Stock Code:2612

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES

Consolidated Financial Statements

With Independent Auditors’ Review Report For the Three Months Ended March 31, 2021 and 2020

Address: 4F., NO15, Sec. 1, Jinan Rd., Taipei City, Taiwan (R.O.C) Telephone: (02)2396-3282

The independent auditors’ review report and the accompanying consolidated financial statements are the English translation of the Chinese version prepared and used in the Republic of China. If there is any conflict between, or any difference in the interpretation of the English and Chinese language independent auditors’ review report and consolidated financial statements, the Chinese version shall prevail.

Contents 1. Cover Page 2. Table of Contents 3. Independent Auditors’ Review Report 4. Consolidated Balance Sheets 5. Consolidated Statements of Comprehensive Income 6. Consolidated Statements of Changes in Equity 7. Consolidated Statements of Cash Flows 8. Notes to the Consolidated Financial Statements (1) Company history (2) Approval date and procedures of the consolidated financial statements (3) New standards, amendments and interpretations adopted (4) Summary of significant accounting policies (5) Significant accounting assumptions and judgments, and major sources of estimation uncertainty (6) Explanation of significant accounts (7) Related-party transactions (8) Pledged assets (9) Commitments and contingencies (10) Losses Due to Major Disasters (11) Subsequent Events (12) Other (13) Other disclosures (a) Information on significant transactions (b) Information on investees (c) Information on investment in mainland China (d) Major shareholders (14) Segment information	Page
	1 2 3 4 5 6 7 8 8 8～9 10～12 12 12～37 38～39 39～40 40 40 40 40 41～44 44～45 45 45 45～46

Contents
1. Cover Page
2. Table of Contents
3. Independent Auditors’ Review Report
4. Consolidated Balance Sheets
5. Consolidated Statements of Comprehensive Income
6. Consolidated Statements of Changes in Equity
7. Consolidated Statements of Cash Flows
8. Notes to the Consolidated Financial Statements
(1)
Company history
(2)
Approval date and procedures of the consolidated financial statements
(3)
New standards, amendments and interpretations adopted
(4)
Summary of significant accounting policies
(5)
Significant accounting assumptions and judgments, and major sources
of estimation uncertainty
(6)
Explanation of significant accounts
(7)
Related-party transactions
(8)
Pledged assets
(9)
Commitments and contingencies
(10) Losses Due to Major Disasters
(11) Subsequent Events
(12) Other
(13) Other disclosures
(a) Information on significant transactions
(b) Information on investees
(c) Information on investment in mainland China
(d) Major shareholders
(14) Segment information

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KPMG

台北市110615信義路5段7號68樓(台北101大樓) 68F., TAIPEI 101 TOWER, No. 7, Sec. 5, Xinyi Road, Taipei City 110615, Taiwan (R.O.C.)

Telephone 電話 + 886 2 8101 6666 Fax 傳真 + 886 2 8101 6667 Internet 網址 home.kpmg/tw

Independent Auditors’ Review Report

To the Board of Directors of CHINESE MARITIME TRANSPORT LTD.:

Introduction

We have reviewed the accompanying consolidated balance sheets of Chinese Maritime Transport Ltd. and its subsidiaries as of March 31, 2021 and 2020, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the three months ended March 31, 2021 and 2020, and notes to the consolidated financial statements, including a summary of significant accounting policies. The management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34, “ Interim Financial Reporting” endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China. Our responsibility is to express a conclusion on the consolidated financial statements based on our reviews.

Scope of Review

Except as explained in the Basis for Qualified Conclusion paragraph, we conducted our reviews in accordance with Statement of Auditing Standard 65, “ Review of Financial Information Performed by the Independent Auditor of the Entity”. A review of the consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the generally accepted auditing standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Basis for Qualified Conclusion

As stated in Note (4)(b), the consolidated financial statements included the financial statements of certain nonsignificant subsidiaries, which were not reviewed by independent auditors. These financial statements reflect the total assets amounting to $1,761,372 thousand and $1,777,384 thousand, constituting 9.54% and 9.00% of the consolidated total assets; and the total liabilities amounting to $647,508 thousand and $689,740 thousand, constituting 7.69% and 7.03% of the consolidated total liabilities as of March 31, 2021 and 2020, respectively; as well as the total comprehensive income amounting to $10,660 thousand and $7,757 thousand, constituting 3.74% and 381.37% of the absolute value of the consolidated total comprehensive income for the three months ended March 31, 2021 and 2020, respectively.

KPMG, a Taiwan partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

3-1

Furthermore, as stated in Note (6)(e), the other equity accounted investments of Chinese Maritime Transport Ltd. and its subsidiaries in its investee companies of $635,500 thousand and $1,721,509 thousand as of March 31, 2021 and 2020, respectively, and its equity in net earnings on these investee companies of $4,014 thousand and $23,574 thousand for the three months ended March 31, 2021 and 2020, respectively, were recognized solely on the financial statements prepared by these investee companies, but not reviewed by independent auditors.

Qualified Conclusion

Except for the adjustments, if any, as might have been determined to be necessary had the financial statements of certain consolidated subsidiaries and equity accounted investee companies described in the Basis for Qualified Conclusion paragraph above been reviewed by independent auditors, based on our reviews, nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of Chinese Maritime Transport Ltd. and its subsidiaries as of March 31, 2021 and 2020, and of its consolidated financial performance and its consolidated cash flows for the three months ended March 31, 2021 and 2020 in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34, “ Interim Financial Reporting” endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.

