Co nfid e n t ia l: Pa ng a e a Lo g is t ic s So lu t io ns 4Q22 Earnings Call Presentation

2 Co nfid e n t ia l: Pa ng a e a Lo g is t ic s So lu t io ns Safe Harbor 4Q22 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 Co nfid e n t ia l: Pa ng a e a Lo g is t ic s So lu t io ns 4Q22 and FY2022 Performance Summary Strong operating results highlight flexible, value-oriented business model Superior TCE rate driven by long-term COAs and cargo-focused strategy resulted in TCE rates exceeding the benchmark average Baltic Panamax and Supramax indices by 41%+ in 4Q22 and 22%+ for FY2022. The expansion of the owned fleet, a focus on improved utilization and execution on unique chartered-in strategy all resulted in Adjusted EBITDA margin expansion of 480 bps Y/Y in 4Q22 and 550 bps Y/Y for FY2022. In January 2023, sold the Bulk Newport, a 10-year-old vessel, for $9.2 million. The Company will continue to evaluate additional vessel purchases or divestitures in order to meet customer demand and maintain a modern ocean-going fleet. Significant Y/Y increase in liquidity driven by a $15 million Y/Y increase in operating cash flow generation. Net leverage ratio at 12/31/22 of 1.2x TTM Adjusted EBITDA. Continue to execute on key capital allocation priorities, maintaining cash dividend of $0.10 per common share, paid on March 15th. Positive full-year 2023 outlook driven by strong supply fundamentals. Through March 14, 2023, 3,970 days performed at an average of $15,065/day.

4 Co nfid e n t ia l: Pa ng a e a Lo g is t ic s So lu t io ns 4Q22 and FY2022 Performance Summary (Continued) Adjusted EBITDA $s in Millions Adjusted EPS $s per Share TCE Rate $s per Shipping Day Operating Cash Flow $s in Millions $ 27 $ 38 $ 14 1 $ 10 5 4 Q22 4 Q21 FY 20 22 FY 20 21 $ 0 .32 $ 0 .56 $ 1.8 2 $ 1.4 1 4 Q22 4 Q21 FY 20 22 FY 20 21 $ 20 ,0 23 $ 32,56 3 $ 24 ,4 34 $ 25,0 56 4 Q22 4 Q21 FY 20 22 FY 20 21 $ 32.9 $ 19 .1 $ 134 .8 $ 6 1.7 4 Q22 4 Q21 FY 20 22 FY 20 21

5 Co nfid e n t ia l: Pa ng a e a Lo g is t ic s So lu t io ns Outperforming Industry Benchmark Our TCE has exceeded the market by an average of 30% on a trailing 5-year basis Cargo Focused Business Model Consistently Delivers Above- Market Performance • Current 1Q23 projected TCE rate of $15,065, a 43% premium to the market average through the quarter*. • Our niche, higher- margin trades remain a key area of differentiation * Q1 23 estimated TCE performance based on shipping days performed through March 14, 2023 **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 $35,000 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23E* D ay s TC E R at e ($ s p er S h ip p in g D ay ) PANL Total Shipping Days PANL TCE Rate Market Average Rate**

6 Co nfid e n t ia l: Pa ng a e a Lo g is t ic s So lu t io ns 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%. 2021 Purchased 7 vessels for $205 million 2022 Purchased 2 vessels for $37 million

7 Co nfid e n t ia l: Pa ng a e a Lo g is t ic s So lu t io ns 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 $0.11 $0.02 $0.11 $0.30 2019 2020 2021 2022 24 .4 % 6 .3% 7.4 % 16 .5% 20 19 20 20 20 21 20 22 Ta rg e te d d ivid e nd p o licy is a im e d towa rd sust a ina b ilit y t h ro ug h the cyc le Divid e nd p ayo ut ha s inc re a se d a m id favo ra b le m a rke t co nd it io ns a nd st ra te g ic exe c u t io n Im p rove d m a rg ins a nd c a sh co nve rs io n sup p o rt d ivid e nd cove ra g e d e sp ite vo la t ile d ry b u lk m a rke t 9.9x 22.9x 11.2x 10.1x 2019 2020 2021 2022

