Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q1 2025 Earnings Presentation
18 slides from Pangaea Logistics Solutions's earnings presentation, May 13, 2025
Slide 1: 1Q25 Earnings Call Presentation
1Q25 Earnings Call Presentation
Slide 2: Safe Harbor
Safe Harbor 1Q25 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: 1Q25 Performance Highlights
1Q25 Performance Highlights Strong execution, backed by COAs and flexible business model Consistent execution on long-term COAs, supported strong TCE rate returns during a seasonally soft quarter, with TCE rates outperforming benchmark Panamax, Supramax and Handysize indexes by 33% First quarter 202
Slide 4: 1Q 2025 Performance Summary
1Q 2025 Performance Summary Adjusted Adjusted EPS EBITDA $s per Share $s in Millions TCE Rate Operating $s per Cash Flow Shipping Day $s in Millions 4
Slide 5: Outperforming Industry Benchmark
Outperforming Industry Benchmark Our TCE has exceeded the market** by an average of 29% on a trailing 5-year basis Cargo Focused Business Model Consistently Delivers Above-Market Performance • Current 2Q25 booked TCE rate of $12,524, a 25% premium to the market average through the quarter.* • Our ni
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 Quarterly cash dividend and share repurchase program, support long-term shareholder value creation Targeted dividend policy is aimed toward sustainability Dividend payout has remained during various market $15 million repurchase authorization allows for flexible through the
Slide 8: Balance Sheet Update
Balance Sheet Update Ample liquidity to support ongoing growth of business Capital allocation priorities will be balanced between debt Repaid over $11million in debt during 1Q25 through Opportunistically invested in owned ship fleet repayment, fleet investment, opportunistic M&A and operating cash f
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 • Currently utilize handysize vessels to serve certain clients on a chartered
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 investment Return of capital Balance sheet optionality logistics model utilization Investment Utilize ch
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 (2Q25 & 3Q25) (Full-Year 2025) (2026 - 2027) • Significant US Infrastructure spending is • Global dry bulk fleet growth is expected • Clarity
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 model Focused on consistently delivering consistent, above-market high fleet utilization to drive operating returns leverage Positioned to benefit from tightening On-shore logistics offering provides global supply of dry-bulk vessels amid Investment significant, increme
Slide 14: Appendix
Appendix Confidential: Pangaea Logistics Solutions
Slide 15: Selected Balance Sheet Data
Selected Balance Sheet Data March 31, 2025 December 31, 2024 (in thousands,may not foot due to rounding) Current Assets Cash and cash equivalents $ 63,949 $ 86,805 Accounts receivable, net 47,915 42,371 Other current assets 64,039 62,818 Total current assets $ 175,903 $ 191,994 Fixed assets, includi
Slide 16: Selected Income Statement Data
Selected Income Statement Data (in thousands,may not foot due to rounding) March 31, 2025 March 31, 2024 Revenues: Voyage revenue $ 109,660 $ 87,291 Charter revenue 9,993 15,031 Terminal & stevedore revenue 3,149 2,427 Total revenue 122,802 104,749 Expenses: Voyage expense 60,307 37,115 Charter hire
Slide 17: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Three Months Three Months Ended Ended March 31, 2025 March 31, 2024 Net Transportation and Service Revenue Gross Profit $ 10,228,418 $ 18,333,600 Add: Vessel Depreciation and amortization 9,896,013 7,408,995 Net transportation and service revenue $ 20,124,431 $ 25
Slide 18: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Three Months Three Months Ended Ended March 31, 2025 March 31, 2024 Earnings Per Common Share Net income attributable to Pangaea Logistics Solutions Ltd. $ (1,980,877) $ 11,674,176 Weighted average number of common shares - basic 63,851,090 45,214,519 Weighted ave
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