Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q1 2021 Earnings Presentation
12 slides from Pangaea Logistics Solutions's earnings presentation, May 2021
Slide 1: First Quarter 2021 Earnings Conference Call Presentation
FIRST QUARTER 2021 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 Q1‐2021 Results •Adjusted EBITDA of $11.7 million Consistent •Net income of $5.9 million •$42.0 million cash, restricted cash and cash Performance equivalents Fleet Working Fleet • 17 drybulk ships and one barge in owned and controlled fleet at March 31, 2021 Operations Extensive
Slide 4: Drivers of Performance
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 – 2% premium over average market rates in Q1 – 2021 Rate Environment: The Baltic Dry Index average dec
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS 1st Quarter Highlights • Net income attributable to Pangaea Logistics Solutions Ltd. was $5.9 million for three months ended March 31, 2021 as compared to $6.8 million of net loss for the same period of 2020. • Non‐GAAP adjusted net income attributable to Pangaea Logistics Solut
Slide 6: Selected Income Statement Data
SELECTED INCOME STATEMENT DATA (in thousands,may not foot due to rounding) Three months ended March 31, 2021 2020 (unaudited) (unaudited) Revenues: Voyage revenue $ 108,230 $ 86,524 Charter revenue 16,742 9,356 Total revenue 124,973 95,880 Expenses: Voyage expense 47,839 47,796 Charter hire expense
Slide 7: Selected Balance Sheet & Cash Flow Data
SELECTED BALANCE SHEET & CASH FLOW DATA (in thousands) March 31, 2021 December 31, 2020 Current Assets Cash and cash equivalents $ 42,019 $ 46,897 Restricted cash ‐ 1,500 Accounts receivable, net 29,254 29,152 Other current assets 39,367 35,482 Total current assets 110,639 113,032 Fixed assets, incl
Slide 8: Total Shipping Days
TOTAL SHIPPING DAYS 6,000 5,000 4,000 3,365 2,750 3,406 3,003 3,168 3,000 3,296 Days 1,742 1,977 2,000 1,000 1,886 1,875 1,820 1,623 1,573 1,566 1,461 1,372 ‐ Q2‐19 Q3‐19 Q4‐19 Q1‐20 Q2‐20 Q3‐20 Q4 ‐20 Q1‐21 Owned Days Charter‐in Days Capital Efficiency: Leveraged owned fleet by chartering‐in market
Slide 9: Pangaea TCE v. Average Market TCE
PANGAEA TCE v. AVERAGE MARKET TCE Market Avg TCE** Market Premium over Market $18,000 2% 16% $263 $16,000 40% 42% $2,187 $14,000 29% 49% $4,353 $4,314 $12,000 $3,030 78% 93% $4,268 $10,000 $8,000 $4,588 $5,185 $16,261 $13,728 $6,000 $10,819 $10,286 $10,326 $4,000 $8,665 $5,920 $5,548 $2,000 $‐ Q2‐20
Slide 10: Financial Performance Q2-2019 Through Q1-2021
FINANCIAL PERFORMANCE Q2‐2019 THROUGH Q1‐2021 ADJUSTED EBITDA(1) TCE(2) (in Thousands) $18,000 20,000 $16,000 18,000 $14,000 16,000 14,000 $12,000 12,000 $10,000 10,000 $8,000 8,000 $6,000 6,000 $4,000 4,000 2,000 $2,000 ‐ $‐ Q2‐19 Q3‐19 Q4‐19 Q1‐20 Q2‐20 Q3‐20 Q4 ‐20 Q1‐21 Q2‐19 Q3‐19 Q4‐19 Q1‐20 Q
Slide 11: Adjusted Earnings per Common Share
ADJUSTED EARNINGS PER COMMON SHARE Adjusted EPS total of $0.09 for Q1‐2021 Historical Adjusted EPS (1) 0.25 $0.44 $0.30 $0.51 0.20 0.20 0.18 0.19 0.15 0.14 0.14 0.10 0.10 0.09 0.09 0.09 0.09 0.05 0.03 ‐ Q2‐18 Q3‐18 Q4‐18 Q1‐19 Q2‐19 Q3‐19 Q4‐19 Q1‐20 Q2‐20 Q3‐20 Q4 ‐20 Q1‐21 (0.05) (0.09) (0.10) (1)
Slide 12: TCE Outlook
TCE OUTLOOK * Q2 21TCE performance based on shipping days fixed for the second quarter as of May 10, 2021 12
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