Let’s dig into the relative performance of Pangaea (NASDAQ: PANL) and its peers as we unravel the now-completed Q3 marine transportation earnings season.

The growth of e-commerce and global trade continues to drive demand for shipping services, presenting opportunities for marine transportation companies. While ocean freight is more fuel efficient and therefore cheaper than its air and ground counterparts, it results in slower delivery times, presenting a trade off. To improve transit speeds, the industry continues to invest in digitization to optimize fleets and routes. However, marine transportation companies are still at the whim of economic cycles. Consumer spending, for example, can greatly impact the demand for these companies’ offerings while fuel costs can influence profit margins. Geopolitical tensions can also affect access to trade routes, and if certain countries are banned from using passageways like the Panama Canal, costs can spiral out of control.

The 5 marine transportation stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 1.9%.

Luckily, marine transportation stocks have performed well with share prices up 28% on average since the latest earnings results.

Pangaea (NASDAQ: PANL)

Established in 1996, Pangaea Logistics (NASDAQ: PANL) specializes in global logistics and transportation services, focusing on the shipment of dry bulk cargoes.

Pangaea reported revenues of $168.7 million, up 10.2% year on year. This print exceeded analysts’ expectations by 5.9%. Overall, it was an incredible quarter for the company with a beat of analysts’ EPS and EBITDA estimates.

"We delivered strong results in the third quarter of 2025, with Adjusted EBITDA up 20%, demonstrating the leverage in our model. This growth was supported by solid Arctic trade activity, robust utilization across our niche ice-class fleet, and the stability of our long-term COAs," stated Mark Filanowski, Chief Executive Officer of Pangaea Logistics Solutions.

Pangaea achieved the biggest analyst estimates beat and fastest revenue growth of the whole group. Unsurprisingly, the stock is up 42.9% since reporting and currently trades at $7.03.

Is now the time to buy Pangaea? Access our full analysis of the earnings results here, it’s free.

Matson (NYSE: MATX)

Founded by a Swedish orphan, Matson (NYSE: MATX) is a provider of ocean transportation and logistics services.

Matson reported revenues of $880.1 million, down 8.5% year on year, outperforming analysts’ expectations by 5.1%. The business had an incredible quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

The market seems happy with the results as the stock is up 47.6% since reporting. It currently trades at $144.76.

Is now the time to buy Matson? Access our full analysis of the earnings results here, it’s free.

Weakest Q3: Genco (NYSE: GNK)

Headquartered in NYC, Genco (NYSE: GNK) is a shipping company that transports dry bulk cargo along worldwide maritime routes.

Genco reported revenues of $54.73 million, down 22.6% year on year, falling short of analysts’ expectations by 3.9%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue estimates and a significant miss of analysts’ adjusted operating income estimates.

Genco delivered the weakest performance against analyst estimates and slowest revenue growth in the group. Interestingly, the stock is up 14.6% since the results and currently trades at $19.20.

Read our full analysis of Genco’s results here.

Scorpio Tankers (NYSE: STNG)

Operating one of the youngest fleets in the industry, Scorpio Tankers (NYSE: STNG) is an international provider of marine transportation services, specializing in the shipment of refined petroleum.

Scorpio Tankers reported revenues of $232.9 million, down 9.8% year on year. This print was in line with analysts’ expectations. It was a strong quarter as it also recorded an impressive beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates.

The stock is down 8.2% since reporting and currently trades at $56.92.

Read our full, actionable report on Scorpio Tankers here, it’s free.

Kirby (NYSE: KEX)

Transporting goods along all U.S. coasts, Kirby (NYSE: KEX) provides inland and coastal marine transportation services.

Kirby reported revenues of $871.2 million, up 4.8% year on year. This number surpassed analysts’ expectations by 2.3%. Overall, it was a strong quarter as it also produced an impressive beat of analysts’ Distribution and Services revenue estimates and a solid beat of analysts’ revenue estimates.

The stock is up 43.2% since reporting and currently trades at $126.90.

Read our full, actionable report on Kirby here, it’s free.

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