Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q2 2025 Earnings Presentation
16 slides from Pangaea Logistics Solutions's earnings presentation, Aug 8, 2025
Slide 1: Earnings Call Presentation
oT. q= a Earnings Call Presentation
Slide 2: Safe Harbor
Safe Harbor 2Q25 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: 2Q25 Performance Highlights
2Q25 Performance Highlights Consistent operating performance and disciplined capital allocation Execution of chartered-in strategy and consistent operating performance supported premium TCE returns amid dry bulk market uncertainty, with TCE rates outperforming benchmark Panamax, Supramax and Handysi
Slide 4: 2Q 2025 Performance Summary
2Q 2025 Performance Summary Adjusted EBITDA $s in Millions 2024 $15.9 _ Lo _ TCE Rate Operating $s per Cash Flow — Lo — Adjusted EPS $s per Share
Slide 5: Outperforming Industry Benchmark
Outperforming Industry Benchmark Our TCE has exceeded the market by an average of 27% on a trailing 5-year basis mmm PANL Total Shipping Days +=—=PANLTCE Rate Market TCE Rate** Cargo Focused $35,000 7,000 Business Model Consistently Delivers Above- $30,000 6.000 Market Performance $25,000 5,000 MM +
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 Strong cash flow and profitability support consistent Dividend payout continues amid strategic execution and $15 million repurchase authorization allows for flexible return of
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 $22 million in debt during 2025 through Opportunistically invested in owned ship fleet repayment, fleet investment, opportunistic M&A, and operating cash
Slide 9: Macro Shipping Outlook
Macro Shipping Outlook Focused on providing comprehensive logistics solutions with targeted dry bulks Near Term Outlook (2H 2025) * Significant US Infrastructure spending is expected to continue, creating favorable tailwinds for construction related raw materials. « US trade policy uncertainty could
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 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 12: Appendix
Appendix Confidential: Pangaea Logistics Solutions
Slide 13: Selected Balance Sheet Data
Selected Balance Sheet Data June 30, 2025 December 31, 2024 (in thousands,may not foot due to rounding) Current Assets Cash and cash equivalents $ 59,253 $ 86,805 Accounts receivable, net 49,326 42,371 Other current assets 75,430 62,818 Total current assets $ 184,009 $ 191,994 Fixed assets, includin
Slide 14: Selected Income Statement Data
Selected Income Statement Data (in thousands,may not foot due to rounding) Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Revenues: Voyage revenue $ 146,269 $ 124,096 $ 255,929 $ 211,386 Charter revenue 6,850 3,847 16,843 18,878 Terminal & stevedore revenue 3,571 3,555 6,720 5,982 T
Slide 15: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Three Months Three Months Ended Ended Six Months Ended Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net Transportation and Service Revenue Gross Profit $ 10,864,628 $ 12,671,400 $ 21,093,045 $ 31,005,001 Add: Vessel Depreciation and amo
Slide 16: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Three Months Three Months Six Months Six Months Ended Ended Ended June 30, Ended June 30, June 30, 2025 June 30, 2024 2025 2024 Earnings Per Common Share Net income attributable to Pangaea Logistics Solutions Ltd. $ (2,742,116) $ 3,682,775 $ (4,722,993) $ 15,356,9
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