The engagement partners on the reviews resulting in this independent auditors’ review report are Yiu-Kwan Au and Jui-Lan Lo.

KPMG

Taipei, Taiwan (Republic of China) May 12, 2021

Notes to Readers

The accompanying consolidated financial statements are intended only to present the consolidated statement of financial position, financial performance and cash flows in accordance with the accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to review such consolidated financial statements are those generally accepted and applied in the Republic of China.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese) Reviewed only, not audited in accordance with the generally accepted auditing standards as of March 31, 2021 and 2020

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES

Consolidated Balance Sheets

March 31, 2021, December 31 and March 31, 2020 (Expressed in Thousands of New Taiwan Dollars)

Assets Current assets: 1100 Cash and cash equivalents (note (6)(a)) 1110 Current financial assets at fair value through profit o loss (notes (6)(b) and (8)) 1150 Notes and accounts receivable, net (note (6)(d)) 1180 Accounts receivable due from related parties, net (notes (6)(d) and (7)) 1470 Other current assets 1476 Other current financial assets (notes (6)(i) and (8)) Non-current assets: 1510 Non-current financial assets at fair value through profit or loss (notes (6)(b) and (8)) 1517 Non-current financial assets at fair value through other comprehensive income (notes (6)(c) and (8)) 1550 Investments accounted for using equity method, net (notes (6)(e) and (8)) 1600 Property, plant and equipment (notes (6)(f) and (8)) 1755 Right-of-use assets (note (6)(g)) 1760 Investment property, net (note (6)(h)) 1780 Intangible assets 1840 Deferred tax assets 1900 Other non-current assets 1980 Other non-current financial assets (notes (6)(i) and (8)) Total assets	March 31, 2021 Amount % $ 3,068,293 17 r 834,028 5 310,689 2 6,698 - 70,614 - 283,132 1 4,573,454 25 253,822 1 619,333 4 635,500 4 12,064,596 65 175,459 1 34,639 - 10,444 - 15,985 - 57,400 - 18,635 - 13,885,813 75 $ 18,459,267 100	December 31, 2020 Amount % 3,741,974 19 634,690 3 285,637 2 11,864 - 70,779 - 333,286 2 5,078,230 26 208,915 1 1,188,476 7 630,292 3 12,101,344 62 162,059 1 34,535 - 9,798 - 15,985 - 35,579 - 18,624 - 14,405,607 74 19,483,837 100	March 31, 2020 Amount % 3,307,869 17 88,396 - 227,063 1 12,884 - 95,619 1 241,970 1 3,973,801 20 99,674 1 246,753 1 1,721,509 9 13,410,799 68 197,491 1 36,000 - 10,817 - 17,854 - 9,168 - 27,395 - 15,777,460 80 19,751,261 100 Liabilities and Equity Current liabilities: 2100 Short-term borrowings (note (6)(j)) 2130 Current contract liabilities (note (6)(q)) 2150 Notes and accounts payable 2200 Other payables 2230 Current tax liabilities 2280 Current lease liabilities (note (6)(k)) 2300 Other current liabilities 2320 Long-term liabilities, current portion (note (6)(j)) Non-Current liabilities: 2530 Bonds payable (note (6)(j)) 2540 Long-term borrowings (note (6)(j)) 2570 Deferred tax liabilities 2580 Non-current lease liabilities (note (6)(k)) 2640 Net defined benefit liability, non-current 2670 Other non-current liabilities, others Total liabilities Equity attributable to owners of parent: (note (6)(o)) 3100 Common stock 3200 Capital surplus Retained earnings: 3310 Legal reserve 3320 Special reserve 3350 Unappropriated retained earnings 3400 Other equity interest Total equity Total liabilities and equity	March 31, 2021		December 31, 2020		March 31, 2020 Amount % 1,680,297 9 11,049 - 191,180 1 85,044 - 31,578 - 52,591 - 5,734 - 3,358,860 18 5,416,333 28 400,000 2 3,209,021 16 609,656 3 138,312 1 40,579 - 963 - 4,398,531 22 9,814,864 50 1,974,846 10 53,411 - 1,715,537 9 359,487 2 6,369,464 32 8,444,488 43 (536,348) (3) 9,936,397 50 19,751,261 100
				Amount %		Amount %
						194,940 1 34,136 - 166,033 1 138,795 1 10,752 - 44,533 - 2,894 - 2,912,538 15 3,504,621 18 2,900,000 15 2,567,895 13 606,529 3 122,486 1 31,702 - 670 - 6,229,282 32 9,733,903 50 1,974,846 10 53,411 - 1,747,570 9 535,690 3 6,322,409 33 8,605,669 45 (883,992) (5) 9,749,934 50 19,483,837 100

See accompanying notes to consolidated financial statements.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese) REVIEWED ONLY, NOT AUDITED IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING STANDARDS

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

For the three months ended March 31, 2021 and 2020

(Expressed in Thousands of New Taiwan Dollars, Except earnings per share)

