Trend Table for PANL - Pangaea Logistics Solutions Ltd.

Current Trend Strength: Strong

Date	Grade	ADX	Long Term	Intermediate Term	Short Term	% Chg
May 22	B	Weak or Absent	Up	Up	Flat	4.11%
May 19	B	Weak or Absent	Up	Up	Flat	4.20%
May 18	B	Weak or Absent	Up	Flat	Down	5.59%
May 17	A	Weak or Absent	Up	Up	Up	4.20%
May 16	C	Weak or Absent	Up	Down	Down	8.12%
May 15	B	Weak or Absent	Up	Up	Up	3.01%
May 12	A	Weak or Absent	Up	Up	Up	3.34%
May 11	B	Weak or Absent	Up	Up	Up	3.34%
May 10	C	Weak or Absent	Up	Flat	Down	4.89%
May 9	C	Weak or Absent	Up	Flat	Flat	4.54%