Pangaea Logistics Solutions Ltd (NASDAQ:PANL) Q3 2023 Results Conference Call November 9, 2023 8:00 AM ET Company Participants Noel Ryan - IR Mark Filanowski - CEO Gianni Signore - CFO Mads Petersen - COO Conference Call Participants Liam Burke - B. Riley Poe Fratt - Alliance Global Partners Operator Good morning. My name is Britney, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangaea Logistics Solutions Third Quarter 2023 Earnings Teleconference. Toda ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36798 PANGAEA LOGISTICS SOLUTIONS LTD. (Exact name of Registrant as specified in its charter) (State or other jurisdiction ...

Pangaea Logistics Solutions Ltd (NASDAQ:PANL) Q2 2023 Earnings Conference Call August 10, 2023 8:00 AM ET Company Participants Noel Ryan - Vallum Advisors Mark Filanowski - CEO & Director Gianni Del Signore - CFO & Secretary Mads Petersen - COO Conference Call Participants Liam Burke - B. Riley Securities Poe Fratt - Alliance Global Partners Operator Good morning. My name is Chelsea, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangaea Logistics Solutio ...

Safe Harbor 2Q23 Earnings Call Presentation 2 Superior TCE rate driven by long-term COAs and cargo-focused strategy resulted in TCE rates exceeding the benchmark average Baltic Panamax and Supramax indices by 49%+ in 2Q23. Completed the purchase of the Bulk Prudence, a 61,00 dwt Ultramax vessel for $26.7 million of cash. The purchase takes the total number of owned vessels to 25. Completed the strategic acquisition of additional Port and Terminal operations in key U.S markets for $7.2 million. Continue to f ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36798 PANGAEA LOGISTICS SOLUTIONS LTD. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of in ...

Pangaea Logistics Solutions Ltd (NASDAQ:PANL) Q1 2023 Earnings Conference Call May 11, 2023 8:00 AM ET Company Participants Noel Ryan - Vallum Advisors Mark Filanowski - CEO & Director Gianni Del Signore - CFO & Secretary Mads Petersen - COO Conference Call Participants Liam Burke - B. Riley Securities Charles Fratt - Alliance Global Partners Operator Good morning. My name is Raza, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangaea Logistics First Qua ...

Revenue Performance - Voyage revenue for Q1 2023 was $107,950, down 39% from $176,337 in Q1 2022[85] - Total revenue decreased to $113,699 in Q1 2023, a decline of 41% compared to $191,762 in Q1 2022[85] - Total revenue for Q1 2023 was $113.7 million, a 41% decrease from $191.8 million in Q1 2022[96] - Voyage revenues fell by 39% to $108.0 million in Q1 2023 compared to $176.3 million in Q1 2022[97] - Charter revenues decreased by 63% to $5.7 million in Q1 2023 from $15.4 million in Q1 2022[98] Net Income and EBITDA - Net income attributable to Pangaea Logistics Solutions Ltd. was $3,474 in Q1 2023, down 83% from $20,168 in Q1 2022[85] - Net income attributable to Pangaea was approximately $3.5 million for Q1 2023, down from $20.2 million in Q1 2022[96] - Adjusted EBITDA for Q1 2023 was $16,238, a decrease of 48% from $31,296 in Q1 2022[89] TCE Rates and Market Conditions - TCE rates fell 46% to $14,372 in Q1 2023 from $26,472 in Q1 2022[94] - Average TCE rates decreased to $14,372 in Q1 2023 from $26,472 in Q1 2022[96] - The Baltic Dry Index averaged 1,020 in Q1 2023, down approximately 47% from the previous quarter and 47% from an average of 1,939 in Q1 2022[92] - Average market rates for Supramax and Panamax vessels decreased approximately 57% from $22,637 in Q1 2022 to $9,702 in Q1 2023[92] Cash Flow and Operating Activities - Net cash provided by operating activities was $11,572 in Q1 2023, down from $32,062 in Q1 2022[89] - Net cash provided by operating activities was $11.6 million in Q1 2023, down from $32.1 million in Q1 2022[111] - The company had $129.1 million in cash and cash equivalents at the end of Q1 2023[96] Expenses - Voyage expenses were $56.8 million in Q1 2023, a 13% decrease from $65.3 million in Q1 2022[99] - Charter hire expenses dropped 71% to $22.6 million in Q1 2023 from $77.7 million in Q1 2022[100] Debt and Equity - Total secured debt decreased to $289,922 as of March 31, 2023, from $299,481 as of December 31, 2022[87] - Total shareholders' equity was $363,192 as of March 31, 2023, down from $368,722 as of December 31, 2022[87] Capital Expenditures - Capital expenditures included approximately $1.3 million for drydocking costs in Q1 2023[116]

Pangaea Logistics Solutions Ltd (NASDAQ:PANL) Q4 2022 Earnings Conference Call March 16, 2023 8:30 AM ET Company Participants Noel Ryan - Vallum Advisors Mark Filanowski - CEO Gianni Del Signore - CFO & Secretary Mads Petersen - COO Conference Call Participants Liam Burke - B. Riley Poe Fratt - AGP Operator Good morning. My name is Shelby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangaea Logistics Solutions Fourth Quarter and Full Year 2022 Earnings ...