4000 Operating Revenues (notes (6)(q), (7) and (14)) 4621 Freight revenue-vessel chartering 4622 Freight revenue-container hauling and logistics 4623 Freight revenue-airline agent and others 5000 Operating costs (notes (6) (m), (s) and (12)) 5621 Freight cost-vessel chartering 5622 Freight cost-container hauling and logistics 5623 Freight cost-airline agent and others 5900 Gross profit Operating expenses: 6000 Operating expenses (notes (6)(m), (s), (7) and (12)) 6450 Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9 (note (6)(d)) 6900 Net operating income Non-operating income and expenses: 7010 Other income (notes (6)(c) and (l)) 7050 Finance costs (note (6)(r)) 7060 Share of profit (loss) of associates and joint ventures accounted for using equity method (note (6)(e)) 7100 Interest income 7210 Gains on disposals of property, plant and equipment, net (note (6)(f)) 7230 Foreign exchange gains or losses, net 7235 Gains (losses) on financial assets at fair value through profit or loss (note (6)(b)) 7590 Miscellaneous disbursements 7900 Profit from continuing operations before tax 7950 Less: Income tax expenses (note (6)(n)) Profit (attributable to owners of parent) 8300 Other comprehensive income: 8310 Items that may not be reclassified subsequently to profit or loss 8316 Unrealized gains (losses) from investments in equity instruments measured at fair value through other comprehensive income (note (6)(c)) 8320 Share of other comprehensive income of associates and joint ventures accounted for using equity method, items that may not be reclassified to profit or loss 8360 Items that may be reclassified subsequently to profit or loss 8361 Exchange differences on translation 8370 Share of other comprehensive income of associates and joint ventures accounted for using equity method, items that may be reclassified to profit or loss Total other comprehensive income that may be reclassified to profit or loss 8300 Other comprehensive income Comprehensive income (attributable to owners of parent) Earnings per share(note (6)(p)) 9750 Basic net income per share (NT dollars) 9850 Diluted net income per share (NT dollars)	For the three month	s ended March 31 2020 Amount % 428,812 53 375,598 46 8,001 1 812,411 100 347,145 43 312,878 38 6,074 1 666,097 82 146,314 18 92,711 11 (111) - 92,600 11 53,714 7 3,713 - (47,070) (6) 23,574 3 12,284 2 3,025 - 87 - (38,611) (5) (8) - (43,006) (6) 10,708 1 8,016 1 2,692 - (80,676) (10) (13,296) (2) (93,972) (12) 80,884 10 12,430 2 93,314 12 (658) - 2,034 0.01 0.01
	2021 Amount % $ 377,464 48 407,410 51 7,947 1 792,821 100 312,282 39 339,850 43 4,657 1 656,789 83 136,032 17 98,312 12 (78) - 98,234 12 37,798 5 9,165 1 (30,117) (4) 4,014 - 4,271 1 91 - (6,731) (1) 207,075 26 (97) - 187,671 23 225,469 28 4,784 - 220,685 28 (74,188) (9) - - (74,188) (9) 137,302 17 1,195 - 138,497 17 64,309 8 $ 284,994 36 $ 1.12 $ 1.12

See accompanying notes to consolidated financial statements.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese) Reviewed only, not audited in accordance with generally accepted auditing standards

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES

Consolidated Statements of Changes in Equity For the three months ended March 31, 2021 and 2020

(Expressed in Thousands of New Taiwan Dollars)

Equity attributable to owners of parent

Share capital	Capital surplus		Retained earnings	Retained earnings	Retained earnings		Total	Total	other equity interest Unrealized gains (losses) from financial assets measured at fair value through other comprehensive income Total other equity interest	other equity interest Unrealized gains (losses) from financial assets measured at fair value through other comprehensive income Total other equity interest	Total equity
							Exchange differences on translation of foreign financial statements		Unrealized gains (losses) from financial assets measured at fair value through other comprehensive income
Ordinary shares		Legal reserve	Special reserve	Unappropriated earnings		Total retained earnings
$ 1,974,846 - - - $ 1,974,846 $ 1,974,846 - - - $ 1,974,846	53,411	1,715,537	359,487		6,366,772 2,692 - 2,692 6,369,464 6,322,409 220,685 (9,524) 211,161 6,533,570	8,441,796		(541,143) - 93,314 93,314 (447,829) (1,154,720) - 138,497 138,497 (1,016,223)	5,453	(535,690) - (658) (658) (536,348) (883,992) - 73,833 73,833 (810,159)	9,934,363
	- -	- -	- -			2,692 -					2,692 (658)
	-	-	-			2,692					2,034
	53,411	1,715,537	359,487			8,444,488					9,936,397
	53,411	1,747,570	535,690			8,605,669					9,749,934
	- -	- -	- -								220,685 64,309
	-	-	-								284,994
	53,411	1,747,570	535,690								10,034,928

See accompanying notes to consolidated financial statements.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

REVIEWED ONLY, NOT AUDITED IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING STANDARDS

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For the three months ended March 31, 2021 and 2020

(Expressed in Thousands of New Taiwan Dollars)

