Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q3 2017 Earnings Presentation
18 slides from Pangaea Logistics Solutions's earnings presentation, Nov 9, 2017
Slide 1: Reports Financial Results for the Quarter Ended September 30, 2017
Pangaea Logistics Solutions Ltd. Reports Financial Results for the Quarter Ended September 30, 2017 Company sees dramatic increase in revenue and generates 29% higher income from operations NEWPORT, RI - November 9, 2017 - Pangaea Logistics Solutions Ltd. (“Pangaea” or the “Company”) (NASDAQ: PANL),
Slide 2: Liquidity and Cash Flows
operate and the positive results that follow. Our third quarter is traditionally seasonally strong, as the Arctic shipping season opens. Moving into the fourth quarter, we see the market is still firm and our cargo demand is good." Liquidity and Cash Flows Cash and cash equivalents were $29.3 millio
Slide 3: Consolidated Statements of Income
Pangaea Logistics Solutions Ltd. Consolidated Statements of Income Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Revenues: Voyage revenue $ 93,688,834 $ 65,986,320 $ 251,608,29 $ 161,509,615 Charter revenue 13,334,202 4,797,572 31,293,637 10,173,501 107,023,036
Slide 4: Consolidated Balance Sheets
Pangaea Logistics Solutions Ltd. Consolidated Balance Sheets September 30, 2017 December 31, 2016 (unaudited) Assets Current assets Cash and cash equivalents $ 29,336,687 $ 22,322,949 Restricted cash 4,000,000 6,100,000 Accounts receivable (net of allowance of $4,183,826 at September 30, 2017 and $4
Slide 5: Consolidated Statements of Cash Flows
Pangaea Logistics Solutions Ltd. Consolidated Statements of Cash Flows Nine Months Ended September 30, 2017 2016 Operating activities Net income $ 4,577,976 $ 8,820,206 Adjustments to reconcile net income to net cash provided by operations: Depreciation and amortization expense 11,604,168 10,576,223
Slide 6: Reconciliation of Income from Operations to Adjusted EBITDA
Pangaea Logistics Solutions Ltd. Reconciliation of Income from Operations to Adjusted EBITDA Three Months Ended September 30, 2017 2016 Adjusted EBITDA (in millions) Income from operations 10,024,655 7,766,949 Depreciation and amortization 3,950,661 3,528,596 Loss on sale and leaseback of vessel 70,
Slide 7: About / Forward-Looking Statements
The table set forth above provides a reconciliation of the non-GAAP financial measures presented to the most directly comparable financial measures prepared in accordance with GAAP. About Pangaea Logistics Solutions Ltd. Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) provides logistics services to
Slide 8: Third Quarter 2017 Results
Third Quarter 2017 Results September 2017
Slide 9: Safe Harbor
Safe Harbor This presentation includes certain forward-looking statements within the meaning of the Private Securities Litigation This presentation includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding f
Slide 10: Business Highlights
Business Highlights Q3 2017 Results •Adjusted EBITDA (1) of $14.0 million Improving Results •Net income of $7.2 million •Income from operations of $10.0 million Fleet •6 Panamax Ice-Class 1A 20 Ships in owned •2 Ultramax Ice-Class 1C and controlled fleet •2 Handymax Ice-Class 1A •2 Panamax •8 Supram
Slide 11: 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 12: Financial Performance Q3 2016 Through Q3 2017
Financial Performance Q3 2016 Through Q3 2017 ADJUSTED EBITDA (1) PANGAEA TCE (2) 16,000,000 $14,000 14,000,000 $12,000 12,000,000 $10,000 10,000,000 $8,000 8,000,000 $6,000 6,000,000 $4,000 4,000,000 $2,000 2,000,000 - $- Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 1) Adjusted EBITD
Slide 13: 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 14: Pangaea Average TCE v. Market Average TCE
Pangaea Average TCE v. Market Average TCE PREMIUM PREMIUM $ 2,107 PREMIUM $$2,089 1,984 PREMIUM PREMIUM $ 3,840 $ 4,311 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
Slide 15: 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 16: Pangaea Logistics Solutions Ltd.
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 17: 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 18: 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 ass
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