Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q1 2018 Earnings Presentation
10 slides from Pangaea Logistics Solutions's earnings presentation, May 10, 2018
Slide 1: First Quarter 2018 Earnings Conference Call Presentation
F I R S T Q U A R T E R 2 0 1 8 E A R N I N G S C O N F E R E N C E C A L L P R E S E N TAT I O N
Slide 2: Safe Harbor
SA F E H A R B O R This presentation includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Pangaea’s and
Slide 3: Business Highlights
BUSINESS HIGHLIGHTS Q1 2018 Results •Adjusted EBITDA(1) of $12.1 million Improving Results •Net income of $4.3 million •Income from operations of $7.8 million Fleet Working Fleet •Memorandum of Agreement signed in Q1 for 2006 built Panamax •21 Ships in owned and controlled fleet Operations •Operatin
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS • TCE $13,849 per day/per vessel - 25% premium over average market rates • $28 million unrestricted cash and cash equivalents at March 31, 2018. • Steadily improving working capital • Additional investment in high quality vessels
Slide 5: Financial Performance Q1 2016 through Q1 2018
FINANCIAL PERFORMANCE Q1 2016 THROUGH Q1 2018 ADJUSTED EBITDA(1) TCE (2) $16,000 14,000,000 $14,000 12,000,000 $12,000 10,000,000 $10,000 8,000,000 $8,000 6,000,000 $6,000 4,000,000 $4,000 2,000,000 $2,000 - $- Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17
Slide 6: Drivers of Performance
DRIVERS OF PERFORMANCE Rate Environment: the Baltic Dry Index average for the quarter was up 15% over last year; increase in average and volatility favor our model; Baltic Dry Index(1) 2,000 1,500 1,000 500 0 Customer Focus: long-term, high volume, fixed contract employment with new and longstanding
Slide 7: Pangaea Average TCE v. Market Average TCE
PANGAEA AVERAGE TCE v. MARKET AVERAGE TCE Pangaea’s demonstrated TCE premium: • Adds significant value to its owned and operated fleet • When leveraged by its utilization of short term chartered in vessels, produces exceptional results in earnings and cash flow, reduces capital commitments and risks
Slide 8: Pangaea Logistics Solutions Ltd.
PANGAEA LOGISTICS SOLUTIONS LTD. Pangaea concentrates on cargo flows and clients’ needs to: • Identify opportunities that require our operation and logistics expertise; • Capitalize on unique trades that utilize our specialized fleet; • Reduce ballast legs and other costs for superior market returns
Slide 9: Selected Income Statement Data
SELECTED INCOME STATEMENT DATA Three months ended March 31, 2018 2017 (unaudited) (unaudited) Revenues: Voyage revenue $ 70,319,194 $ 77,688,449 Charter revenue 8,654,099 6,766,672 78,973,293 84,455,121 Expenses: Voyage expense 30,168,028 41,271,919 Charter hire expense 22,695,935 23,201,155 Vessel
Slide 10: Selected Balance Sheet & Cash Flow Data
SELECTED BALANCE SHEET & CASH FLOW DATA March 31, 2018 December 31, 2017 Current Assets (unaudited) Cash and cash equivalents $ 28,205,463 $ 34,531,812 Accounts receivable, net 21,682,912 21,089,425 Other current assets 24,091,131 27,388,984 Total current assets 73,979,506 83,010,221 Restricted cash
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