Cash flows from (used in) operating activities: Profit before tax Adjustments: Adjustments to reconcile profit (loss): Depreciation and amortization expense Expected credit loss Net (gain) loss on financial assets at fair value through profit or loss Interest expense Interest income Dividend income Share of profit of associates and joint ventures accounted for using equity method Net (gain) loss on disposal of property, plant and equipment Others Total adjustments to reconcile profit (loss) Changes in operating assets: Decrease (increase) in notes and accounts receivable (including related parties) Decrease (increase) in other current assets Decrease (increase) in other current financial assets Changes in operating liabilities: Increase (decrease) in notes and accounts payable Decrease in current contract liabilities Decrease in other current liabilities Decrease in net defined benefit liabilities Total changes in operating assets and liabilities Total adjustments Cash inflow generated from operations Interest received Interest paid Income taxes refund (paid) Net cash flows from operating activities Cash flows from (used in) investing activities: Acquisition of financial assets at fair value through other comprehensive income Proceeds from disposal of financial assets at fair value through profit or loss Acquisition of financial assets at fair value through profit or loss Acquisition of property, plant and equipment Proceeds from disposal of property, plant and equipment Increase in other non-current assets Decrease in other non-current financial assets Increase in other non-current assets Net cash flows used in investing activities Cash flows from (used in) financing activities: Increase in short-term borrowings Repayments of bonds Repayments of long-term borrowings Payment of lease liabilities Others Net cash flows used in financing activities Effect of exchange rate changes on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period	For the three month	s ended March 31 2020 10,708 237,996 (111) 38,611 47,070 (12,284) - (23,574) (3,025) - 284,683 50,570 (33,176) 5,779 23,173 (47,946) (8,278) (80,210) (200) (136,634) (113,461) 171,222 181,930 12,745 (63,919) (2,306) 128,450 (12,295) - (93,077) (1,457) 10,517 (542) 55,839 (5,605) (46,620) 150,414 - (211,141) (23,347) 2 (84,072) 22,065 19,823 3,288,046 3,307,869
	2021 $ 225,469 221,038 (78) (207,075) 30,117 (4,271) (5,880) (4,014) (91) (261) 29,485 (19,808) 165 (16,657) (36,300) 5,263 (18,043) (31,840) (3,719) (48,339) (84,639) (55,154) 170,315 4,531 (42,734) 33 132,145 - 494,955 (37,170) (20,641) 161 (23,310) 72,439 (11) 486,423 1,194,812 (2,300,000) (198,915) (22,202) 347 (1,325,958) 33,709 (673,681) 3,741,974 $ 3,068,293

See accompanying notes to consolidated financial statements.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese) Reviewed only, not audited in accordance with generally accepted auditing standards CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

March 31, 2021 and 2020

(Expressed in Thousands of New Taiwan Dollars Except for Earnings Per Share Information and Unless Otherwise Specified)

(1) Company history

CHINESE MARITIME TRANSPORT LTD. (the “Company”), previously named Associated Transport Inc., was incorporated as a company limited by shares on January 31, 1978, in the Republic of China. The Company’ s common shares were listed on the Taiwan Stock Exchange (TWSE). The consolidated financial statements of the Company as of and for the three months ended March 31, 2021 comprise the Company and its subsidiaries (together refined to as the “Group”). The main activities of the Group are bulk-carrier transportation through its 100%-owned overseas subsidiaries; domestic container hauling, vessel transportation, warehousing, and related business; and acting as the general sales agent for Saudi Arabian Airlines. The Group also owns investment companies to engage in the business of investment. Based on the organization of the Group and distribution of duties, the Company leads and invests in the business in the Group related to transportation. Please refer to note 4(b) for related information.

(2) Approval date and procedures of the consolidated financial statements

These consolidated financial statements were authorized for issue by the board of directors on May 12, 2021.

(3) New standards, amendments and interpretations adopted:

(a) The impact of the International Financial Reporting Standards (“IFRSs”) endorsed by the Financial Supervisory Commission, R.O.C. (“FSC”) which have already been adopted.

The Group has initially adopted the following new amendments, which do not have a significant impact on its consolidated financial statements, from January 1, 2021:

●Amendments to IFRS 4 “Extension of the Temporary Exemption from Applying IFRS 9”
－
●Amendments to IFRS 9, IAS39, IFRS7, IFRS 4 and IFRS 16 “Interest Rate Benchmark Reform Phase 2”
●Amendments to IFRS 16 “Covid-19-Related Rent Concessions beyond June 30, 2021”

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(b) The impact of IFRS issued by IASB but not yet endorsed by the FSC

The following new and amended standards, which may be relevant to the Group, have been issued by the International Accounting Standards Board (IASB), but have yet to be endorsed by the FSC:

New or
Amended Standards
Amendments to IAS 1
“Classification of Liabilities
as Current or Non-current”

Content of amendment
Effective date per
IASB
The
amendments
aim
to
promote
consistency in applying the requirements
by helping companies determine whether,
in the statement of balance sheet, debt and
other
liabilities
with
an
uncertain
settlement date should be classified as
current (due or potentially due to be settled
within one year) or non-current.
The amendments include clarifying the
classification requirements for debt a
company might settle by converting it into
equity.
January 1, 2023

The Group is evaluating the impact of its initial adoption of the abovementioned standards or interpretations on its consolidated financial position and consolidated financial performance. The results thereof will be disclosed when the Group completes its evaluation.

The Group does not expect the following other new and amended standards, which have yet to be endorsed by the FSC, to have a significant impact on its consolidated financial statements:

●Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets Between an Investor and Its Associate or Joint Venture”
●IFRS 17 “ Insurance Contracts” and amendments to IFRS 17 “ Insurance Contracts”
－
●Amendments to IAS 16 “Property, Plant and Equipment Proceeds before Intended Use”
－
●Amendments to IAS 37 “Onerous Contracts Cost of Fulfilling a Contract”
●Annual Improvements to IFRS Standards 2018-2020
●Amendments to IFRS 3 “Reference to the Conceptual Framework”
●Amendments to IAS 1 “Disclosure of Accounting Policies”
●Amendments to IAS 8 “Definition of Accounting Estimates”

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(4) Summary of significant accounting policies

(a) Statement of compliance

These consolidated financial statements have been prepared in accordance with the preparation and guidelines of IAS 34 “Interim Financial Reporting” which are endorsed and issued into effect by FSC, and do not include all of the information required by the Regulations and International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations and SIC Interpretations endorsed and issued into effect by the FSC (hereinafter referred to IFRS endorsed by the FSC) for a complete set of the annual consolidated financial statements.

