Slide 1: 2Q23 Earnings Call Presentation
2Q23 Earnings Call Presentation
Slide 2: Safe Harbor
Safe Harbor 2Q23 Earnings Call Presentation This presentation may include 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 statement
Slide 3: 2Q23 Performance Summary
2Q23 Performance Summary Strong operating results highlight flexible, value-oriented business model Superior TCE rate driven by long-term COAs and cargo-focused strategy resulted in TCE rates exceeding the benchmark average Baltic Panamax and Supramax indices by 49%+ in 2Q23. Amid a 60% Y-o-Y decrea
Slide 4: 2Q23 Performance Summary
2Q23 Performance Summary 2Q23 $16 2Q23 $0.10 Adjusted Adjusted EPS EBITDA $s per Share $s in Millions 2Q22 $44 2Q22 $0.64 2Q23 $15,558 2Q23 $2.0 TCE Rate Operating $s per Cash Flow Shipping Day $s in Millions 2Q22 $27,139 2Q22 $37.2 4
Slide 5: TCE Rate ($s per Shipping Day): Outperforming Industry Benchmark
Outperforming Industry Benchmark Our TCE has exceeded the market by an average of 30% on a trailing 5-year basis PANL Total Shipping Days PANL TCE Rate Market Average Rate** Cargo Focused $35,000 6,000 Business Model Consistently Delivers Above- $30,000 5,000 Market TCE Rate ($s per Shipping Day) Pe
Slide 6: Recent Vessel Acquisitions
Recent Vessel Acquisitions Disciplined acquiror of complementary assets 2021 2022 & 2023 Purchased 7 vessels for $205 million Purchased 3 vessels for $64 million MV Bulk Courageous MV Bulk Promise - MV Bulk Valor - - Ultramax Panamax Supramax MV Bulk Concord - Panamax MV Bulk Sachuest - Supramax MV
Slide 7: Return of Capital Program
Return of Capital Program Stable quarterly cash dividend supported by stable profitability Improved margins and cash conversion support Targeted dividend policy is aimed toward Dividend payout has increased amid favorable dividend coverage despite volatile dry bulk sustainability through the cycle m
Slide 8: Balance Sheet Update
Balance Sheet Update Ample liquidity to support ongoing growth of business Capital allocation priorities will be balanced Opportunistically invested in owned ship fleet Repaid over $30 million in debt during 2022 between debt repayment, fleet investment, during 2021 amid attractive market dynamics t
Slide 9: Macro Shipping Outlook
Macro Shipping Outlook Focused on providing comprehensive logistics solutions with targeted dry bulks Near Term Outlook Medium Term Outlook Long-Term Outlook (1H23) (Full-Year 2023) (2023-2025) • Recovery of China economy • Significant decline in vessel • Clarity in emissions free is expected to be
Slide 10: Value Creation Strategy
Value Creation Strategy Durable business model insulated from macro volatility – focused on deploying capital to drive above-sector growth Integrated shipping- High fleet Organic Inorganic Return Balance sheet logistics model utilization investment investment of capital optionality • Provide solutio
Slide 11: Investment Conclusion
Integrated shipping-logistics Focused on consistently model delivering consistent, high fleet utilization to drive above-market returns operating leverage Positioned to benefit from On-shore logistics offering tightening global supply of dry- Investment provides significant, bulk vessels amid contin
Slide 12: Appendix
Appendix Confidential: Pangaea Logistics Solutions
Slide 13: Selected Balance Sheet Data
Selected Balance Sheet Data (in thousands) June 30, 2023 December 31, 2022 (unaudited) Current Assets Cash and cash equivalents $ 84,296 $ 128,385 Accounts receivable, net 42,822 36,755 Other current assets 59,812 57,371 Total current assets 186,930 222,511 Fixed assets, including finance lease righ
Slide 14: Selected Income Statement Data
Selected Income Statement Data (in thousands,may not foot due to rounding) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Revenues: Voyage revenue $ 110,466 $ 173,189 $ 218,416 $ 349,526 Charter revenue 7,090 22,355 12,839 37
Slide 15: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures For the three months ended For the six months ended 6/30/2023 6/30/2022 6/30/2023 6/30/2022 (unaudited) (unaudited) (unaudited) (unaudited) Net Transportation and Service Revenue Gross Profit $ 13,805,410 $ 41,699,983 $ 27,192,817 $ 70,011,060 Add: Vessel Deprecia
Slide 16: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Earnings Per Common Share Net income attributable to Pangaea Logistics Solutions Ltd. $ 2,844,540 $ 25,032,433 $ 6,318,807 $ 45,200,398 Weighted average number of common shares - basic 44,744,039 44,430,487 44,744,039 44,411,025 Weighted average number of common s