Updated
The most significant concentration Pangaea Logistics Solutions discloses is a few significant customers, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Pangaea Logistics Solutions’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'We depend upon a few significant customers for a large part of our revenues and cash flow, and the loss of one or more of these customers could adversely affect our financial performance.'”
Pangaea Logistics' disclosed concentration risk is customer-based: the company depends upon a few significant customers for a large part of its revenues and cash flow, a medium-share dependency exposure, and states that the loss of one or more of these customers could adversely affect its financial performance. This is an idiosyncratic, counterparty-specific risk rather than a structural feature of the shipping business itself — it reflects how concentrated the customer relationships are rather than an inherent characteristic of the dry bulk shipping model. Because the filing does not quantify the exact share attributable to these customers beyond describing it as a dependency on "a few" significant accounts, the precise magnitude is less clear than in filings with an explicit percentage, but the company's own framing signals it is a meaningful driver of revenue and cash flow. With no other concentration points disclosed, this customer dependency is the single most important concentration factor for investors to monitor, since any change in the retention or purchasing behavior of these few key accounts could have a disproportionate effect on results.
For the engine’s reasoning on PANL’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| KEX | Kirby Corporation | 0 | 2 | 2 | 4 |
| PANL● | Pangaea Logistics Solutions Ltd | 0 | 1 | 0 | 1 |
| GNK | Genco Shipping & Trading Limite | 0 | 0 | 1 | 1 |
| MATX | Matson, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.