Financial Compliance and Liquidity - As of December 31, 2022, the company is in compliance with financial covenants, including a consolidated leverage ratio of not more than 200% and a minimum consolidated net worth of $45 million[224]. - The company has a consolidated minimum liquidity requirement of not less than $18 million, which is crucial for maintaining operational flexibility[224]. - As of December 31, 2022, the company is in compliance with covenants in its debt agreements, including a consolidated leverage ratio of not more than 200% and a minimum consolidated net worth of $45 million[224]. - The company’s secured indebtedness could be accelerated due to cross-default provisions in its credit facilities, making refinancing difficult in the current environment[225]. Growth Strategy and Fleet Management - The company’s growth strategy involves expanding its owned fleet to meet increasing demand, but it may face challenges in financing and integrating new vessels[226]. - The average age of the company's owned drybulk carriers is approximately 9 years, with remaining useful lives ranging from 11 to 24 years[243]. - The company does not currently maintain reserves for vessel replacements and intends to finance replacements through internally generated cash flow or additional borrowings[244]. - The company may face challenges in chartering-in suitable vessels, which is critical for its business strategy, potentially leading to adverse effects on financial performance[215]. - The company may struggle to access capital due to evolving investor expectations regarding ESG practices, which could hinder growth plans[207]. - The company may face challenges in effectively managing its growth strategy, including hiring qualified personnel and integrating new vessels into operations[226]. Revenue and Operational Risks - A significant portion of the company's revenues is derived from Contracts of Affreightment (COAs), which may expose it to operational risks if vessel rates are not correctly anticipated[231]. - The company relies on forward freight agreements (FFAs) to manage market exposure, which could lead to losses if rate movements are not accurately anticipated[228]. - The company may incur significant legal and administrative expenses as a public company, which could strain its resources and affect financial performance[236]. - The company relies on a few significant customers for revenue, with one customer accounting for over 10% of total revenue and the top ten customers representing 45% of total revenue for the year ended December 31, 2022[216]. - The company is exposed to operational risks in the seaborne transportation industry, and inadequate insurance coverage could have a material adverse effect on its financial condition[210]. - The company may face litigation risks that could adversely affect its business and financial results[249]. Currency and Tax Risks - Exposure to currency exchange rate fluctuations may lead to revenue and operating expense volatility, impacting profitability[248]. - There is a potential tax risk of being classified as a "passive foreign investment company" (PFIC), which could lead to unfavorable tax consequences for U.S. shareholders[250][251]. - The company does not anticipate being classified as a PFIC based on its current operations and income composition[252]. - The company may incur a 4% U.S. federal income tax on shipping income if it does not qualify for exemption under section 883 of the Code[256][257]. - If the company or its subsidiaries do not qualify for tax exemption, they could face a 2% U.S. federal income tax on shipping income, negatively impacting earnings[257]. - There is no assurance that the company will not be classified as a PFIC in the future, which could lead to adverse tax consequences for U.S. shareholders[255]. Cybersecurity and Operational Disruptions - Cybersecurity threats and data breaches could disrupt operations and negatively impact financial condition and results[258][263]. - The company relies on information technology systems for operations, and failures or cybersecurity breaches could materially disrupt business and financial condition[258]. - Data protection laws, such as the GDPR, impose significant penalties for breaches, which could adversely affect the company's earnings and operations[261]. - Cyberattacks could disrupt operations and lead to unauthorized information release, materially affecting the company's financial condition[263]. - Labor interruptions could disrupt operations, potentially having a material adverse effect on the company's financial condition and cash flows[204]. Shareholder and Market Considerations - The market price of the company's common shares may experience volatility due to external market factors unrelated to its operating performance[268]. - The company's classified Board of Directors may deter third-party takeover attempts and delay shareholder actions[269]. - Future sales of common shares could lead to a decline in market price and make it difficult to raise funds through equity offerings[264]. - The company may need to raise additional capital in the future, which could dilute existing shareholders' interests[265][267]. - The company may incur additional costs to comply with evolving ESG requirements, which could adversely affect its financial condition[209].

Pangaea Logistics Solutions Ltd (NASDAQ:PANL) Q3 2022 Earnings Conference Call November 10, 2022 8:30 AM ET Company Participants Noel Ryan - Vallum Advisors Mark Filanowski - CEO & Director Gianni Del Signore - CFO & Secretary Mads Petersen - COO Conference Call Participants Charles Fratt - Alliance Global Partners Operator Ladies and gentlemen, greetings, and welcome to the Pangaea Logistics Solutions Third Quarter 2022 Results Conference Call. [Operator Instructions]. It is now my pleasure to introduce yo ...