Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q3 2017 Earnings Presentation
11 slides from Pangaea Logistics Solutions's earnings presentation, Nov 9, 2017
Slide 1: Third Quarter 2017 Results
Third Quarter 2017 Results September 2017
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 •Adjusted EBITDA (1) of $14.0 million •Net income of $7.2 million •Income from operations of $10.0 million Q3 2017 Results •6 Panamax Ice-Class 1A •2 Ultramax Ice-Class 1C •2 Handymax Ice-Class 1A •2 Panamax •8 Supramax including 2 on bareboat Fleet •Average of 58 vessels operate
Slide 4: Third Quarter Highlights
Third Quarter Highlights • Adjusted EBITDA increased to $14.0 million for three months ended September 30, 2017, from $11.3 million for the same period of 2016. • Income from operations up 29% to $10.0 million for the three months ended September 30, 2017, from $7.8 million for the same period of 20
Slide 5: Financial Performance Q3 2016 Through Q3 2017
Financial Performance Q3 2016 Through Q3 2017 1) Adjusted EBITDA is a non-GAAP measure and represents income or loss from operations before depreciation and amortization, loss on sale and leaseback of vessel, and when applicable, loss on impairment of vessels and certain non-recurring items. 2) TCE
Slide 6: Drivers of Q3 2017 Performance
Drivers of Q3 2017 Performance • The Baltic Dry Index, a measure of dry bulk market performance, increased 56% to an average of 1,162, up from an average of 744 for Q3 2016. • The average number of operated vessels increased to 58, up from the Q3 2016 average of 43. • The Company’s unique business m
Slide 7: Pangaea Average TCE v. Market Average TCE
Pangaea Average TCE v. Market Average TCE *Baltic Panamax and Supramax reported indices Pangaea’s demonstrated TCE premium • Adds significant value to it’s owned fleet • When leveraged by its utilization of short term chartered in vessels, produces exceptional results in earnings and cash flow, redu
Slide 8: Pangaea's unique cargo focused strategy
Pangaea Logistics Solutions Ltd. Pangaea’s unique cargo focused strategy Pangaea concentrates on cargo movements to: • Identify movements that require our expertise in operations and logistics • Capitalize on movements where we can utilize our specialized fleet • Reduce ballast legs and other costs
Slide 9: Pangaea's demonstrated timecharter equivalent performance premium
Pangaea Logistics Solutions Ltd. Pangaea’s demonstrated timecharter equivalent performance premium to market adds significant value to its owned fleet, and when leveraged by its utilization of short term chartered in vessels, produces exceptional results in earnings and cash flow, and reduces capita
Slide 10: Selected Income Statement Data
Selected Income Statement Data Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (unaudited) (unaudited) (unaudited) (unaudited) Revenues: Voyage revenue $ 93,688,834 $ 65,986,320 $ 251,608,298 $ 161,509,615 Charter revenue 13,334,202 4,797,572 31,293,637 10,173,50
Slide 11: Selected Balance Sheet and Cash Flow Data
Selected Balance Sheet and Cash Flow Data September 30, 2017 December 31, 2016 (unaudited) Current Assets Cash and cash equivalents 29,336,687$ 22,322,949$ Accounts receivable, net 30,915,458 20,476,797 Other current assets 33,935,554 25,744,520 Total current assets 94,187,699 68,544,266 Fixed asset
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