Daniel Schildt
About Daniel Schildt
Daniel Schildt was appointed Chief Strategic Officer of Pangaea Logistics Solutions Ltd. (PANL) on January 20, 2025, following the closing of PANL’s merger to acquire Renaissance/SSI’s dry bulk fleet . His 2024 beneficial ownership reported in the 2025 proxy is 7,500 PANL common shares (less than 1%) . Company-level performance context heading into his appointment: adjusted EBITDA of $83.0 million for FY2024 , and reported TSR values (hypothetical $100 investment) of $70 in 2024, $168 in 2023, and $144 in 2022 (pre-appointment) . PANL highlighted sustained TCE outperformance versus Panamax/Supramax indices by an average of 29% over a trailing 5-year period and safety outcomes at/above industry benchmarks, which are core metrics in its executive bonus framework .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| M.T. Maritime (MTM)/Strategic Shipping Inc. (SSI) | Transaction representative/negotiator for SSI/MTM in combination talks with PANL; authored “Sale of Strategic Fleet to Pangaea” and advanced NAV-based term sheets | 2024 | Drove key deal terms: SSI equity stake bounded at 25–30% and NAV-based share issuance; pressed to ensure SSI maintains ≥25% beneficial ownership; structured technical management ROFR and continuing employee employment terms |
| Pangaea Logistics Solutions Ltd. | Chief Strategic Officer | 2025–present | Senior executive role post-merger to integrate acquired fleet/operations and align strategic initiatives with PANL’s logistics platform |
External Roles
No PANL director role is disclosed for Schildt in the 2025 proxy’s board composition; he is not listed among Class I/II/III directors, nor committee memberships .
Fixed Compensation
- PANL reports no employment agreements in place for executive officers; the company compensates executives with base salary, discretionary annual cash bonuses, and long-term restricted share awards under its LTIP; specific 2025 compensation elements for Schildt are not disclosed in the proxy or 8-K .
- Retirement/severance: PANL discloses that, as of year-end 2024, officers had no retirement benefits beyond 401(k) participation and no contractual severance rights; the proxy indicates no employment agreements currently exist, implying no fixed severance multiple provisions at that time .
Performance Compensation
| Metric | Framework/Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Safety outcomes | Included in annual discretionary bonus; weighting not disclosed | Not disclosed | “Exemplary safety records” at/above industry benchmarks (qualitative) | N/A (cash bonus) |
| Time Charter Equivalent (TCE) vs market | Included in bonus; weighting not disclosed | Not disclosed | Trailing 5-year average outperformance of 29% vs Panamax/Supramax indices | N/A (cash bonus) |
| Adjusted EBITDA | Included in bonus; weighting not disclosed | Not disclosed | $83.0 million (FY2024) | N/A (cash bonus) |
| Operating cash flow | Included in bonus; weighting not disclosed | Not disclosed | Not separately disclosed in proxy | N/A (cash bonus) |
| Vessel OPEX and G&A per ship-day | Included in bonus; weighting not disclosed | Not disclosed | OPEX down YoY; G&A per ship-day at/below peers (qualitative) | N/A (cash bonus) |
| Governance/Board engagement | Included in bonus; weighting not disclosed | Not disclosed | Qualitative evaluation by Compensation Committee | N/A (cash bonus) |
| Long-term incentives (Restricted shares) | Standard LTIP; not Schildt-specific disclosed | Not disclosed | Awards generally granted under LTIP | 3-year graded vesting (1/3 annually) for recent grants |
Note: PANL’s proxy details the executive compensation framework and 2024 outcomes for NEOs (CEO, CFO, COO). Specific targets, weightings, and payouts for Schildt’s 2025 plan are not disclosed in the filings reviewed .
Equity Ownership & Alignment
| Item | Value | Notes |
|---|---|---|
| Beneficial ownership (shares) | 7,500 | Reported in 2025 DEF 14A; less than 1% ownership |
| Shares outstanding basis | 65,628,437 | Record date basis used for percentage calc in proxy |
| Ownership as % | “—%” (<1%) | As presented in proxy’s ownership table |
| Vested vs unvested | Not disclosed for Schildt | No outstanding award breakdown reported for Schildt; NEO award tables exclude him |
| Options (exercisable/unexercisable) | Not disclosed | No option awards disclosed; PANL’s program emphasizes restricted shares |
| Pledging/hedging | Not disclosed | Insider Trading Policy restricts trading with MNPI, requires pre-clearance, and includes blackout periods; no pledging disclosure noted |
| Ownership guidelines | Not disclosed | No executive ownership guideline disclosure specific to Schildt |
Employment Terms
| Provision | Disclosure | Detail |
|---|---|---|
| Appointment | Chief Strategic Officer | Effective Jan 20, 2025 |
| Employment agreement | None disclosed | PANL states it does not currently have employment agreements with executive officers |
| Severance | None contractual | As of Dec 31, 2024, officers had no contractual severance rights |
| Change-of-control | Not disclosed for executives | Transaction filings describe SSI registration/investor rights; no executive CoC multiples disclosed |
| Clawback policy | Adopted Nov 2023 | Recovery of erroneously awarded compensation in event of financial restatement; proxy notes Committee discretion and restatement caused by executive misconduct |
| Insider trading policy | In force | Prohibits trading on MNPI; pre-clearance and blackout periods apply |
| Non-compete/non-solicit/garden leave | Not disclosed | No restrictions disclosed in proxy/8-K |
Compensation Structure Analysis
- Increased emphasis on restricted share LTIs with three-year graded vesting; recent grants vest 1/3 annually, lowering risk vs options and supporting retention .
- Discretionary bonuses tied to operational metrics (TCE, safety, EBITDA, cost control), suggesting variable pay alignment with business performance but with no disclosed weightings or hard targets; for Schildt specifically, details for 2025 are not disclosed .
- No employment agreements and no severance/change-of-control cash multiples reported for officers as of the proxy, implying lower guaranteed pay and limited parachute exposure .
- Clawback policy exists but proxy states a misconduct/restatement linkage and Committee discretion, which may weaken recovery scope relative to strict Rule 10D baselines .
Transaction/Track Record Notes Relevant to Schildt
- Negotiation posture: Schildt advocated that SSI’s equity stake be at least 25% of PANL post-merger and authored core term sheets guiding NAV-based exchange mechanics; he also engaged in technical management and continuing employee terms, indicating a value-preservation focus for SSI assets .
- Dilution context: Special proxy disclosed expected issuance of merger shares equating to approximately 25–30% of PANL post-merger, materially diluting existing holders; SSI ultimately shown with c. 27.97% beneficial ownership on the 2025 record date .
- Governance safeguards: DNB engaged for fairness opinion; extensive board/legal review pre-approval of the transaction .
Investment Implications
- Alignment: Schildt’s personal stake is small (7,500 shares, <1%), but his strategic role is closely tied to the SSI fleet integration and performance levers (TCE, safety, EBITDA)—the bonus framework tracks these metrics, supporting operational pay-for-performance even without disclosed weightings .
- Retention and selling pressure: LTIs at PANL vest over 3 years, and insider trading policy imposes pre-clearance/blackout, limiting near-term selling; absence of employment/severance agreements reduces guaranteed retention economics but also limits golden parachute risk .
- Governance risk: Clawback policy’s stated dependence on misconduct-driven restatements and committee discretion could weaken recovery rigor—investors should monitor future restatements and enforcement posture .
- Execution risk: Post-merger integration of 15 handy-size vessels and related operational commitments are substantial; Schildt’s negotiation record shows assertiveness on ownership thresholds—investors should track asset performance, technical management outcomes, and cost synergies vs. dilution effects .