea's TCE rates were $28,770 per day for the three months ended September 30, 2021, as compared to $13,316 per day for the three months ended September 30, 2020. • Adjusted EBITDA was $33.6 million for the three months ended September 30, 2021, as compared to $15.4 million for the same period of 2020. • At the end of the quarter, Pangaea had $49.2 million in cash and cash equivalents. Subsequent Business Update • On November 5, 2021 the Company entered into a memorandum of agreement to purchase a 2009 built Panamax vessel to add to its operating fleet for $19.9 million which is expected to deliver during the first quarter of 2022. • On November 8, 2021, the Company's Board of Directors declared a quarterly cash dividend of $0.035 per common share, to be paid on December 15, 2021, to all shareholders of record as of December 1, 2021. FINANCIAL HIGHLIGHTS 5

(in thousands, may not foot due to rounding) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 (unaudited) (unaudited) (unaudited) (unaudited) Revenues: Voyage revenue $ 186,353 $ 98,120 $ 411,978 $ 251,501 Charter revenue 26,676 5,646 71,568 18,541 Total revenue 213,029 103,767 483,546 270,043 Expenses: Voyage expense 60,406 40,729 154,357 120,283 Charter hire expense 103,721 34,970 219,960 82,499 Vessel operating expenses 11,754 9,700 30,022 28,959 General and administrative 4,442 3,692 14,677 11,558 Depreciation and amortization 7,163 4,230 16,451 12,818 Loss on impairment of vessels ‐ ‐ ‐ 1,801 Loss on sale of vessels ‐ 486 ‐ 705 Total expenses 187,486 93,807 435,468 258,623 Income from operations 25,543 9,960 48,078 11,420 Total other income (expense), net 3,153 (1,673) 6,702 (6,608) Net income 28,696 8,287 54,780 4,812 Income attributable to noncontrolling interests (1,700) (734) (2,703) (1,050) Net income attributable to Pangaea Logistics Solutions Ltd. $ 26,995 $ 7,552 $ 52,077 $ 3,762 Adjusted EBITDA (1) $ 33,626 $ 15,369 $ 67,066 $ 29,656 1) Adjusted EBITDA represents net income (or loss), determined in accordance with U.S. GAAP, excluding interest expense, income taxes, depreciation and amortization, loss on sale and leaseback of vessels, share‐based compensation and other non‐operating income and/or expense, if any. SELECTED INCOME STATEMENT DATA 6

SELECTED BALANCE SHEET & CASH FLOW DATA 7 The amounts in the table above have been calculated based on unrounded numbers. Accordingly, certain amounts may not sum due to the effect of rounding. (in thousands) September 30, 2021 December 31, 2020 Current Assets Cash and cash equivalents 49,164$ 46,897$ Restricted cash ‐ 1,500 Accounts receivable, net 41,302 29,152 Other current assets 77,716 35,482 Total current assets 168,183 113,032 Fixed assets, including finance lease right of use assets, net 484,588 321,982 Investment in newbuildings in‐process 4,013 15,391 Total assets 656,784$ 450,404$ Current liabilities Accounts payable, accrued expenses and other current liabilities 50,889$ 32,400$ Related party debt 243 243 Current portion long‐term debt and finance lease liabilities 28,852 64,361 Other current liabilities 24,884 13,805 Total current liabilties 104,867 110,809 Secured long‐term debt and finance lease liabilities, net 252,401 95,028 Other long‐term liabilities 15,117 10,135 Total Pangaea Logistics Solutions Ltd. equity 233,363 182,766 Non‐controlling interests 51,036 51,666 Total stockholders' equity 284,398 234,431 Total liabilities and stockholders' equity 656,784$ 450,404$ Cash flows for the years ended: September 30, 2021 September 30, 2021 Net cash provided by operating activities 42,677$ 22,441$ Net cash (used in) provided by investing activities (159,848)$ (6,042)$ Net cash provided by (used in) financing activities 117,938$ (21,395)$

