Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q4 2020 Earnings Presentation
11 slides from Pangaea Logistics Solutions's earnings presentation, Mar 15, 2021
Slide 1: Fourth Quarter 2020 Earnings Conference Call Presentation
FOURTH QUARTER 2020 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 •Adjusted EBITDAof $12.9 million •Net income of $7.6 million •$48.4 million cash, restricted cash and cash equivalents Q4‐2020 Results •17 drybulk ships and one barge in owned and controlled fleet at December 31, 2020 Fleet •Operating 53 vessels on average during Q4 2020 •6.7 mil
Slide 4: 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 – 42% premium over average market rates in Q4 – 2020 Rate Environment: The Baltic Dry Index average decreased in the fourth q
Slide 5: 4th Quarter Highlights
4th Quarter Highlights • Net income attributable to Pangaea Logistics Solutions Ltd. was $7.6 million for three months ended December 31, 2020 as compared to $4.4 million of net loss for the same period of 2019. o Non‐GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. of $6.2
Slide 6: Selected Income Statement Data
1) Adjusted EBITDA is a non‐GAAP measure and represents income or loss from operations before depreciation and amortization, loss on sale and leaseback of vessel, share‐based compensation, and when applicable, loss on impairment of vessels and certain non‐recurring items. SELECTED INCOME STATEMENT D
Slide 7: Selected Balance Sheet & Cash Flow Data
SELECTED BALANCE SHEET & CASH FLOW DATA 7 The amounts in the table above have been calculated based on unrounded numbers. Accordingly, certain amounts may not sum due to the effect of rounding. (in thousands) December 31, 2020 December 31, 2019 Current Assets Cash and cash equivalents 46,897$ 50,555
Slide 8: Total Shipping Days
TOTAL SHIPPING DAYS 8 Capital Efficiency: Leveraged owned fleet by chartering‐in market vessels Flexibility: Short‐term charters allow us to react quickly and take advantage of arbitrage opportunities 1,718 1,820 1,886 1,875 1,573 1,623 1,566 1,461 2,220 1,742 2,750 3,365 3,003 1,977 3,168 3,406 ‐ 1
Slide 9: Pangaea TCE v. Average Market TCE
PANGAEA TCE v. AVERAGE MARKET TCE 9 Consistently outperforming against average Panamax and Supramax index **Average of the published Panamax and Supramax index net of commission $7,160 $8,665 $13,728 $10,819 $5,920 $5,548 $10,286 $10,326 $4,869 $4,268 $2,187 $4,353 $4,588 $5,185 $3,030 $4,314 68% 49
Slide 10: Financial Performance Q1-2019 through Q4-2020
1) Adjusted EBITDA is a non‐GAAP measure and represents operating earnings before interest expense, income taxes, depreciation and amortization, share‐based compensation, loss on sale and leaseback of vessels and other non‐operating income and/or expense, if any. 2) TCE is defined as total revenues
Slide 11: Adjusted Earnings per Common Share
ADJUSTED EARNINGS PER COMMON SHARE 11 (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 derivative instruments, and certain non‐recurrin
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