Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q3 2021 Earnings Presentation
12 slides from Pangaea Logistics Solutions's earnings presentation, Nov 1, 2021
Slide 1: Third Quarter 2021 Earnings Conference Call Presentation
THIRD QUARTER 2021 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 Q3‐2021 Results •Adjusted EBITDA of $33.6 million Consistent •Net income of $27.0 million •$49.2 million cash, restricted cash and cash Performance equivalents Fleet Working Fleet • 23 drybulk ships and one barge in owned and controlled fleet at September 30, 2021 Operations Exte
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 consistent returns through fluctuating market cycles. Rate Environment: The Baltic Dry Index average increased signific
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS 3rd Quarter Highlights • Net income attributable to Pangaea Logistics Solutions Ltd. was $27.0 million for the three months ended September 30, 2021, as compared to a $7.6 million for the same period of 2020. o Non‐GAAP adjusted net income attributable to Pangaea Logistics Solut
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, 2021 2020 2021 2020 (unaudited) (unaudited) (unaudited) (unaudited) Revenues: Voyage revenue $ 186,353 $ 98,120 $ 411,978 $ 251,501 Charter revenue 26,676 5,64
Slide 7: Selected Balance Sheet & Cash Flow Data
SELECTED BALANCE SHEET & CASH FLOW DATA (in thousands) September 30, 2021 December 31, 2020 Current Assets Cash and cash equivalents $ 49,164 $ 46,897 Restricted cash ‐ 1,500 Accounts receivable, net 41,302 29,152 Other current assets 77,716 35,482 Total current assets 168,183 113,032 Fixed assets,
Slide 8: Total Shipping Days
TOTAL SHIPPING DAYS 6,000 5,000 4,000 3,365 3,337 3,168 3,406 3,108 Days 3,000 3,003 3,296 1,977 2,000 1,000 1,875 1,968 1,573 1,623 1,566 1,461 1,615 1,372 ‐ Q4‐19 Q1‐20 Q2‐20 Q3‐20 Q4 ‐20 Q1‐21 Q2‐21 Q3‐21 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 PANGAEA AVG TCE V. MARKET AVERAGE TCE $35,000 $30,000 $25,000 $20,000 $32,033 $15,000 $28,770 $24,185 $21,053 $10,000 $16,261 $15,172 $16,524 $5,000 $10,819 $10,286 $10,326 $13,316 $14,640 $5,920 $5,548 $10,508 $10,733 $‐ Q4‐2019 Q1‐2020 Q2‐2020 Q3‐2020 Q4‐2020 Q1‐2
Slide 10: Financial Performance Q4-2019 through Q3-2021
FINANCIAL PERFORMANCE Q4‐2019 THROUGH Q3‐2021 ADJUSTED EBITDA(1) TCE(2) 35,000 $35,000 30,000 $30,000 25,000 $25,000 20,000 $20,000 15,000 $15,000 10,000 $10,000 5,000 $5,000 ‐ $‐ Q4‐19 Q1‐20 Q2‐20 Q3‐20 Q4 ‐20 Q1‐21 Q2‐21 Q3‐21 Q4‐19 Q1‐20 Q2‐20 Q3‐20 Q4 ‐20 Q1‐21 Q2‐21 Q3‐21 1) Adjusted EBITDA is
Slide 11: Adjusted Earnings per Common Share
ADJUSTED EARNINGS PER COMMON SHARE Adjusted EPS total of $0.48 for Q3‐2021 Historical Adjusted EPS (1) 0.60 $0.41 $0.29 $1.00 0.50 0.48 0.40 0.30 0.29 0.20 0.20 0.19 0.10 0.14 0.09 0.09 0.10 0.09 0.09 ‐ 0.03 Q4‐18 Q1‐19 Q2‐19 Q3‐19 Q4‐19 Q1‐20 Q2‐20 Q3‐20 Q4 ‐20 Q1‐21 Q2‐21 Q3‐21 (0.09) (0.10) (1) A
Slide 12: TCE Outlook
TCE OUTLOOK $35,000 $32,993* 6,000 $30,000 $28,770 5,000 $25,000 $21,053 4,000 $20,000 $15,915 $16,524 $15,172 3,000 $14,360 $14,640 $13,835 $13,316 $15,000 $12,933 $12,029 $10,508 $10,733 2,000 $10,000 1,000 $5,000 $‐ ‐ Q3 ‐ 2018 Q4 ‐ 2018 Q1‐2019 Q2‐2019 Q3‐2019 Q4‐2019 Q1‐2020 Q2‐2020 Q3‐2020 Q4‐
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