Slide 1: Second Quarter 2022 Earnings Conference Call Presentation
SECOND QUARTER 2022 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 Q2‐2022 Results •Adjusted EBITDA of $44.2 million Consistent •Net income of $25 million Performance •$102.2 million cash and cash equivalents Fleet Working Fleet • 24 drybulk ships and one barge in owned and controlled fleet at June 30, 2022 Operations •Operating 52 vessels on av
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 consistent returns through fluctuating market cycles – 4% premium over average market rates in Q2‐22. Rate Environment:
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS 2nd Quarter Highlights • Net income attributable to Pangaea Logistics Solutions Ltd. was $25.0 million for the three months ended June 30, 2022, as compared to $19.2 million for the same period of 2021. o Non‐GAAP adjusted net income attributable to Pangaea Logistics Solutions L
Slide 6: 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, 2022 2021 2022 2021 (unaudited) (unaudited) (unaudited) (unaudited) Revenues: Voyage revenue $ 173,189 $ 117,395 $ 349,526 $ 225,626 Charter revenue 22,355 28,149 37,781 4
Slide 7: Selected Balance Sheet & Cash Flow Data
SELECTED BALANCE SHEET & CASH FLOW DATA (in thousands) June 30, 2022 December 31, 2021 Current Assets Cash and cash equivalents $ 102,175 $ 56,209 Accounts receivable, net 41,100 54,259 Other current assets 90,888 73,495 Total current assets 234,163 183,964 Fixed assets, including finance lease righ
Slide 8: Total Shipping Days
TOTAL SHIPPING DAYS 6,000 5,000 4,000 3,337 3,118 2,664 2,501 3,168 3,407 3,108 Days 3,000 3,296 2,000 1,000 2,081 2,115 2,202 1,968 1,566 1,461 1,615 1,372 ‐ Q3‐20 Q4 ‐20 Q1‐21 Q2‐21 Q3‐21 Q4‐21 Q1‐22 Q2‐22 Owned Days Charter‐in Days Capital Efficiency: Leveraged owned fleet by chartering‐in market
Slide 9: Pangaea Average TCE vs. Market Average TCE
PANGAEA AVERAGE TCE vs. MARKET AVERAGE TCE PANGAEA AVG TCE V. MARKET AVERAGE TCE $35,000 $30,000 $25,000 $32,563 $20,000 $28,770 $32,033 $26,472 $15,000 $28,104 $27,139 $26,075 $24,185 $21,053 $22,637 $10,000 $16,261 $13,316 $14,640 $16,524 $5,000 $10,286 $10,326 $‐ Q3‐2020 Q4‐2020 Q1‐2021 Q2‐2021 Q
Slide 10: Financial Performance Q3-2020 through Q2-2022
FINANCIAL PERFORMANCE Q3‐2020 THROUGH Q2‐2022 ADJUSTED EBITDA(1) TCE(2) $50,000 $35,000 $45,000 $30,000 $40,000 $35,000 $25,000 $30,000 $20,000 $25,000 $15,000 $20,000 $15,000 $10,000 $10,000 $5,000 $5,000 $‐ $‐ Q3‐20 Q4 ‐20 Q1‐21 Q2‐21 Q3‐21 Q4‐21 Q1‐22 Q2‐22 Q3‐20 Q4 ‐20 Q1‐21 Q2‐21 Q3‐21 Q4‐21 Q1
Slide 11: Adjusted Earnings per Common Share
ADJUSTED EARNINGS PER COMMON SHARE Adjusted EPS total of $0.64 for Q2‐2022 Historical Adjusted EPS (1) $0.30 $0.71 $2.03 0.70 0.60 0.64 0.56 0.50 0.48 0.40 0.35 0.30 0.29 0.20 0.20 0.19 0.10 0.14 0.10 0.09 0.09 ‐ Q3‐19 Q4‐19 Q1‐20 Q2‐20 Q3‐20 Q4 ‐20 Q1‐21 Q2‐21 Q3‐21 Q4‐21 Q1‐22 Q2‐22 (0.09) (0.10)
Slide 12: TCE Outlook
TCE OUTLOOK $35,000 $32,563 6,000 $30,000 $26,472 $27,139 5,000 $25,522 $28,770 $25,000 4,000 $20,000 $21,053 $15,915 $16,524 $15,172 3,000 $14,640 $15,000 $12,933 $13,316 $10,508 $10,733 2,000 $10,000 1,000 $5,000 $‐ ‐ Q2‐2019 Q3‐2019 Q4‐2019 Q1‐2020 Q2‐2020 Q3‐2020 Q4‐2020 Q1‐2021 Q2‐2021 Q3‐2021