Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q1 2026 Earnings Presentation
15 slides from Pangaea Logistics Solutions's earnings presentation, May 12, 2026
Slide 1: Earnings Call Presentation
Earnings Call Presentation
Slide 2: Safe Harbor
Safe Harbor 1Q26 Earnings Call Presentation This presentation may include 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 statement
Slide 3: 1Q26 Performance Highlights
1Q26 Performance Highlights Seasonal arctic activity drives strong earnings and operating cash flow Supportive dry bulk market conditions and strong operating execution, resulted in TCE rates outperforming benchmark Panamax, Supramax and Handysize indices by 20%. First quarter 2026 GAAP net income o
Slide 4: 1Q 2026 Performance Summary
1Q 2026 Performance Summary Adjusted EBITDA Adjusted EPS $s in Millions $s per Share TCE Rate Operating Cash $s per Flow Shipping Day $s in Millions 4
Slide 5: Outperforming Industry Benchmark
Outperforming Industry Benchmark Our TCE has exceeded the market by an average of 24% on a trailing 5-year basis Cargo Focused Business Model Consistently Delivers Above-Market Performance • Current 2Q26 booked TCE rate of $18,808, a 24% premium to the market average through the quarter.* • Our nich
Slide 6: Return of Capital Program
Return of Capital Program Quarterly cash dividend and share repurchase program, support long-term shareholder value creation Strong cash flow and profitability support consistent Consistent dividend payout amid strategic execution and $12 million repurchase authorization allows for flexible return o
Slide 7: Balance Sheet Update
Balance Sheet Update Ample liquidity to support ongoing growth of business Continue to opportunistically invest in modern and Capital allocation priorities will be balanced between fleet Strong financial position underpinned by $89.7 million compliant vessel fleet to meet customer cargo investment,
Slide 8: Macro Shipping Outlook
Macro Shipping Outlook Focused on providing comprehensive logistics solutions with targeted dry bulks Near Term Outlook Medium Term Outlook Long-Term Outlook (1H 2026) (2026 - 2027) (2028 & Beyond) • Market strength supported by robust • Global ton-mile demand is expected to • Potential for emission
Slide 9: Value Creation Strategy
Value Creation Strategy Durable business model insulated from macro volatility – focused on deploying capital to drive above-sector growth Integrated shipping-logistics High fleet Organic Inorganic Return Balance sheet optionality model utilization investment investment of capital • Promote historic
Slide 10: Investment Conclusion
Integrated shipping-logistics model Focused on consistently delivering consistent, above-market high fleet utilization to drive operating returns leverage Positioned to benefit from tightening Growing on-shore logistics offering global supply of dry-bulk vessels amid provides significant, incrementa
Slide 11: Appendix
Appendix Confidential: Pangaea Logistics Solutions
Slide 12: Selected Balance Sheet Data
Selected Balance Sheet Data March 31, 2026 December 31, 2025 (in thousands,may not foot due to rounding) Current Assets Cash and cash equivalents $ 89,744 $ 103,054 Accounts receivable, net 61,280 55,854 Other current assets 99,766 56,868 Total current assets $ 250,790 $ 215,776 Restricted cash 270
Slide 13: Selected Income Statement Data
Selected Income Statement Data (in thousands,may not foot due to rounding) Three Months Ended March 31, 2026 Revenues: Voyage revenue $ 152,000 $ 109,660 Charter revenue 12,442 9,993 Terminal & stevedore revenue 6,139 3,149 Total revenue 170,580 122,802 Expenses: Voyage expense 73,739 60,307 Charter
Slide 14: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Three Months Ended Three Months Ended March 31, 2026 March 31, 2025 Net Transportation and Service Revenue Gross Profit $ 20,888 $ 10,228 Add: Vessel Depreciation and amortization 11,840 9,923 Net transportation and service revenue $ 32,727 $ 20,152 Adjusted EBITD
Slide 15: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In thousands, except per share amounts (earnings per common share and adjusted earnings per common Three Months Ended Three Months Ended share). March 31, 2026 March 31, 2025 Earnings Per Common Share Net income attributable to Pangaea Logistics Solutions Ltd. $ 1
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