Slide 1: First Quarter 2020 Earnings Conference Call Presentation
FIRST QUARTER 2020 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 Q1‐2020 Results •Adjusted EBITDA of $2.9 million Consistent •Net loss of $6.8 million •$42.5 million cash, restricted cash and cash Performance equivalents Fleet Working Fleet • 18 drybulk ships and one barge in owned and controlled fleet during Q1 2020 Operations Extensive and v
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 superior returns – 78% premium over average market rates in Q1 – 2020 Rate Environment: The Baltic Dry Index average in
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS • Net loss attributable to Pangaea Logistics Solutions Ltd. was $6.8 million for three months ended March 31, 2020 as compared to $3.7 million net income for the same period of 2019. • Non‐GAAP adjusted net loss attributable to Pangaea Logistics Solutions Ltd. of $4.0 million as
Slide 6: Selected Income Statement Data
SELECTED INCOME STATEMENT DATA (in thousands) Three months ended March 31, 2020 2019 (unaudited) (unaudited) Revenues: Voyage revenue $ 86,524 $ 65,851 Charter revenue 9,356 13,693 95,880 79,544 Expenses: Voyage expense 47,796 32,174 Charter hire expense 32,325 24,947 Vessel operating expenses 9,934
Slide 7: Selected Balance Sheet & Cash Flow Data
SELECTED BALANCE SHEET & CASH FLOW DATA (in thousands) March 31, 2020 December 31, 2019 Current Assets Cash and cash equivalents $ 39,973 $ 50,555 Accounts receivable, net 23,140 28,309 Other current assets 37,988 49,091 Total current assets 101,101 127,955 Restricted cash 1,500 1,500 Fixed assets,
Slide 8: Total Shipping Days
TOTAL SHIPPING DAYS 6,000 5,000 4,000 3,365 2,750 Days 3,000 2,537 2,556 3,003 2,645 2,220 1,742 2,000 1,000 1,820 1,886 1,875 1,638 1,703 1,731 1,718 1,573 ‐ Q2‐18 Q3‐18 Q4‐18 Q1‐19 Q2‐19 Q3‐19 Q4‐19 Q1‐20 Owned Days Charter‐in Days Capital Efficiency: Leveraged owned fleet by chartering‐in market
Slide 9: Pangaea TCE v. Average Market TCE
PANGAEA TCE v. AVERAGE MARKET TCE $18,000 16% $16,000 40% 24% $2,187 32% 21% $14,000 49% $2,801 68% $4,353 $2,440 $12,000 $3,355 78% $4,268 $10,000 $4,869 $8,000 $4,588 $13,728 $6,000 $11,559 $11,395 $10,819 $10,373 $4,000 $8,665 $7,160 $5,920 $2,000 $‐ Q2 ‐ 2018 Q3 ‐ 2018 Q4 ‐ 2018 Q1‐2019 Q2‐2019
Slide 10: Financial Performance Q2-2018 Through Q1-2020
FINANCIAL PERFORMANCE Q2‐2018 THROUGH Q1‐2020 ADJUSTED EBITDA(1) TCE(2) 20,000 $18,000 18,000 $16,000 16,000 $14,000 14,000 $12,000 12,000 $10,000 10,000 $8,000 8,000 $6,000 6,000 4,000 $4,000 2,000 $2,000 ‐ $‐ Q2‐18 Q3‐18 Q4‐18 Q1‐19 Q2‐19 Q3‐19 Q4‐19 Q1‐20 Q2‐18 Q3‐18 Q4‐18 Q1‐19 Q2‐19 Q3‐19 Q4‐19
Slide 11: Adjusted Earnings Per Common Share
ADJUSTED EARNINGS PER COMMON SHARE Adjusted EPS total of ($0.09) for Q1‐2020 Historical Adjusted EPS (1) 0.25 $0.44 $0.44 $0.30 0.20 0.20 0.18 0.18 0.15 0.14 0.10 0.11 0.10 0.10 0.09 0.09 0.05 0.05 0.03 ‐ Q2‐17 Q3‐17 Q4‐17 Q1‐18 Q2‐18 Q3‐18 Q4‐18 Q1‐19 Q2‐19 Q3‐19 Q4‐19 Q1‐20 (0.05) (0.09) (0.10) (0