Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q1 2019 Earnings Presentation
13 slides from Pangaea Logistics Solutions's earnings presentation, May 1, 2019
Slide 1: First Quarter 2019 Earnings Conference Call Presentation
FIRST QUARTER 2019 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: Pangaea Logistics Solutions Ltd.
PANGAEA LOGISITICS SOLUTIONS LTD. Logistics services and integrated chartering solutions provide attractive returns 3
Slide 4: Pangaea Logistics Solutions Ltd.
PANGAEA LOGISITICS SOLUTIONS LTD. Pangaea concentrates on cargo movements to: • Identify movements that require our expertise in logistics and operations • Capitalize where we can utilize our specialized fleet • Reduce ballast legs and other costs • Assist customers in unique or difficult trades All
Slide 5: Business Highlights
BUSINESS HIGHLIGHTS Q1-2019 Results •Adjusted EBITDA of $8.6 million Consistent •Net income of $3.7 million •$61.6 million cash, restricted cash and cash Performance equivalents Fleet Working Fleet • 21 drybulk ships and one barge in owned and controlled fleet Operations Extensive and varied •Operat
Slide 6: 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 – 68% premium over average market rates in Q1 – 2019 Rate Environment: The Baltic Dry Index average de
Slide 7: Financial Highlights
FINANCIAL HIGHLIGHTS • Consistent net income, even as the BDI and published market rates declined. This speaks for the value of Pangaea’s long-term, fixed rate COAs with outstanding customers. • Steady increase in working capital and significant increase in operating cash flows • Strategic use of eq
Slide 8: Selected Income Statement Data
SELECTED INCOME STATEMENT DATA (in thousands) Three months ended March 31, 2019 2018 (unaudited) (unaudited) Revenues: Voyage revenue $ 65,851 $ 70,319 Charter revenue 13,693 8,654 79,544 78,973 Expenses: Voyage expense 32,174 30,168 Charter hire expense 24,947 22,696 Vessel operating expenses 9,754
Slide 9: Selected Balance Sheet & Cash Flow Data
SELECTED BALANCE SHEET & CASH FLOW DATA (in thousands) March 31, 2019 December 31, 2018 (unaudited) Current Assets Cash and cash equivalents $ 59,123 $ 53,615 Accounts receivable, net 12,730 28,482 Other current assets 28,604 31,410 Total current assets 100,457 113,506 Restricted Cash 2,500 2,500 Fi
Slide 10: Total Shipping Days
TOTAL SHIPPING DAYS 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 10
Slide 11: Pangaea TCE v. Average Market TCE
PANGAEA TCE v. AVERAGE MARKET TCE Consistently outperforming against average Panamax and Supramax index *Average of the published Panamax and Supramax index net of commission 11
Slide 12: Financial Performance Q2-2017 Through Q1-2019
FINANCIAL PERFORMANCE Q2-2017 THROUGH Q1-2019 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 vessels, and when applicable, loss on impairment of vessels and certain non-recurring items. 2) TCE
Slide 13: Adjusted Earnings per Common Share
ADJUSTED EARNINGS PER COMMON SHARE Adjusted EPS total of $0.65 since Q1 2018 Adjusted EPS (1) 0.25 0.20 0.15 0.10 0.05 - Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 (1) Adjusted earnings per share represents net income attributable to Pangaea Logistics Solutions Ltd. plus, when applicable, loss on sale and leaseb
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