Slide 1: Second Quarter 2020 Earnings Conference Call Presentation
SECOND 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 Q2-2020 Results •Adjusted EBITDA of $10.7 million Consistent •Net income of $3.0 million •$49.5 million cash, restricted cash and cash Performance equivalents Fleet Working Fleet • 18 drybulk ships and one barge in owned and controlled fleet during Q2 2020 Operations Extensive an
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 – 93% premium over average market rates in Q2 – 2020 Rate Environment: The Baltic Dry Index average in
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS • Net income attributable to Pangaea Logistics Solutions Ltd. was $3.0 million for three months ended June 30, 2020 as compared to $4.0 million of net income for the same period of 2019. o Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. of $3.7 mill
Slide 6: Selected Income Statement Data
SELECTED INCOME STATEMENT DATA (in thousands) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (unaudited) (unaudited) (unaudited) (unaudited) Revenues: Voyage revenue $ 66,857 $ 77,430 $ 153,381 $ 143,281 Charter revenue 3,539 5,861 12,895 19,553 70,396 83,291 166,276 162,8
Slide 7: Selected Balance Sheet & Cash Flow Data
SELECTED BALANCE SHEET & CASH FLOW DATA (in thousands) June 30, 2020 December 31, 2019 Current Assets Cash and cash equivalents $ 46,993 $ 50,555 Restricted cash 1,000 1,000 Accounts receivable, net 18,198 28,309 Other current assets 31,787 48,091 Total current assets 97,978 127,955 Restricted cash
Slide 8: Total Shipping Days
TOTAL SHIPPING DAYS 6,000 5,000 4,000 3,365 2,750 Days 3,000 2,537 2,556 3,003 2,220 1,742 1,977 2,000 1,000 1,820 1,886 1,875 1,703 1,731 1,718 1,573 1,623 - Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 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 $18,000 49% $16,000 16% 21% $2,187 32% $14,000 68% $2,801 24% $4,353 $2,440 $12,000 40% 78% $4,268 $10,000 $4,869 $8,000 $4,588 $5,185 $13,728 $6,000 $11,559 $11,395 $10,819 $4,000 $8,665 $7,160 $5,920 $5,548 $2,000 $- Q3 - 2018 Q4 - 2018 Q1-2019 Q2-2019 Q3-2019 Q4-
Slide 10: Financial Performance Q3-2018 Through Q2-2020
FINANCIAL PERFORMANCE Q3-2018 THROUGH Q2-2020 ADJUSTED EBITDA(1) TCE(2) 20,000 $18,000 18,000 $16,000 16,000 $14,000 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 - $- Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20
Slide 11: Adjusted Earnings per Common Share
ADJUSTED EARNINGS PER COMMON SHARE Adjusted EPS total of $0.09 for Q2-2020 Historical Adjusted EPS (1) 0.25 $0.53 $0.39 $0.30 0.20 0.20 0.18 0.18 0.15 0.14 0.10 0.10 0.11 0.10 0.09 0.09 0.09 0.05 0.03 - Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 (0.05) (0.09) (0.10) (0.1