Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q1 2024 Earnings Presentation
16 slides from Pangaea Logistics Solutions's earnings presentation, May 10, 2024
Slide 1: 1Q24 Earnings Call Presentation
1Q24 Earnings Call Presentation
Slide 2: Safe Harbor
Safe Harbor 1Q24 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: 1Q24 Performance Highlights
1Q24 Performance Highlights Flexible operating model supports opportunistic capital deployment Favorable long-haul voyage demand across specialized ice-class fleet and solid base of premium long-term COAs, resulted in earned TCE rates exceeding the benchmark average Baltic Panamax and Supramax indic
Slide 4: 1Q 2024 Performance Summary
1Q 2024 Performance Summary 1Q24 $19.9 1Q24 $0.14 Adjusted Adjusted EPS EBITDA $s per Share $s in Millions 1Q23 $16.2 1Q23 $0.11 1Q24 $17,697 1Q24 $9.0 TCE Rate Operating $s per Cash Flow Shipping Day $s in Millions 1Q23 $14,372 1Q23 $11.6 4
Slide 5: TCE Rate: Outperforming Industry Benchmark
Outperforming Industry Benchmark Our TCE has exceeded the market by an average of 32% on a trailing 5-year basis PANL Total Shipping Days PANL TCE Rate Market TCE Rate** Cargo Focused $35,000 6,000 Business Model 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 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 Improved margins and cash conversion support Targeted dividend policy is aimed toward Dividend payout has increased amid favorable dividend coverage despite volatile dry bulk sustainability through the cycle m
Slide 8: Balance Sheet Update
Balance Sheet Update Ample liquidity to support ongoing growth of business Capital allocation priorities will be balanced Opportunistically invested in owned ship fleet Repaid over $35 million in debt during 2023 between debt repayment, fleet investment, during 2021 amid attractive market dynamics t
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 (1H24) (Full-Year 2024) (2025-2026) • Trade disruptions and limited dry • Global dry bulk fleet growth is • Clarity in emissions free bulk ves
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 Confidential: Pangaea Logistics Solutions
Slide 13: Selected Balance Sheet Data
Selected Balance Sheet Data (in thousands,may not foot due to rounding) March 31, 2024 December 31, 2023 (unaudited) (audited) Current Assets Cash and cash equivalents $ 95,873 $ 99,038 Accounts receivable, net 41,998 47,892 Other current assets 57,686 44,897 Total current assets 195,557 191,826 Fix
Slide 14: Selected Income Statement Data
Selected Income Statement Data (in thousands,may not foot due to rounding) Three months ended March 31, 2024 2023 (audited) (audited) Revenues: Voyage revenue $ 87,291 $ 107,950 Charter revenue 15,031 5,749 Terminal & stevedore revenue 2,427 - Total revenue 104,749 113,699 Expenses: Voyage expense 3
Slide 15: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures For the three months ended 3/31/2024 3/31/2023 (unaudited) (unaudited) Net Transportation and Service Revenue Gross Profit $ 18,333,600 $ 13,387,407 Add: Vessel Depreciation and amortization 7,408,995 7,299,382 Net transportation and service revenue $ 25,742,595 $
Slide 16: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures For the three months ended 3/31/2024 3/31/2023 (unaudited) (unaudited) Earnings Per Common Share Net income attributable to Pangaea Logistics Solutions Ltd. $ 11,674,176 $ 3,474,267 Weighted average number of common shares - basic 45,214,519 44,712,290 Weighted av
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