8 Co nfid e n t ia l: Pa ng a e a Lo g is t ic s So lu t io ns Balance Sheet Update Ample liquidity to support ongoing growth of business O p p o rtun ist ic a lly inve ste d in ow ne d sh ip fle e t d uring 20 21 a m id a t t ra c t ive m a rke t d yna m ic s Re p a id ove r $ 30 m illio n in d e b t d uring 20 22 th ro ug h fre e c a sh flow a nd ve sse l sa le s Ca p it a l a llo c a t io n p rio rit ie s w ill b e b a la nce d b e twe e n d e b t re p aym e nt , fle e t inve stm e nt , o p p o rtun ist ic M&A a nd sha re ho ld e r re tu rns $ 125.0 $ 127.8 $ 116 .4 $ 255.5 $ 175.6 $ 56 .1 $ 53.1 $ 4 6 .9 $ 56 .2 $ 128 .4 2.21x 2.40x 2.73x 2.43x 1.25x 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 2018 2019 2020 2021 2022 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 Co nfid e n t ia l: Pa ng a e a Lo g is t ic s So lu t io ns Macro Shipping Outlook Focused on providing comprehensive logistics solutions with targeted dry bulks Near Term Outlook (1H23) Medium Term Outlook (Full-Year 2023) Long-Term Outlook (2023-2025) • Recovery of China economy is expected to be a positive for demand • US Infrastructure spending is beginning to ramp up, creating favorable tailwinds for construction related raw materials • Normal seasonality is expected to be amplified by pre-recession demand slowdowns in Europe and North America • Significant decline in vessel manufacturing will constrain ship supply and tighten the overall dry bulk market • Trade disruptions resulting from geopolitical tensions are expected to increase ton mile demand • 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 Co nfid e n t ia l: Pa ng a e a Lo g is t ic s So lu t io ns 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 • 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 for direct and immediate impact to operating margins and cash flow • 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 Co nfid e n t ia l: Pa ng a e a Lo g is t ic s So lu t io ns 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

Co nfid e n t ia l: Pa ng a e a Lo g is t ic s So lu t io ns Appendix

13 Co nfid e n t ia l: Pa ng a e a Lo g is t ic s So lu t io ns Selected Balance Sheet Data (in thousands,may not foot due to rounding) December 31, 2022 December 31, 2021 Current Assets Cash and cash equivalents 128,385$ 56,209$ Accounts receivable, net 36,755 54,259 Other current assets 57,371 73,495 Total current assets 222,511 183,964 Fixed assets, including finance lease right of use assets, net 520,446 517,109 Advances for vessel purchases - 1,990 Other Non-current Assets 5,284 3,962 Total assets 748,241$ 707,024$ Current liabilities Accounts payable, accrued expenses and other current liabilities 38,554$ 49,154$ Related party debt - 243 Current portion long-term debt and finance lease liabilities 32,148 29,923 Other current liabilities 21,510 32,419 Total current liabilties 92,212 111,739 Secured long-term debt and finance lease liabilities, net 267,334 276,796 Other long-term liabilities 19,974 17,807 Total Pangaea Logistics Solutions Ltd. equity 314,226 247,202 Non-controlling interests 54,495 53,479 Total stockholders' equity 368,722 300,681 Total liabilities and stockholders' equity 748,241$ 707,024$

14 Co nfid e n t ia l: Pa ng a e a Lo g is t ic s So lu t io ns Selected Income Statement Data (in thousands,may not foot due to rounding) 2022 2021 2022 2021 (unaudited) (unaudited) Revenues: Voyage revenue 117,340$ 202,504$ 640,034$ 614,482$ Charter revenue 10,584 32,055 59,673 103,622 Total revenue 127,923 234,558 699,707 718,104 Expenses: Voyage expense 54,214 65,266 262,089 219,623 Charter hire expense 28,157 114,992 222,332 334,953 Vessel operating expenses 15,380 12,693 56,859 42,715 General and administrative 3,908 4,290 20,103 18,966 Depreciation and amortization 7,529 6,523 29,490 22,974 Loss on impairment of vessels - - 3,008 - Loss on sale of vessels - - 318 - Total expenses 109,188 203,764 594,199 639,232 Income from operations 18,735 30,794 105,508 78,872 Total other (expense) income, net (2,923) (13,201) (20,000) (6,499) Net income 15,812 17,594 85,508 72,374 Income attributable to noncontrolling interests (309) (2,444) (6,016) (5,147) Net income attributable to Pangaea Logistics Solutions Ltd. 15,503$ 15,150$ 79,491$ 67,227$ Twelve months ended December 31Three months ended December 31,

