Companies Pangaea Logistics Solutions Ltd.
Pangaea Logistics Solutions (PANL): executive pay, fiscal 2025
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CEO pay, last three years
- $1,484,267FY2023
- $1,739,079FY2024
- $1,237,359FY2025
CEO total pay was $1,237,359 in fiscal 2025, down from $1,739,079 in fiscal 2024.
FY2025: salary $600,000 · bonus $603,116 · stock awards $0 · option awards $0
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Mark Filanowski | $600,000 | $603,116 | $0 | $0 | $0 | $0 | $34,243 | $1,237,359 |
| Chief Executive Officer | ||||||||
| Mads Rosenberg Boye Petersen | 450,000 | 337,882 | 330,043 | 0 | 0 | 0 | 34,243 | 1,152,168 |
| Chief Operating Officer | ||||||||
| Gianni Del Signore | 370,000 | 287,394 | 178,092 | 0 | 0 | 0 | 42,729 | 878,215 |
| Chief Financial Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Mark Filanowski | $1,237,359 | $1,739,079 | $1,484,267 | ↓ −501,720 |
| Mads Rosenberg Boye Petersen | 1,152,168 | 1,126,720 | 957,586 | ↑ +25,448 |
| Gianni Del Signore | 878,215 | 952,574 | 802,077 | ↓ −74,359 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The primary goal of the Company’s Executive Compensation Program is to attract, retain, and motivate talented individuals capable of fulfilling their responsibilities and guiding the Company toward achieving its strategic objectives. Given the highly cyclical and volatile nature of the industry, the Committee believes the program should maintain flexibility and incorporate a significant emphasis on long-term performance.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Lyons, Benenson & Company, Inc. |
| Clawback policy | true |
| Anti-hedging | false |
| Anti-pledging | false |
Equity grants and outstanding awards
No plan-based awards are on file for this fiscal year.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Mark Filanowski | RSU | 16,667 | — | $114,669 |
| Gianni Del Signore | RSU | 18,334 | — | 126,138 |
| Gianni Del Signore | RSU | 20,000 | — | 137,600 |
| Gianni Del Signore | RSU | 21,521 | — | 148,064 |
| Mark Filanowski | RSU | 23,334 | — | 160,538 |
| Gianni Del Signore | RSU | 24,211 | — | 166,572 |
| Gianni Del Signore | RSU | 40,385 | — | 277,849 |
| Mark Filanowski | RSU | 43,041 | — | 296,122 |
| Gianni Del Signore | RSU | 49,038 | — | 337,381 |
| Gianni Del Signore | RSU | 50,813 | — | 349,593 |
| Mads Rosenberg Boye Petersen | RSU | 60,976 | — | 419,515 |
| Mark Filanowski | RSU | 81,301 | — | 559,351 |
| Mark Filanowski | RSU | 84,615 | — | 582,151 |
| Gianni Del Signore | RSU | 151,053 | — | 1,039,245 |
| Gianni Del Signore | RSU | 154,225 | — | 1,061,068 |
| Mark Filanowski | RSU | 248,958 | — | 1,712,831 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Richard DuMoulinIndependent | $175,000 | $120,000 | — | — | — | $295,000 |
| Eric S. RosenfeldIndependent · Compensation · Nominating & Corporate Governance | 117,500 | 120,000 | — | — | — | 237,500 |
| David D. SgroIndependent · Audit (Chair) · Compensation | 117,500 | 120,000 | — | — | — | 237,500 |
| Karen H. BeachyIndependent · Audit · Compensation | 117,500 | 120,000 | — | — | — | 237,500 |
| Carl Claus BoggildIndependent · Nominating & Corporate Governance | 102,500 | 120,000 | — | — | — | 222,500 |
| Gary VogelIndependent · Compensation · Nominating & Corporate Governance · Newly elected | 102,500 | 120,000 | — | — | — | 222,500 |
| Anthony LauraIndependent · Audit | 102,500 | 120,000 | — | — | — | 222,500 |
| Christina TanIndependent · Departed during FY | 95,000 | 120,000 | — | — | — | 215,000 |
| Mads Rosenberg Boye PetersenEmployee director · Newly elected | — | — | — | — | — | 0 |
| Eugene I. DavisIndependent · Compensation · Newly elected | 0 | 0 | — | — | — | 0 |
| Paul M. Leand JrIndependent · Audit · Newly elected | 0 | 0 | — | — | — | 0 |
| Mark L. FilanowskiEmployee director · Departed during FY | — | — | — | — | — | 0 |
| Richard T. du MoulinIndependent · Compensation · Nominating & Corporate Governance | — | — | — | — | — | — |
Board fee structure and ownership guideline