Except the following accounting policies mentioned below, the significant accounting policies used in the financial statements are consistent with the consolidated financial statements for the year ended December 31, 2020. For the related information, please refer to note (4) of the consolidated financial statements for the year ended December 31, 2020.

(b) Basis of consolidation

Name of investor	Name of subsidiary Chinese Maritime Transport(S) Pte. Ltd. (CMTS) Chinese Maritime Transport (Hong Kong), Limited (CMTHK) CMT Logistics Co., Ltd. (CMTL) AGM Investment Ltd. (AGMI) Hope Investment Ltd. (HIL) Mo Hsin Investment Ltd. (MHI) Associated Transport Inc. (ATI) CMT Travel Service Ltd. (CMTTSL) United Nan Hai Petroleum INC (UNH) United Nan Hai Development Inc. (NHD) China Fortune Shipping Pte Ltd. (CFR) China Enterprise Shipping PTE. Ltd. (CEP) China Prosperity Shipping Ltd. (CPS) China Peace Shipping Ltd. (CPC)	Principal activity		Shareholding	March 31, 2020 Note
			March 31, 2021 0.34 100 100 100 100 100 100 100 100 - 100 100 100 100	December 31, 2020 0.34 100 100 100 100 100 100 100 100 100 100 100 100 100
The Company 〃〃〃〃〃〃〃〃〃 CMTS 〃 CMTHK 〃		Investment holding of ship-owning companies Investment holding of ship-owning companies Warehouse management Investment Investment Investment Container trucking Travel Gasoline international trade Investment Bulk-carrier transportation Bulk-carrier transportation Bulk-carrier transportation Bulk-carrier transportation			0.34 100 100 Note 3 100 100 100 100 100 Note 3 100 Note 1 100 Note 2 100 100 100 100

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

Name of investor	Name of subsidiary China Progress Shipping Ltd. (CPG) China Pioneer Shipping Ltd. (CPN) China Pride Shipping Ltd. (CPD) CMT Chartering Ltd. (CCL) China Triumph Shipping Ltd. (CTU) China Trade Shipping Ltd. (CTD) China Harmory Shipping Ltd. (CHM) China Honour shipping Ltd. (CHN) CMT Investment CO., Limited (CHI) Chinese Maritime Transport Ship Management (Hong Kong) Limited (CIM) Chinese Maritime Transport (S) Ptd. Ltd. (CMTS) Chang-Shun Transport CO., Ltd. (CST) Huang-Yuen Transport CO., Ltd. (HYT) Mao-Hua Transport CO., Ltd. (MHT) AG Prosperity Transport CO., Ltd. (APT) Pioneer Transport Co., Ltd. (PTL)	Principal activity		Shareholding	March 31, 2020 Note
			March 31, 2021 100 100 100 100 100 100 100 100 100 100 99.66 100 100 100 100 100	December 31, 2020 100 100 100 100 100 100 100 100 100 100 99.66 100 100 100 100 100
CMTHK 〃〃〃〃〃〃〃〃〃〃 ATI 〃〃〃〃		Bulk-carrier transportation Bulk-carrier transportation Bulk-carrier transportation Bulk-chartering services Bulk-carrier transportation Bulk-carrier transportation Bulk-carrier transportation Bulk-carrier transportation Investment Investment management Investment holding of ship- owning companies Container trucking Container trucking Container trucking Container trucking Container trucking			100 100 100 100 100 100 100 100 100 100 99.66 100 100 100 100 100

Note 1: Subsidiary incorporated in April 2013; and was liquidated on October 30, 2020, wherein the liquidation procedures has yet to be completed.
Note 2: Subsidiary incorporated in December 2015; and the liquidation procedures has been completed on February, 2021.

Note 3: Non-significant subsidiary, its financial statements have not been reviewed.

(c) Employee benefits

The pension cost for an interim period was calculated and disclosed on a year-to-date basis by using the actuarially determined pension cost rate at the end of the prior fiscal year.

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(d) Income taxes

The income tax expenses have been prepared and disclosed in accordance with paragraph B12 of International Financial Reporting Standards 34, Interim Reporting.

Income tax expenses for the period are best estimated by multiplying pre-tax income for the interim reporting period using the effective annual tax rate as forecasted by the management. This should be recognized fully as tax expense for the current period.

Temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax bases shall be measured based on the effective tax rate at the time of realization or liquidation and recognized directly in equity or other comprehensive income as tax expense.

(5) Significant accounting assumptions and judgments, and major sources of estimation uncertainty

The preparation of the consolidated financial statements in conformity with IFRSs (in accordance with IAS 34 endorsed by the FSC) requires management to make judgments, estimates and assumptions that affect the application of the accounting policies and the reported amount of assets, liabilities, income and expenses. Actual results may differ from these estimates.

In the preparation of this consolidated interim financial statements, the major sources of accounting assumptions, judgments and estimation uncertainty are consistent with Note (5) of the annual consolidated financial statements for the year ended December 31, 2020.

(6) Explanation of significant accounts

Except for the following disclosures, there were no material differences in the disclosures of significant accounts between the interim consolidated financial statements for the current period and the 2020 consolidated financial statements. Please refer to Note (6) of the consolidated financial statements for the year ended December 31, 2020.

