Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q4 2023 Earnings Presentation
16 slides from Pangaea Logistics Solutions's earnings presentation, Mar 14, 2024
Slide 1: 4Q23 Earnings Call Presentation
4Q23 Earnings Call Presentation
Slide 2: Safe Harbor
Safe Harbor 4Q23 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: 4Q23 & FY2023 Performance Highlights
4Q23 & FY2023 Performance Highlights Strong operating results highlight consistency of cargo-focused strategy Superior TCE rate driven by long-term COAs, seasonal ice-class utilization and cargo-focused strategy resulted in TCE rates exceeding the benchmark average Baltic Panamax and Supramax indice
Slide 4: 4Q and FY2023 Performance Summary
4Q and FY2023 Performance Summary 4 Q 23 $ 19 .7 4 Q 23 $ 0 .16 4 Q 22 $ 26 .9 4 Q 22 $ 0 .3 2 Adjusted Adjusted EPS EBITDA $s per Share $s in Millions FY 2 0 23 $ 79 .7 FY 20 23 $ 0 .6 9 FY 2 0 22 $ 14 0 .9 FY 20 22 $ 1.8 2 4 Q 23 17,6 8 5 4 Q 23 $ 24 4 Q 22 20 ,0 23 4 Q 22 $33 TCE Rate Operating $
Slide 5: TCE Rate ($s per Shipping Day)
Outperforming Industry Benchmark Our TCE has exceeded the market by an average of 34% on a trailing 5-year basis PANL Total Shipping Days PANL TCE Rate Market TCE Rate** Cargo Focused Business Model $35,000 6,000 Consistently Delivers Above- $30,000 5,000 Market TCE Rate ($s per Shipping Day) Perfor
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 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 (1H24) (Full-Year 2024) (2024-2026) • Geo-political tensions are • Global dry bulk fleet growth is • Clarity in emissions free continuing to c
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) December 31, 2023 December 31, 2022 (audited) (audited) Current Assets Cash and cash equivalents $ 99,038 $ 128,385 Accounts receivable, net 47,892 36,755 Other current assets 44,897 57,371 Total current assets 191,826 222,511 F
Slide 14: Selected Income Statement Data
Selected Income Statement Data (in thousands,may not foot due to rounding) Three months ended December 31, Twelve months ended December 31, 2023 2022 2023 2022 (unaudited) (unaudited) (audited) (audited) Revenues: Voyage revenue $ 122,281 $ 117,340 $ 468,581 $ 640,034 Charter revenue 7,079 10,584 23
Slide 15: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures For the three months ended For the twelve months ended 12/31/2023 12/31/2022 12/31/2023 12/31/2022 (unaudited) (unaudited) (unaudited) (unaudited) Net Transportation and Service Revenue Gross Profit $ 19,040,854 $ 22,700,870 $ 69,868,128 $129,050,037 Add: Vessel D
Slide 16: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures For the three months ended For the twelve months ended 12/31/2023 12/31/2022 12/31/2023 12/31/2022 (unaudited) (unaudited) (unaudited) (unaudited) Earnings Per Common Share Net income attributable to Pangaea Logistics Solutions Ltd. $ 1,136,202 $ 15,502,601 $ 26,3
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