THIRD QUARTER 2022

CONFERENCE CALL PRESENTATION

SAFE HARBOR

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 statements are based on Pangaea's and managements' current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of Pangaea's business. These risks, uncertainties and contingencies include: business conditions; weather and natural disasters; changing interpretations of GAAP; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments; requirements or changes adversely affecting the business in which Pangaea is engaged; fluctuations in customer demand; management of rapid growth; intensity of competition from other providers of logistics and shipping services; general economic conditions; geopolitical events and regulatory changes; and other factors set forth in Pangaea's filings with the Securities and Exchange Commission and the filings of its predecessors. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that certain of Pangaea's financial results are unaudited and do not conform to SEC Regulation S-X and as a result such information may fluctuate materially depending on many factors. Accordingly, Pangaea's financial results in any particular period may not be indicative of future results. Pangaea is not under any obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.

2

3Q22 Executive Summary

Key Performance Highlights

Three Months Ended September 30, 2022

Superior TCE rate driven by strong fleet utilization within higher margin Ice-Class trades

TCE rate exceeded the benchmark average Baltic Panamax and Supramax indices by 40%+ in 3Q22

Strong y/y growth in operating cash flow, adjusted EBITDA and margin realization

Operating cash flow +41% y/y; Adjusted EBITDA +14% y/y; Adjusted EBITDA margin +500 bps y/y

Continued to upgrade fleet, while evaluating divestiture of older, non-core assets

Acquired the Bulk Sachuest, a 56,000 dwt dry bulk vessel, in the second-hand market for $16.6 million

Significant y/y increase in liquidity being used to support balance sheet optionality

Cash of $118 million as of 9/30/22, +$68.8 million y/y; net leverage of 1.2x at quarter-end

Continue to execute on key capital allocation priorities

Organic/inorganic investments, debt reduction, return-of-capital program

Increased quarterly cash dividend to $0.10 per common share

Strong cash generation supports sustainable quarterly cash dividend as part of balanced return of capital program

Positive full-year 2023 outlook

26% of owned available days fixed at an average of $23,057/ days

3

Adjusted EBITDA Performance Bridge

Premium ice-class rates, high owned-fleet utilization offset higher bunker fuel and operating costs resulting from the addition of a new vessel in the fleet

Ice-Class rates were 54% above non-Ice-Class rates in 3Q22

Ice Class rates increased 11% y/y in 3Q22, and remain well-above standard routes

New owned vessels and Chartered-in strategy provided a tailwind during a declining market

Benefit of Nordic Siku and Nordic Sanngijuq during peak artic shipping season helped drive lower chartered-in shipping days

Vessel operating costs per day on a nine-month basis increased 9% year-over-year *

Partially attributable to the timing of non-recurring costs related to the change in technical managers of ice class fleet

$50

$s in Millions and % of Total Revenue

$44

25.0%

$45

$38

$40

$38

20.0%

$35

$34

$31

22.6%

$30

20.9%

15.0%

$25

$21

16.2%

16.3%

$20

10.0%

$15

15.8%

$15

$13

$12

$11

14.7%

$10

5.0%

14.8%

$5

15.3%

11.5%

9.7%

$-

0.0%

2Q20

3Q20

4Q20

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

Adjusted EBITDA

Adjusted EBITDA Margin

* Excluding technical management fees.

4

Time Charter Equivalent Rate

Above-market TCE rate driven by premium rates achieved on active Arctic trade routes throughout Summer 2022

Largest dry bulk owner operating in the Arctic

During 3Q22, we fully-utilized all 10 of our ice-class 1A vessels to service our customers

Our Total TCE was 41% above the market in 3Q22

TCE rates declined 16% y/y, but Pangaea's TCE was well-above the benchmark

Our niche, higher-margin trades remain a key area of differentiation

During a seasonal period when dry bulk trading is normally seasonally weak, our summer demand in this trade was solid

$35,000

6,000

$27,139

$30,000

$32,563

$26,472

$24,107

5,000

$28,770

$25,000

$20,795

4,000

$20,000

$16,524

$15,915

$15,172

$13,316

$14,640

$21,053

3,000

$15,000

$10,508

$10,733

2,000

$10,000

1,000

$5,000

$-

-

Shipping Days

Pangaea TCE

Market Average TCE**

* Q4 22 estimated TCE performance based on shipping days performed through November 7, 2022

5

**Average of the published Panamax and Supramax indices, net of commission

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Disclaimer

Pangaea Logistics Solutions Ltd. published this content on 10 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2022 09:16:04 UTC.