| Annual cash retainer | $100,000 |
|---|---|
| Annual equity retainer | $120,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | — |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $930,000 |
| Equity awards (grant-date value) | $960,000 |
| All other compensation | $0 |
| Total cost of the board | $1,890,000 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Pangaea Logistics Solutions as a peer
Companies that benchmark against PANL
3 companies name PANL as a compensation peer
- DORIAN LPG LTD.LPGFY2026
- GENCO SHIPPING & TRADING LTDGNKFY2025
- RADIANT LOGISTICS, INCRLGTFY2026
Each company listed discloses PANL in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named PANL in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Pangaea Logistics Solutions Ltd. | 2025 | Mark Filanowski | $600,000 | $0 | $0 | $0 | $1,237,359 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-07 | 47,010,138 | 825,844 | 692,203 | 98.27% | Passed |
| 2025 | 2025-05-08 | 50,858,848 | 1,871,813 | 603,339 | 96.45% | Passed |
| 2024 | 2024-08-08 | 33,578,692 | 1,465,417 | 115,098 | 95.82% | Passed |
| 2023 | 2023-08-07 | 28,902,222 | 1,987,684 | 119,258 | 93.57% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-05-07 | 98.27%a |
| 2025 | 2025-05-08 | 96.45%b |
| 2024 | 2024-08-08 | 95.82%c |
a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the outcome of the vote.”.
b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the outcome of the vote.”.
c. Voting standard not stated in the filing.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (22 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Mark Filanowski. DEF 14A, filed 2026-03-27. Section “Executive Compensation” · page 15. As printed: 1,237,359. View filing ↗
- Section 01, Mads Rosenberg Boye Petersen. DEF 14A, filed 2026-03-27. Section “Executive Compensation”. As printed: 1,152,168. View filing ↗
- Section 01, Gianni Del Signore. DEF 14A, filed 2026-03-27. Section “Executive Compensation”. As printed: 878,215. View filing ↗
- Section 08, Richard DuMoulin. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 295,000. View filing ↗
- Section 08, Eric S. Rosenfeld. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 237,500. View filing ↗
- Section 08, David D. Sgro. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 237,500. View filing ↗
- Section 08, Karen H. Beachy. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 237,500. View filing ↗
- Section 08, Carl Claus Boggild. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 222,500. View filing ↗
- Section 08, Gary Vogel. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 222,500. View filing ↗
- Section 08, Anthony Laura. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 222,500. View filing ↗
- Section 08, Christina Tan. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 215,000. View filing ↗
- Section 08, Mads Rosenberg Boye Petersen. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Eugene I. Davis. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Paul M. Leand Jr. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Mark L. Filanowski. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Richard T. du Moulin. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: —. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-05-12. Item 5.07 · say-on-pay result. As reported: 98.27% (votes for as printed: 47,010,138). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-05-13. Item 5.07 · say-on-pay result. As reported: 96.45% (votes for as printed: 50,858,848). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-08-09. Item 5.07 · say-on-pay result. As reported: 95.82% (votes for as printed: 33,578,692). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 09b board cost (computed). Computed. Cash 930,000 + equity 960,000 + all other 0 = 1,890,000, summed across the director compensation table rows.
- Pangaea Logistics Solutions Ltd. (subject), Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Pangaea Logistics Solutions Ltd.'s own proxy. As printed: 1,237,359. View filing ↗