Slide 1: Second Quarter 2016 Results
Second Quarter 2016 Results August 2016
Slide 2: Safe Harbor
2 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 mana
Slide 3: Second Quarter 2016 Highlights
3 Second Quarter 2016 Highlights • Net income attributable to Pangaea Logistics Solutions was $0.1 million, compared to net income of $5.5 million in the second quarter of 2015 • Pro forma adjusted earnings per common share1 of $0.004 for 2016 compared to pro forma adjusted earnings per common share
Slide 4: Financial Performance - Trailing Four Quarters
4 Financial Performance - Trailing Four Quarters 1) Adjusted EBITDA is a non-GAAP measure and represents operating earnings before interest expense, income taxes, depreciation and amortization, and other non-operating income and/or expense, if any. 2) TCE is defined as total revenues less voyage exp
Slide 5: Drivers of Performance
5 • The Company’s unique ability to limit the impact of weak market rates on its operations by dynamically adjusting its fleet size. This a function of its flexible, cargo-focused, business model, which uses a mix of owned and chartered-in vessels. • Reduction in cost of bunkers consumed on voyages.
Slide 6: Defensible Pillars of Profitability
6 Defensible Pillars of Profitability • Execution specialization: - Material cost savings & enhanced profit through granular operating knowledge & risk sensitive approach - Secured & defended by 200+ years of expertise & embedded relationships; key managers average 20 years in the industry • Backhau
Slide 7: Selected Income Statement Data
7 Selected Income Statement Data 2016 2015 (unaudited) (unaudited) Revenues: Voyage revenue 53,548,976$ 60,902,796$ Charter revenue 3,412,729 4,199,976 56,961,705 65,102,772 Expenses: Voyage expense 26,766,724 28,129,297 Charter hire expense 15,041,229 15,195,199 Vessel operating expenses 7,904,828
Slide 8: Selected Balance Sheet and Cash Flow Data
8 Selected Balance Sheet and Cash Flow Data Net cash provided by operating activities 9,985,074$ 12,810,782$ used in investing ctivities (432,432) (40,634,87 ) et cash provided by financing activities (14,649, 74$ 32,161,158$ June 30, 2016 December 31, 2015 Current Assets Cash and cash equivalents 3