Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q1 2022 Earnings Presentation
12 slides from Pangaea Logistics Solutions's earnings presentation, May 2022
Slide 1: First Quarter 2022 Earnings Conference Call Presentation
FIRST QUARTER 2022 EARNINGS CONFERENCE CALL PRESENTATION 1
Slide 2: Safe Harbor
SAFE HARBOR 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 manage
Slide 3: Business Highlights
BUSINESS HIGHLIGHTS Q1‐2022 Results •Adjusted EBITDA of $31.3 million Consistent •Net income of $20.2 million Performance •$69.9 million cash and cash equivalents Fleet Working Fleet • 25 drybulk ships and one barge in owned and controlled fleet at March 31, 2022 Operations •Operating 53 vessels on
Slide 4: Drivers of Performance
DRIVERS OF PERFORMANCE Customer Focus: Long‐term, fixed contract employment and recurring business with new and longstanding customers Targeted Business: Specialty tonnage provides consistent returns through fluctuating market cycles – 17% premium over average market rates in Q1‐22. Rate Environment
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS 1st Quarter Highlights • Net income attributable to Pangaea Logistics Solutions Ltd. was $20.2 million for the three months ended March 31, 2022, as compared to $5.9 million for the same period of 2021. o Non‐GAAP adjusted net income attributable to Pangaea Logistics Solutions L
Slide 6: Selected Income Statement Data
SELECTED INCOME STATEMENT DATA (in thousands, may not foot due to rounding) Three months ended March 31, 2022 2021 (unaudited) (unaudited) Revenues: Voyage revenue $ 176,337 $ 108,817 Charter revenue 15,426 16,155 Total revenue 191,762 124,973 Expenses: Voyage expense 65,250 47,839 Charter hire expe
Slide 7: Selected Balance Sheet & Cash Flow Data
SELECTED BALANCE SHEET & CASH FLOW DATA (in thousands) March 31, 2022 December 31, 2021 Current Assets Cash and cash equivalents $ 69,921 $ 56,209 Accounts receivable, net 41,366 54,259 Other current assets 95,380 73,495 Total current assets 206,667 183,964 Fixed assets, including finance lease righ
Slide 8: Total Shipping Days
TOTAL SHIPPING DAYS 6,000 5,000 4,000 3,337 3,118 2,664 3,168 3,407 3,108 Days 3,000 3,296 1,977 2,000 1,000 1,968 2,081 2,115 1,623 1,566 1,461 1,615 1,372 ‐ Q2‐20 Q3‐20 Q4 ‐20 Q1‐21 Q2‐21 Q3‐21 Q4‐21 Q1‐22 Owned Days Charter‐in Days Capital Efficiency: Leveraged owned fleet by chartering‐in market
Slide 9: Pangaea Average TCE vs. Market Average TCE
PANGAEA AVERAGE TCE vs. MARKET AVERAGE TCE $35,000 $30,000 $25,000 $32,563 $20,000 $28,770 $32,033 $15,000 $28,104 $24,185 $26,472 $22,637 $10,000 $21,053 $16,261 $16,524 $10,733 $14,640 $5,000 $13,316 $10,286 $10,326 $5,548 $‐ Q2‐2020 Q3‐2020 Q4‐2020 Q1‐2021 Q2‐2021 Q3‐2021 Q4‐2021 Q1‐2022 Pangaea
Slide 10: Financial Performance Q2-2020 through Q1-2022
FINANCIAL PERFORMANCE Q2‐2020 THROUGH Q1‐2022 ADJUSTED EBITDA(1) TCE(2) $40,000 $35,000 $35,000 $30,000 $30,000 $25,000 $25,000 $20,000 $20,000 $15,000 $15,000 $10,000 $10,000 $5,000 $5,000 $‐ $‐ Q2‐20 Q3‐20 Q4 ‐20 Q1‐21 Q2‐21 Q3‐21 Q4‐21 Q1‐22 Q2‐20 Q3‐20 Q4 ‐20 Q1‐21 Q2‐21 Q3‐21 Q4‐21 Q1‐22 1) Adj
Slide 11: Adjusted Earnings per Common Share
ADJUSTED EARNINGS PER COMMON SHARE Adjusted EPS total of $0.35 for Q1‐2022 Historical Adjusted EPS (1) 0.60 $0.30 $0.51 $1.68 0.56 0.50 0.48 0.40 0.35 0.30 0.29 0.20 0.20 0.19 0.10 0.14 0.09 0.10 0.09 0.09 ‐ Q2‐19 Q3‐19 Q4‐19 Q1‐20 Q2‐20 Q3‐20 Q4 ‐20 Q1‐21 Q2‐21 Q3‐21 Q4‐21 Q1‐22 (0.09) (0.10) (1) A
Slide 12: TCE Outlook
TCE OUTLOOK $35,000 6,000 $32,563 $28,432 $28,770 $30,000 $26,472 5,000 $21,053 $25,000 4,000 $20,000 $16,524 $15,915 3,000 $15,172 $14,640 $15,000 $12,933 $13,316 $12,029 $10,508 $10,733 2,000 $10,000 1,000 $5,000 $‐ ‐ Q1‐2019 Q2‐2019 Q3‐2019 Q4‐2019 Q1‐2020 Q2‐2020 Q3‐2020 Q4‐2020 Q1‐2021 Q2‐2021
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