Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q4 2022 Earnings Presentation
16 slides from Pangaea Logistics Solutions's earnings presentation, Mar 1, 2023
Slide 1: 4Q22 Earnings Call Presentation
4Q22 Earnings Call Presentation 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 2: Safe Harbor
Safe Harbor 4Q22 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: 4Q22 and FY2022 Performance Summary
4Q22 and FY2022 Performance Summary Strong operating results highlight flexible, value-oriented business model Superior TCE rate driven by long-term COAs and cargo-focused strategy resulted in TCE rates exceeding the benchmark average Baltic Panamax and Supramax indices by 41%+ in 4Q22 and 22%+ for
Slide 4: 4Q22 and FY2022 Performance Summary (Continued)
4Q22 and FY2022 Performance Summary (Continued) 4 Q 22 $ 27 4 Q 22 $ 0 .3 2 4 Q 21 $38 4 Q 21 $ 0 .5 6 Adjusted Adjusted EPS EBITDA $s per Share $s in Millions FY 20 22 $ 1.8 2 FY 20 22 $ 14 1 FY 20 21 $ 10 5 FY 20 21 $ 1.4 1 4 Q 22 $ 20 ,0 23 4 Q 22 $ 3 2.9 4 Q 21 $ 3 2,5 6 3 4 Q 21 $ 19 .1 TCE Rat
Slide 5: TCE Rate ($s per Shipping Day)
Outperforming Industry Benchmark Our TCE has exceeded the market by an average of 30% on a trailing 5-year basis PANL Total Shipping Days PANL TCE Rate Market Average Rate** Cargo Focused $35,000 6,000 Business Model Consistently Delivers Above- $30,000 5,000 Market Performance $25,000 TCE Rate ($s
Slide 6: Recent Vessel Acquisitions
Recent Vessel Acquisitions Disciplined acquiror of complementary assets 2021 2022 Purchased 7 vessels for $205 million Purchased 2 vessels for $37 million MV Bulk Courageous MV Bulk Promise - MV Bulk Valor - - Ultramax Panamax Supramax MV Nordic Nuluujaak MV Nordic Qinnqua – MV Nordic Sanngijug – Po
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 (1H23) (Full-Year 2023) (2023-2025) • Recovery of China economy • Significant decline in vessel • Clarity in emissions free is expected to be
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) December 31, 2022 December 31, 2021 Current Assets Cash and cash equivalents $ 128,385 $ 56,209 Accounts receivable, net 36,755 54,259 Other current assets 57,371 73,495 Total current assets 222,511 183,964 Fixed assets, includi
Slide 14: Selected Income Statement Data
Selected Income Statement Data (in thousands,may not foot due to rounding) Three months ended December 31, Twelve months ended December 31 2022 2021 2022 2021 (unaudited) (unaudited) Revenues: Voyage revenue $ 117,340 $ 202,504 $ 640,034 $ 614,482 Charter revenue 10,584 32,055 59,673 103,622 Total r
Slide 15: Reconciliation of Non-GAAP Measures (unaudited)
Reconciliation of Non-GAAP Measures (unaudited) For the three months ended For the twelve months ended 12/31/2022 12/31/2021 12/31/2022 12/31/2021 Net Transportation and Service Revenue Gross Profit $ 22,700,870 $ 35,102,473 $129,050,037 $ 97,938,881 Add: Vessel Depreciation and amortization 7,471,5
Slide 16: Reconciliation of Non-GAAP Measures (unaudited)
Reconciliation of Non-GAAP Measures (unaudited) For the three months ended For the twelve months ended 12/31/2022 12/31/2021 12/31/2022 12/31/2021 Earnings Per Common Share Net income attributable to Pangaea Logistics Solutions Ltd. $ 15,502,601 $ 15,150,156 $ 79,491,413 $ 67,226,833 Weighted averag
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