Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q3 2020 Earnings Presentation
11 slides from Pangaea Logistics Solutions's earnings presentation, November 2020
Slide 1: Third Quarter 2020 Earnings Conference Call Presentation
THIRD 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 Q3‐2020 Results •Adjusted EBITDA of $15.1 million Consistent •Net income of $7.6 million •$48.1 million cash, restricted cash and cash Performance equivalents Fleet Working Fleet • 17 drybulk ships and one barge in owned and controlled fleet at September 30, 2020 Operations Exten
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 – 29% premium over average market rates in Q3 – 2020 Rate Environment: The Baltic Dry Index average de
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS 3rd Quarter Highlights • Net income attributable to Pangaea Logistics Solutions Ltd. was $7.6 million for three months ended September 30, 2020 as compared to $8.3 million of net income for the same period of 2019. o Non‐GAAP adjusted net income attributable to Pangaea Logistics
Slide 6: Selected Income Statement Data
SELECTED INCOME STATEMENT DATA (in thousands,may not foot due to rounding) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (unaudited) (unaudited) (unaudited) (unaudited) Revenues: Voyage revenue $ 98,120 $ 103,806 $ 251,501 $ 247,088 Charter revenue 5,646 15,079
Slide 7: Selected Balance Sheet & Cash Flow Data
SELECTED BALANCE SHEET & CASH FLOW DATA (in thousands) September 30, 2020 December 31, 2019 Current Assets Cash and cash equivalents $ 45,559 $ 50,555 Restricted cash $ 1,500 $ 1,000 Accounts receivable, net 19,939 28,309 Other current assets 40,155 48,091 Total current assets 107,153 127,955 Restri
Slide 8: Total Shipping Days
TOTAL SHIPPING DAYS 6,000 5,000 4,000 3,365 2,750 3,168 Days 3,000 2,556 3,003 2,220 1,742 1,977 2,000 1,000 1,886 1,875 1,731 1,718 1,820 1,573 1,623 1,566 ‐ Q4‐18 Q1‐19 Q2‐19 Q3‐19 Q4‐19 Q1‐20 Q2‐20 Q3‐20 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 Market Avg TCE** Market Premium over Market $18,000 16% $16,000 40% 24% $2,187 $14,000 29% 49% $2,801 68% $4,353 $12,000 $3,030 78% 93% $4,268 $10,000 $4,869 $8,000 $4,588 $5,185 $13,728 $6,000 $11,559 $10,819 $10,286 $4,000 $8,665 $7,160 $5,920 $5,548 $2,000 $‐ Q4
Slide 10: Financial Performance Q4-2018 through Q3-2020
FINANCIAL PERFORMANCE Q4‐2018 THROUGH Q3‐2020 20,000 ADJUSTED EBITDA(1) TCE(2) $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 ‐ Q4‐18 Q1‐19 Q2‐19 Q3‐19 Q4‐19 Q1‐20 Q2‐20 Q3‐20 $‐ Q4‐18 Q1‐19 Q2‐19 Q3‐19 Q4‐19 Q1‐20 Q2‐20
Slide 11: Adjusted Earnings per Common Share
ADJUSTED EARNINGS PER COMMON SHARE Adjusted EPS total of $0.19 for Q3‐2020 Historical Adjusted EPS (1) 0.25 $0.53 $0.41 $0.29 0.20 0.20 0.19 0.18 0.15 0.14 0.10 0.11 0.10 0.10 0.09 0.09 0.09 0.05 0.03 ‐ Q4‐17 Q1‐18 Q2‐18 Q3‐18 Q4‐18 Q1‐19 Q2‐19 Q3‐19 Q4‐19 Q1‐20 Q2‐20 Q3‐20 (0.05) (0.09) (0.10) (0.1
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