Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q2 2024 Earnings Presentation
16 slides from Pangaea Logistics Solutions's earnings presentation, Aug 9, 2024
Slide 1: 2Q24 Earnings Call Presentation
2Q24 Earnings Call Presentation
Slide 2: Safe Harbor
Safe Harbor 2Q24 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: 2Q24 Performance Highlights
2Q24 Performance Highlights Consistent financial performance and execution on capital priorities Favorable long-haul voyage demand across and solid base of premium long-term COAs, resulted in earned TCE rates exceeding the benchmark average Baltic Panamax and Supramax indices by 7%+ in 2Q24. Adjuste
Slide 4: 2Q 2024 Performance Summary
2Q 2024 Performance Summary 2Q 24 $ 15 .9 2Q 24 $ 0 .10 Adjusted Adjusted EPS EBITDA $s per Share $s in Millions 2Q 23 $ 15 .9 2Q 23 $ 0 .10 2Q 24 $ 16 ,223 2Q 24 $ 9 .0 TCE Rate Operating $s per Cash Flow Shipping Day $s in Millions 2Q 23 $ 15,558 2Q 23 $ 2.0 4
Slide 5: TCE Rate: Outperforming Industry Benchmark
Outperforming Industry Benchmark Our TCE has exceeded the market by an average of 31% on a trailing 5-year basis PANL Total Shipping Days PANL TCE Rate Market TCE Rate** Cargo Focused $35,000 6,000 Business Model Consistently Delivers Above- $30,000 5,000 Market Performance TCE Rate ($s per Shipping
Slide 6: Recent Vessel Acquisitions
Recent Vessel Acquisitions Disciplined acquiror of complementary assets 2021 & 2022 2023 & 2024 Purchased 9 vessels for $242 million Purchased 2 vessels for $55 million MV Bulk Courageous MV Bulk Promise - MV Bulk Valor - - Ultramax Panamax Supramax MV Bulk Prudence - Ultramax MV Bulk Brenton - Supr
Slide 7: Return of Capital Program
Return of Capital Program Stable quarterly cash dividend supported by stable profitability Im p ro ve d m a rg in s a n d c a s h c o nve rs io n s u p p o rt Ta rg e t e d d ivid e n d p o lic y is a im e d t o w a rd Divid e n d p a yo u t h a s in c re a s e d a m id fa vo ra b le d ivid e n d c
Slide 8: Balance Sheet Update
Balance Sheet Update Ample liquidity to support ongoing growth of business Ca p it a l a llo c a t io n p rio rit ie s w ill b e b a la n c e d O p p o rt u n is t ic a lly inve s t e d in o w n e d s h ip fle e t Re p a id o ve r $ 3 5 m illio n in d e b t d u rin g 20 23 b e t w e e n d e b t re p
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 (2H24) (Full-Year 2025) (2026 - 2027) • While the situation in the Panama • Global dry bulk fleet growth is • Clarity in emissions free Canal
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 Co n fid e n t ia l: P a n g a e a Lo g is t ic s So lu t io n s
Slide 13: Selected Balance Sheet Data
Selected Balance Sheet Data (in thousands,may not foot due to rounding) June 30, 2024 December 31, 2023 (unaudited) (audited) Current Assets Cash and cash equivalents $ 77,947 $ 99,038 Accounts receivable, net 41,332 47,892 Other current assets 62,072 44,897 Total current assets 181,351 191,826 Fixe
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, 2024 2023 2024 2023 (unaudited) (unaudited) (audited) (audited) Revenues: Voyage revenue $ 124,096 $ 110,466 $ 211,386 $ 218,416 Charter revenue 3,847 7,090 18,878 12,839
Slide 15: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures For the three months ended For the six months ended 6/30/2024 6/30/2023 6/30/2024 6/30/2023 (unaudited) (unaudited) (unaudited) (unaudited) Net Transportation and Service Revenue Gross Profit $ 12,671,400 $ 13,805,410 $ 31,005,001 $ 27,192,817 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. $ 3,682,775 $ 2,844,540 $ 15,356,951 $ 6,318,807 Weighted average number of common shares - basic 45,276,791 44,775,438 45,245,655 44,744,039 Weighted average number of common sh
Pangaea Logistics Solutions — Q2 2024 Earnings Presentation on 6ix