(a) Cash and cash equivalents

March 31, 2021 Petty cash, checking accounts and demand deposits $ 810,915 Time deposits 1,762,458 Cash equivalents-commercial paper and reverse repurchase agreement 494,920 $ 3,068,293	December 31, 2020 861,723 2,455,458 424,793 3,741,974	March 31, 2020
		706,958 2,381,291 219,620
		3,307,869

Please refer to note 6(t) for the exchange rate risk, the interest risk and, the fair value sensitivity analysis of the financial assets and liabilities of the Group.

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(b) Financial assets at fair value through profit or loss
(i) Information is as follows:

Current financial assets mandatorily measured as at fair value through profit or loss: Non-derivative financial instrument Domestic listed stocks Non-current financial assets mandatorily measured as at fair value through profit or loss: Non-derivative financial instrument Domestic listed stocks Domestic listed stocks under private placement Domestic unlisted stocks Current Non-current	March 31, 2021 $ 834,028 70,752 158,109 24,961 $ 1,087,850 $ 834,028 253,822 $ 1,087,850	December 31, 2020 634,690 64,856 119,098 24,961 843,605 634,690 208,915 843,605	March 31, 2020
			88,396 52,248 21,881 25,545
			188,070
			88,396 99,674
			188,070

The gain or loss on financial assets at fair value through profit or loss for the three months ended March 31, 2021 and 2020 were a gain of $207,075 and a loss of $38,611, respectively.

The Group did not provide any aforementioned financial assets as collateral as of March 31, 2020.

As of March 31, 2021, the financial assets measured at fair value through profit or loss of the Group had been pledged as collateral, please refer to note (8).

(ii) The Group has assessed that the domestic unlisted common shares are held within a business model whose objective is achieved by both collecting the contractual cash flows and by selling securities; therefore, they have been designated as debt investment and classified as financial assets mandatorily measured value through profit or loss.
(c) Financial assets at fair value through other comprehensive income

March 31, 2021 Equity investments at fair value through other comprehensive income Domestic listed stocks $ 619,333	December 31, 2020 1,188,476	March 31, 2020
		246,753

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(i) Except for the following disclosures, there was no significant difference as compared with financial assets at fair value through other comprehensive income for the three months ended March 31, 2021 and 2020. Please refer to Note (6)(c) of the consolidated financial statements for the year ended December 31, 2020.
(ii) Equity investments at fair value through other comprehensive income

The Group newly purchased those investments for strategic purposes amounting to $0 and $12,295 for the three months ended March 31, 2021 and 2020, respectively.

The Group disposed part of its investment in TNCL with the disposal cost amounting to $494,955 for the three months ended March 31, 2021, resulting in a disposal loss of $9,524, which was reclassified from other comprehensive income to retained earnings. There were no disposal of strategic investments and transfers of any cumulative gain or loss within equity relating to these investments during the three months ended March 31, 2020.

During the three months ended March 31, 2021 and 2020, the Group had recognized unrealized loss on financial assets at fair value through other comprehensive income of $74,188 and $80,676, respectively.

During the three months ended March 31, 2021 and 2020, the dividends of $5,880 and $0, respectively, related to equity investment at fair value through other comprehensive income were recognized.

(iii) Please refer to note (6)(t) for market risk.

(iv) As of March 31, 2021, December 31 and March 31, 2020, the financial assets measured at other comprehensive income of the Group had been pledged as collateral, please refer to note (8).
(d) Notes and accounts receivable

March 31, 2021 Notes receivable $ 12,229 Accounts receivable 305,254 Less: Loss allowance (96) $ 317,387 Notes and accounts receivable, net $ 310,689 Notes and accounts receivable due from related parties, net $ 6,698	December 31, 2020 11,115 286,560 (174) 297,501 285,637 11,864	March 31, 2020 7,222 232,772 (47) 239,947 227,063 12,884

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

The Group applies the simplified approach to provide for its expected credit losses, i.e. the use of lifetime expected loss provision for all receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due, as well as incorporated forward looking information, including macroeconomic and relevant industry information. The loss allowance provision was determined as follows:

	March 31, 2021
Gross carrying amount Weighted- average loss rate $ 304,235 - 11,398 - 1,850 5.20% - 100% $ 317,483 December 31, 2020		Loss allowance provision
		- - 96 -
		96

	Weighted- average loss rate - - 7.66% - March 31, 2020	Loss allowance provision
		- - 174 -
		174

	Weighted- average loss rate - - 7.22% 100%	Loss allowance provision
		- - 46 1
		47

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

The movement in the allowance for notes and accounts receivable was as follows:

Balance on January 1 Impairment losses reversed Balance on March 31	For the three months ended March 31, 2021 2020 $ 174 158 (78) (111) $ 96 47
	2021 $ 174 (78) $ 96

The Group did not provide any aforementioned notes and accounts receivable as collaterals as of March 31, 2021, December 31 and March 31, 2020.

Please refer to note (6)(t) for credit risk of other receivables.

