Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q1 2023 Earnings Presentation
16 slides from Pangaea Logistics Solutions's earnings presentation, May 11, 2023
Slide 1: 1Q23 Earnings Call Presentation
1Q23 Earnings Call Presentation
Slide 2: Safe Harbor
Safe Harbor 1Q23 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: 1Q23 Performance Summary
1Q23 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 48%+ in 1Q23. Amid seasonal softness
Slide 4: 1Q23 Performance Summary
1Q23 Performance Summary 1Q 23 $ 16 1Q 23 $ 0 .11 Adjusted Adjusted EPS EBITDA $s per Share $s in Millions 1Q 22 $31 1Q 22 $ 0 .3 5 1Q 23 $ 14 ,3 72 1Q 23 $ 11.6 TCE Rate Operating $s per Cash Flow Shipping Day $s in Millions 1Q 22 $ 26 ,4 72 1Q 22 $ 3 2.1 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 Performance $25,000 TCE Rate ($s
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 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 0 m illio n in d e b t d u rin g 20 22 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 (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 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) March 31, 2023 December 31, 2022 Current Assets Cash and cash equivalents $ 129,149,673 $ 128,384,606 Accounts receivable, net 33,439,701 36,755,149 Other current assets 57,173,436 57,371,267 Total current assets 219,762,810 222,511,022 Fixed assets, includ
Slide 14: Selected Income Statement Data
Selected Income Statement Data (in thousands,may not foot due to rounding) Three months ended March 31, 2023 2022 (unaudited) (unaudited) Revenues: Voyage revenue $ 107,950 $ 176,337 Charter revenue 5,749 15,426 Total revenue 113,699 191,762 Expenses: Voyage expense 56,815 65,250 Charter hire expens
Slide 15: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures For the three months ended 3/31/2023 3/31/2022 (unaudited) (unaudited) Net Transportation and Service Revenue Gross Profit $ 13,387,404 $ 28,329,468 Add: Vessel Depreciation and amortization 7,299,382 7,283,028 Net transportation and service revenue $ 20,686,786 $
Slide 16: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures For the three months ended 3/31/2023 3/31/2022 (unaudited) (unaudited) Earnings Per Common Share Net income attributable to Pangaea Logistics Solutions Ltd. $ 3,474,267 $ 20,167,965 Weighted average number of common shares - basic 44,712,290 44,388,960 Weighted av
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