Slide 1: 3Q23 Earnings Call Presentation
3Q23 Earnings Call Presentation
Slide 2: Safe Harbor
Safe Harbor 3Q23 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: 3Q23 Performance Summary
3Q23 Performance Summary Strong operating results highlight value of specialized ice-class fleet Superior TCE rate driven by long-term COAs, seasonally strong ice-class utilization and cargo-focused strategy resulted in TCE rates exceeding the benchmark average Baltic Panamax and Supramax indices by
Slide 4: 3Q23 Performance Summary
3Q23 Performance Summary 3 Q 23 $ 28 3 Q 23 $ 0 .3 2 Adjusted Adjusted EPS EBITDA $s per Share $s in Millions 3 Q 22 $38 3 Q 22 $ 0 .5 2 3 Q 23 $ 15 ,74 8 3 Q 23 $ 16 TCE Rate Operating $s per Cash Flow Shipping Day $s in Millions 3 Q 22 $ 24 ,10 7 3 Q 22 $33 4
Slide 5: TCE Rate ($s per Shipping Day): Outperforming Industry Benchmark
Outperforming Industry Benchmark Our TCE has exceeded the market by an average of 33% 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 ist ic a lly inve st e d in o w n e d s h ip fle e t Re p a id o ve r $ 3 0 m illio n in d e b t d u rin g 20 22 b e t w e e n d e b t re p a
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 (4Q23 & 1H24) (Full-Year 2024) (2024-2026) • Geo-political tensions are • Global dry bulk fleet growth is • Clarity in emissions free weighing
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) September 30, 2023 December 31, 2022 (unaudited) Current Assets Cash and cash equivalents $ 87,358 $ 128,385 Accounts receivable, net 53,499 36,755 Other current assets 57,628 57,371 Total current assets 198,484 222,511 Fixed as
Slide 14: Selected Income Statement Data
Selected Income Statement Data (in thousands,may not foot due to rounding) Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Revenues: Voyage revenue $ 127,885 $ 173,168 $ 346,300 $ 522,694 Charter revenue 3,798 11,30
Slide 15: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures For the three months ended For the nine months ended 9/30/2023 9/30/2022 9/30/2023 9/30/2022 (unaudited) (unaudited) (unaudited) (unaudited) Net Transportation and Service Revenue Gross Profit $ 25,240,555 $ 36,301,324 $ 52,433,372 $106,349,167 Add: Vessel Depreci
Slide 16: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures For the three months ended For the nine months ended 9/30/2023 9/30/2022 9/30/2023 9/30/2022 (unaudited) (unaudited) (unaudited) (unaudited) Earnings Per Common Share Net income attributable to Pangaea Logistics Solutions Ltd. $ 18,868,291 $ 18,788,414 $ 25,187,09