Slide 1: Second Quarter 2019 Earnings Conference Call Presentation
SECOND QUARTER 2019 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 Q2-2019 Results •Adjusted EBITDA of $11.3 million Consistent •Net income of $4.0 million •$43.7 million cash, restricted cash and cash Performance equivalents Fleet Working Fleet • 21 drybulk ships and one barge in owned and controlled fleet Operations Extensive and varied •Opera
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 superior returns – 49% premium over average market rates in Q2 – 2019 Rate Environment: The Baltic Dry Index average de
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS • Net income attributable to Pangaea Logistics Solutions Ltd. approximately $4.0 million for three months ended June 30, 2019 as compared to approximately $5.8 million for the same period of 2018. • Earnings per share were $0.09 as compared to $0.13 for the three months ended Ju
Slide 6: Selected Income Statement Data
SELECTED INCOME STATEMENT DATA (in thousands) Three months ended March 30, Six months ended September 30, 2019 2018 2019 2018 (unaudited) (unaudited) (unaudited) (unaudited) Revenues: Voyage revenue $ 77,430 $ 81,848 $ 143,281 $ 152,167 Charter revenue 5,861 14,976 19,553 23,630 83,291 96,823 162,83
Slide 7: Selected Balance Sheet & Cash Flow Data
SELECTED BALANCE SHEET & CASH FLOW DATA (in thousands) June 30, 2019 December 31, 2018 (unaudited) Current Assets Cash and cash equivalents $ 41,161 $ 53,615 Accounts receivable, net 15,996 28,482 Other current assets 35,941 31,410 Total current assets 93,098 113,506 Restricted Cash 2,500 2,500 Fixe
Slide 8: Total Shipping Days
TOTAL SHIPPING DAYS 6,000 5,000 4,000 3,741 3,461 Days 3,000 2,645 2,537 2,556 2,220 1,742 1,904 2,000 1,000 1,820 1,564 1,575 1,620 1,638 1,703 1,731 1,718 - Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Owned Days Charter-in Days Capital Efficiency: Leveraged owned fleet by chartering-in market
Slide 9: Pangaea TCE v. Average Market TCE
PANGAEA TCE v. AVERAGE MARKET TCE $16,000 24% 30% 32% 21% $14,000 49% 15% $2,801 26% $2,440 68% $12,000 $3,187 $3,355 $1,605 $2,471 $4,268 $10,000 $4,869 $8,000 $6,000 $11,559 $10,905 $11,395 $10,662 $10,373 $9,351 $4,000 $8,665 $7,160 $2,000 $- Q3 - 2017 Q4 - 2017 Q1 - 2018 Q2 - 2018 Q3 - 2018 Q4 -
Slide 10: Financial Performance Q3-2017 Through Q2-2019
FINANCIAL PERFORMANCE Q3-2017 THROUGH Q2-2019 1) Adjusted EBITDA is a non-GAAP measure and represents income or loss from operations before depreciation and amortization, loss on sale and leaseback of vessels, and when applicable, loss on impairment of vessels and certain non-recurring items. 2) TCE
Slide 11: Adjusted Earnings Per Common Share
ADJUSTED EARNINGS PER COMMON SHARE Adjusted EPS total of $0.64 since Q2 2018 (1) Adjusted earnings per share represents net income attributable to Pangaea Logistics Solutions Ltd. plus, when applicable, loss on sale and leaseback of vessel, loss on impairment of vessel, gains and losses on derivativ