Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q3 2022 Earnings Presentation
12 slides from Pangaea Logistics Solutions's earnings presentation, Nov 1, 2022
Slide 1: Third Quarter 2022 Conference Call Presentation
THIRD QUARTER 2022 CONFERENCE CALL PRESENTATION 1
Slide 2: Safe Harbor
SAFE HARBOR 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 statements are based on Pangaea’s and man
Slide 3: 3Q22 Executive Summary
3Q22 Executive Summary Key Performance Highlights Three Months Ended September 30, 2022 Superior TCE rate driven by strong fleet utilization within higher margin Ice-Class trades TCE rate exceeded the benchmark average Baltic Panamax and Supramax indices by 40%+ in 3Q22 Strong y/y growth in operatin
Slide 4: Adjusted EBITDA Performance Bridge
Adjusted EBITDA Performance Bridge Premium ice-class rates, high owned-fleet utilization offset higher bunker fuel and operating costs resulting from the addition of a new vessel in the fleet Ice-Class rates were 54% above non-Ice-Class rates in 3Q22 Ice Class rates increased 11% y/y in 3Q22, and re
Slide 5: Time Charter Equivalent Rate
Time Charter Equivalent Rate Above-market TCE rate driven by premium rates achieved on active Arctic trade routes throughout Summer 2022 Largest dry bulk owner operating in the Arctic During 3Q22, we fully-utilized all 10 of our ice-class 1A vessels to service our customers Our Total TCE was 41% abo
Slide 6: Total Shipping Days
Total Shipping Days Mix of owned shipping days increased to 47%, resulting in higher margins amid softening market rates Flexible charter-in strategy allows us to adjust to the prevailing market in order to meet cargo needs Utilization of chartered-in vessels as a percentage of our total shipping da
Slide 7: Consistent Earnings Growth
Consistent Earnings Growth Delivered 8th consecutive quarter of year-over-year growth in profitability in 3Q22 Adjusted Diluted EPS(1) +8.3% year-over-year Strong performance driven by strong fleet utilization, premium (above-market) Ice-Class rates $ per share $0.64 $0.56 $0.52 $0.48 $0.35 $0.29 $0
Slide 8: Strong Cash Flow Generation, Low Net Leverage
Strong Cash Flow Generation, Low Net Leverage Delivered 6th consecutive quarter of year- Net leverage has been falling consistently over-year growth in operating cash flow since 2Q22 Operating Cash Flow +41% year-over-year Total net leverage(1) declined by 1.7x Cash generation driven by increase in
Slide 9: Compelling Investment Thesis
Compelling Investment Thesis Integrated shipping-logistics model delivering consistent, above-market returns Differentiated model combines world-class shipping owned and chartered fleet with integrated on-shore logistics capabilities Modern fleet of owned and chartered-in vessels supporting demandin
Slide 10: Appendix
APPENDIX 10
Slide 11: Income Statement Data
INCOME STATEMENT DATA (in thousands,may not foot due to rounding) Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (unaudited) (unaudited) (unaudited) (unaudited) Revenues: Voyage revenue $ 173,168 $ 186,353 $ 522,694 $ 411,978 Charter revenue 11,309 26,676 49,090
Slide 12: Balance Sheet Data
BALANCE SHEET DATA (in thousands) September 30, 2022 December 31, 2021 Current Assets Cash and cash equivalents $ 117,949 $ 56,209 Accounts receivable, net 42,343 54,259 Other current assets 62,394 73,495 Total current assets 222,686 183,964 Fixed assets, including finance lease right of use assets,
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