(e) Investments accounted for using equity method
(i) A summary of the Group’ s financial information for equity-accounted investees at the reporting date is as follows:

March 31, 2021 Associates $ 635,500	December 31, 2020 630,292	March 31, 2020
		1,721,509

(ii) The Group’s share of the profit (loss) of associates and joint ventures was as follows:

		For the	three months ended	three months ended
			March 31,
		2021		2020
Associates	$	4,014		23,574

(iii) Details of the material associate are as follows:

Name	Nature of the relationship Entity in which the Group has significant influence and in which its main activities are sea shipping services and construction subcontractor, leasing and sales of commercial and residential buildings	Principal place of business/ Country of incorporation	Effective ownership interest and voting right	Effective ownership interest and voting right
			March 31, 2021	December 31, 2020 March 31, 2020 Note % 10.406
Taiwan Navigation Co., Ltd. (TNCL)		Taiwan	Note

Note: The Group had lost its significant influence over TNCL, resulting in its investments accounted for using equity method to be reclassified to financial asset at fair value through other comprehensive income.

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

The fair value of the shares of the listed material associate of the Group was as follows:

		March 31,
		2020
TNCL	$	586,198

The following table summarizes the information of the Group’s material associate adjusted for any differences in accounting policies and reconciles the information to the carrying amount of the Group’s interest in the associates.

1) Summarized financial information of TNCL

Summarized financial information of TNCL
		March 31,
		2020
Current assets	$	1,819,434
Non-current assets		13,421,357
Current liabilities		(1,087,605)
Non-current liabilities		(3,803,260)
Net assets (Attributable to the investee)	$	10,349,926
		For the three
	months ended
		March 31,
		2020
Revenue	$	629,948
Profit from continuing operations		163,637
Other comprehensive income		(54,940)
Total comprehensive income (Attributable to the investee)	$	108,697
	For the three
	months ended
		March 31,
		2020
Group’s share of net assets attributable	$	1,065,702
Total comprehensive income attributable		11,311
Ending balance of net assets attributable	$	1,077,013

(iv) Summarized financial information of individually insignificant associates

The summarized financial information on individually insignificant associates using the equity-accounted method is as follows:

March 31, 2021 Carrying amount of individually insignificant associates’ equity $ 635,500	December 31, 2020 630,292	March 31, 2020 644,496 (Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

		For the three months ended	For the three months ended
		March 31,
		2021	2020
Share of resells attributable to the Group:
Profit from continuing operations	$	4,014	6,546
Other comprehensive (loss) income		1,195	4,851
Comprehensive income	$	5,209	11,397

(v) Except for the following disclosures, there was no significant difference as compared with investments accounted for using the equity method for the three months ended March 31, 2021 and 2020. Please refer to Note (6)(e) of the consolidated financial statements for the year ended December 31, 2020.

(vi) Pledges

As of March 31, 2021 and December 31 2020, the Group did not provide investment accounted for using equity method as collateral.

As of March 31, 2020, the Group provided investment accounted for using equity method as collateral. Please refer to note (8).

(f) Property, plant and equipment

The cost depreciation, and impairment of the property, plant and equipment of the Group for the three months ended March 31, 2021 and 2020 were as follows:

Land Cost or deemed cost: Balance on January 1, 2021 $ 1,717,868 Additions - Disposals - Reclassifications (19,908) Effect of movements in exchange rates - Balance on March 31, 2021 $ 1,697,960 Balance on January 1, 2020 $ 1,717,868 Additions - Disposals - Reclassifications - Effect of movements in exchange rates - Balance on March 31, 2020 $ 1,717,868	Buildings and construction 145,157 1,380 (479) 19,908 498 166,464 146,964 - (31) 89 281 147,303	Transportation Equipment 17,668,370 5,660 (741) - 261,049 17,934,338 18,762,193 456 (21,204) (1,164) 146,555 18,886,836		Other equipment		Under construction 26,451 11,547 - - 477 38,475 28,220 - - - 231 28,451	Total 20,183,531 20,641 (2,022) - 262,024 20,464,174 21,266,478 1,457 (26,425) 38 147,067 21,388,615

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

Depreciation and impairments loss: Balance on January 1, 2021 Depreciation Disposals Effect of movements in exchange rates Balance on March 31, 2021 Balance on January 1, 2020 Depreciation Disposals Effect of movements in exchange rates Balance on March 31, 2020 Carrying amounts: Balance on January 1, 2021 Balance on March 31, 2021 Balance on March 31, 2020	Land $ - - - - $ - $ - - - - $ - $ 1,717,868 $ 1,697,960 $ 1,717,868	Buildings and construction 91,879 2,659 (409) 108 94,237 83,760 2,321 (23) 55 86,113 53,278 72,227 61,190	Transportation Equipment 7,658,543 196,244 (741) 110,383 7,964,429 7,303,655 211,436 (14,126) 55,937 7,556,902 10,009,827 9,969,909 11,329,934		Other equipment		Under construction - - - - - - - - - - 26,451 38,475 28,451	Total 8,082,187 208,852 (1,952) 110,491 8,399,578 7,717,067 223,690 (18,933) 55,992 7,977,816 12,101,344 12,064,596 13,410,799

(i) The pledge information is summarized in note (8).
(ii) The Group disposed of the property, plant and equipment during the three months ended March 31, 2021 and 2020 for $161 and $10,517, respectively, and the related gains of disposal amounted to $91 and $3,025, respectively. The registration procedures of the assets transfer have been completed and related receivable have been collected.
(iii) The Group evaluated its transportation equipment for impairment, exercised impairment testing and recognized no impairment loss according to IFRS 36 “Impairments Non-Financial Asset”. The accumulated impairment loss was USD$31,555 thousand ($900,424, $886,696 and $953,750 in thousand New Taiwan dollars) as of March 31, 2021, December 31 and March 31, 2020, respectively.