TOTAL SHIPPING DAYS 8 Capital Efficiency: Leveraged owned fleet by chartering‐in market vessels Flexibility: Short‐term charters allow us to react quickly and take advantage of arbitrage opportunities 1,875 1,573 1,623 1,566 1,461 1,372 1,615 1,968 3,365 3,003 1,977 3,168 3,406 3,296 3,108 3,337 ‐ 1,000 2,000 3,000 4,000 5,000 6,000 Q4‐19 Q1‐20 Q2‐20 Q3‐20 Q4 ‐20 Q1‐21 Q2‐21 Q3‐21 D ay s Owned Days Charter‐in Days

PANGAEA TCE v. AVERAGE MARKET TCE 9 **Average of the published Panamax and Supramax index net of commission $15,172 $10,508 $10,733 $13,316 $14,640 $16,524 $21,053 $28,770 $10,819 $5,920 $5,548 $10,286 $10,326 $16,261 $24,185 $32,033 $‐ $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 Q4‐2019 Q1‐2020 Q2‐2020 Q3‐2020 Q4‐2020 Q1‐2021 Q2‐2021 Q3‐2021 PANGAEA AVG TCE V. MARKET AVERAGE TCE Pangaea TCE Market TCE

1) Adjusted EBITDA is a non‐GAAP measure and represents operating earnings before interest expense, income taxes, depreciation and amortization, share‐based compensation, loss on sale and leaseback of vessels and other non‐operating income and/or expense, if any. 2) TCE is defined as total revenues less voyage expenses divided by the number of shipping days, which is consistent with industry standards. TCE rate is a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per‐day amounts while charter hire rates for vessels on time charters generally are expressed in per‐day amounts. FINANCIAL PERFORMANCE Q4‐2019 THROUGH Q3‐2021 10 $‐ $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 Q4‐19 Q1‐20 Q2‐20 Q3‐20 Q4 ‐20 Q1‐21 Q2‐21 Q3‐21 TCE(2) ‐ 5,000 10,000 15,000 20,000 25,000 30,000 35,000 Q4‐19 Q1‐20 Q2‐20 Q3‐20 Q4 ‐20 Q1‐21 Q2‐21 Q3‐21 ADJUSTED EBITDA(1)

ADJUSTED EARNINGS PER COMMON SHARE 11 (1) Adjusted earnings per share represents net income attributable to Pangaea Logistics Solutions Ltd. plus, when applicable, loss on sale and leaseback of vessel, loss on impairment of vessel, gains and losses on derivative instruments, and certain non‐recurring charges, divided by the weighted average number of shares of common stock. Adjusted EPS total of $0.48 for Q3‐2021 0.09 0.03 0.09 0.20 0.10 (0.09) 0.09 0.19 0.14 0.09 0.29 0.48 (0.10) ‐ 0.10 0.20 0.30 0.40 0.50 0.60 Q4‐18 Q1‐19 Q2‐19 Q3‐19 Q4‐19 Q1‐20 Q2‐20 Q3‐20 Q4 ‐20 Q1‐21 Q2‐21 Q3‐21 Historical Adjusted EPS (1) $0.41 $0.29 $1.00

TCE OUTLOOK 12 * Q4 21 estimated TCE performance based on shipping days performed through November 8, 2021 $13,835 $14,360 $12,029 $12,933 $15,915 $15,172 $10,508 $10,733 $13,316 $14,640 $16,524 $21,053 $28,770 $32,993* ‐ 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 Q3 ‐ 2018 Q4 ‐ 2018 Q1‐2019 Q2‐2019 Q3‐2019 Q4‐2019 Q1‐2020 Q2‐2020 Q3‐2020 Q4‐2020 Q1‐2021 Q2‐2021 Q3‐2021 Q4‐2021e Shipping Days Pangaea TCE