15 Co nfid e n t ia l: Pa ng a e a Lo g is t ic s So lu t io ns Reconciliation of Non-GAAP Measures (unaudited) (1) Ad jus t e d EBITDA re p re se n t s ne t inc o m e (o r lo ss ) , d e t e rm ine d in a c c o rd a nc e w ith U.S. GAAP, e xc lud ing in t e re s t e xp e nse , inc o m e t a xe s , d e p re c ia t io n a nd a m o rt iza t io n , lo ss o n sa le a nd le a se b a c k o f ve sse ls , sha re -b a se d c o m p e nsa t io n a nd o the r no n-o p e ra t ing inc o m e a nd / o r e xp e nse , if a ny. 12/31/2022 12/31/2021 12/31/2022 12/31/2021 Net Transportation and Service Revenue Gross Profit 22,700,870$ 35,102,473$ 129,050,037$ 97,938,881$ Add: Vessel Depreciation and amortization 7,471,538 6,504,554 29,376,777 22,874,061 Net transportation and service revenue 30,172,408$ 41,607,027$ 158,426,814$ 120,812,942$ Adjusted EBITDA Net Income 15,812,044$ 17,593,709$ 85,507,704$ 72,373,704$ Interest expense, net 4,405,503 3,744,058 21,489,578 11,514,138 Depreciation and amortization 7,529,397 6,522,946 29,489,810 22,974,249 EBITDA 27,746,944 27,860,713 136,487,092 106,862,091 Non-GAAP Adjustments: Loss on impairment of vessels - - 3,007,809 - Loss on sale of vessels - - 318,032 - Share-based compensation 309,754 367,939 1,767,726 2,102,897 Unrealized (gain) loss on derivative instruments, net (1,192,416) 9,784,274 (682,323) (3,886,201) Adjusted EBITDA (1) 26,864,282$ 38,012,926$ 140,898,336$ 105,078,787$ For the three months ended For the twelve months ended

16 Co nfid e n t ia l: Pa ng a e a Lo g is t ic s So lu t io ns Reconciliation of Non-GAAP Measures (unaudited) 12/31/2022 12/31/2021 12/31/2022 12/31/2021 Earnings Per Common Share Net income attributable to Pangaea Logistics Solutions Ltd. 15,502,601$ 15,150,156$ 79,491,413$ 67,226,833$ Weighted average number of common shares - basic 44,435,664 44,004,980 44,398,987 43,997,311 Weighted average number of common shares - diluted 44,985,969 44,689,309 45,059,587 44,848,997 Earnings per common share - basic 0.35$ 0.34$ 1.79$ 1.53$ Earnings per common share - diluted 0.34$ 0.34$ 1.76$ 1.50$ Adjusted EPS Net income attributable to Pangaea Logistics Solutions Ltd. 15,502,601$ 15,150,156$ 79,491,413$ 67,226,833$ Non-GAAP Add: Loss on impairment of vessels - - 3,007,809 - Loss on sale of vessels - - 318,032 - Unrealized (gain) loss on derivative instruments, net 1,192,416 (9,784,274) 682,323 3,886,201 Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions L 14,310,185 24,934,430 82,134,931 63,340,632 Weighted average number of common shares - basic 44,435,664 44,004,980 44,398,987 43,997,311 Weighted average number of common shares - diluted 44,985,969 44,689,309 45,059,587 44,848,997 Adjusted EPS - basic 0.32$ 0.57$ 1.85$ 1.44$ Adjusted EPS - diluted 0.32$ 0.56$ 1.82$ 1.41$ For the three months ended For the twelve months ended