Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q4 2024 Earnings Presentation
18 slides from Pangaea Logistics Solutions's earnings presentation, Mar 14, 2025
Slide 1: 4Q24 Earnings Call Presentation
4Q24 Earnings Call Presentation
Slide 2: Safe Harbor
Safe Harbor 4Q24 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: 4Q24 Performance Highlights
4Q24 Performance Highlights Strong finish to a transformational year Seasonal artic trade demand and flexible operating model resulted in earned TCE rates in 4Q24 exceeding the benchmark average Baltic Panamax and Supramax indices by 48%. Adjusted EBITDA increased 18.1% to $23.2 million in 4Q24, as
Slide 4: 4Q & Full Year 2024 Performance Summary
4Q & Full Year 2024 Performance Summary 4 Q 24 $ 22.3 4 Q 24 $ 0 .16 4 Q 23 $ 19 .7 4 Q 23 $ 0 .16 Adjusted Adjusted EPS EBITDA $s per Share $s in Millions FY 2 0 24 $ 8 3 .0 FY 20 24 $ 0 .6 5 FY 2 0 23 $ 79 .7 FY 20 23 $ 0 .6 9 4 Q 24 $ 15 ,9 4 2 4 Q 24 $ 19 .2 4 Q 23 4 Q 23 $ 23 .9 TCE Rate $ 17,6
Slide 5: TCE Rate ($s per Shipping Day)
Outperforming Industry Benchmark Our TCE has exceeded the market by an average of 29% on a trailing 5-year basis Cargo Focused PANL Total Shipping Days PANL TCE Rate Market TCE Rate** Business Model $35,000 6,000 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 7 vessels for $245 million Purchased 3 vessels for $83 million & Acquired 15 vessels for 18.06 million shares MV Bulk Courageous MV Bulk Promise - MV Bulk Valor - - Ultramax Panamax 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: SSI Fleet Merger: Strategic Rationale
SSI Fleet Merger: Strategic Rationale Commercially attractive handysize fleet will add scale and expand the foundation for growth across entire enterprise Expanding into handysize segment provides scale and diversification 15 • Currently utilize handysize vessels to serve certain clients on a charte
Slide 10: SSI Fleet Merger: Executing differentiated value creation strategy
SSI Fleet Merger: Executing differentiated value creation strategy Fleet combination is consistent with key shareholder value creation objectives Integrated shipping - High fleet Organic Inorganic Return of capital Balance sheet optionality logistics model utilization Investment investment Utilize c
Slide 11: 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 (1H25) (Full-Year 2025) (2026 - 2027) • US Infrastructure spending • Global dry bulk fleet growth is • Clarity in emissions free continues to
Slide 12: 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 13: 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 14: 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 15: Selected Balance Sheet Data
Selected Balance Sheet Data (in thousands,may not foot due to rounding) December 31, 2024 December 31, 2023 Current Assets Cash and cash equivalents $ 86,805 $ 99,038 Accounts receivable, net 42,371 47,892 Other current assets 62,818 44,897 Total current assets 191,994 191,826 Fixed assets, includin
Slide 16: 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, 2024 2023 2024 2023 Revenues: Voyage revenue $ 137,601 $ 122,281 $ 494,107 $ 468,581 Charter revenue 6,588 7,079 30,326 23,716 Terminal & stevedore revenue 2,98
Slide 17: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures For the three months ended For the twelve months ended 12/31/2024 12/31/2023 12/31/2024 12/31/2023 (unaudited) (unaudited) Net Transportation and Service Revenue Gross Profit $ 21,156,847 $ 16,877,815 $ 73,184,997 $ 69,246,559 Add: Vessel Depreciation and amortiza
Slide 18: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Earnings Per Common Share Net income attributable to Pangaea Logistics Solutions Ltd. $ 8,435,392 $ 1,136,202 $ 28,903,383 $ 26,323,300 Weighted average number of common shares - basic 45,792,112 44,815,282 45,391,855 44,773,899 Weighted average number of common s
Pangaea Logistics Solutions — Q4 2024 Earnings Presentation on 6ix