(iv) Operating lease

The transportation equipment, bulk carriers that owned by the Group are leased to third parties under operating leases. The leases of bulk carriers contain an initial non-cancellable lease term of 1 to 3 years. For all bulk carriers leases, the rental income is fixed under the contract. For more information of operating leases, please refer to note (6)(l).

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(g) Right-of-use assets

The Group leases many assets including land and buildings. Information about leases for which the Group as a lessee is presented below:

Cost: Balance on January 1, 2021 Additions Disposal Balance on March 31, 2021 Balance on January 1, 2020 Disposal Balance on March 31, 2020 Accumulated depreciation and impairment losses: Balance on January 1, 2021 Depreciation Disposal Balance on March 31, 2021 Balance on January 1, 2020 Depreciation Balance on March 31, 2020 Carrying Amount: Balance on January 1, 2021 Balance on March 31, 2021 Balance on March 31, 2020	Land $ 167,841 49,070 (48,891) $ 168,020 $ 194,468 (7,952) $ 186,516 $ 54,289 7,436 (24,445) $ 37,280 $ 39,345 9,553 $ 48,898 $ 113,552 $ 130,740 $ 137,618	Buildings and construction 78,813 - - 78,813 78,813 - 78,813 30,306 3,788 - 34,094 15,153 3,787 18,940 48,507 44,719 59,873	Total 246,654 49,070 (48,891) 246,833 273,281 (7,952) 265,329 84,595 11,224 (24,445) 71,374 54,498 13,340 67,838 162,059 175,459 197,491

(h) Investments property

Investment property comprises office buildings that are leased to third parties under operating leases that are owned by the Group. The leases of investment properties contain an initial non-cancellable lease term of 1 to 5 years. For all investment property leases, the rental income is fixed under the contracts.

Owned Property Land Building Cost or deemed cost: Balance on January 1, 2021 $ 19,094 23,811 Effect of movements in exchange rates - 310 Balance on March 31, 2021 $ 19,094 24,121	Total 42,905 310 43,215 (Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

Owned Property Land Building Balance on January 1, 2020 $ 19,094 25,152 Effect of movements in exchange rates - 175 Balance on March 31, 2020 $ 19,094 25,327 Depreciation and impairment losses: Balance on January 1, 2021 $ - 8,370 Depreciation - 119 Effect of movements in exchange rates - 87 Balance on March 31, 2021 $ - 8,576 Balance on January 1, 2020 $ - 8,251 Depreciation - 124 Effect of movements for exchange rates - 46 Balance on March 31, 2020 $ - 8,421 Carrying amount: Balance on January 1, 2021 $ 19,094 15,441 Balance on March 31, 2021 $ 19,094 15,545 Balance on March 31, 2020 $ 19,094 16,906	Total
	44,246 175
	44,421
	8,370 119 87
	8,576
	8,251 124 46
	8,421
	34,535
	34,639
	36,000

The fair value of investment properties was based on a valuation by a qualified independent appraiser who has recent valuation experience in the location and category of the investment property being valued.

There was no significant change in the fair value of investment property during the three months ended March 31, 2021 as disclosed in note 6(h) of the consolidated financial statements for the year ended December 31, 2020.

As of March 31, 2021, December 31 and March 31, 2020, the investment property of the Group was not pledged as collateral or restricted.

(i) Other financial assets

March 31, 2021 Restricted deposits $ 54,785 Time deposits (over three months) 25,730 Other receivables 44,558 Refundable deposits 6,783 Pledged assets-time deposits 169,911 $ 301,767 Other current financial assets $ 283,132 Other non-current financial assets 18,635 $ 301,767	December 31, 2020 67,657 25,402 22,272 8,224 228,355 351,910 333,286 18,624 351,910	March 31, 2020
		- 54,769 11,640 6,302 196,654
		269,365
		241,970 27,395
		269,365

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

The restricted time deposits are applicable to “ The Management, Utilization, and Taxation of Repatriated Offshore Funds Act” for the Group in 2021 and 2020. The restricted time deposits accounts are used for the purpose of offshore funds only.

As of March 31, 2021, December 31 and March 31, 2020, the Group provided other financial assets as collateral. Please refer to note (8).

(j) Loans

The Group’s details of loans were as follows:

(i) Short-term borrowings and commercial paper payable, net

March 31, 2021 Bank loans $ 790,000 Commercial paper payable 600,000 Less: discount on commercial paper payable (248) $ 1,389,752 Unused credit lines $ 2,720,000 Range of interest rate 0.85%~1.12%	December 31, 2020 120,000 75,000 (60) 194,940 3,815,000 0.88%~1.208%	March 31, 2020 1,196,000 485,000 (703) 1,680,297 2,239,000 0.97%~1.168%

(ii) Long-term loans

Bank	Currency	March 31, 2020 272,025 605,602 272,026 700,035 514,476 752,927 750,790
Mega International Commercial Bank Bank Sinopec Mega International Commercial Bank Bank Sinopec BNP PARIBAS CTBC Bank Mega International Commercial Bank Current portion Total Range of interest rates	USD 〃〃〃〃〃〃
		3,867,881 (658,860)
		3,209,021
		2.03%~3.52%

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(iii) Bonds Payable

The Company issued secured bonds at face value. The interest is calculated and paid annually from the date of issuance. The bonds payables were as follows:

2016 The first secured bonds payable The second secured bonds payable 2017 The first secured bonds payable ″ 2020 The first secured bonds payable ″ ″ ″ Current portion	Guarantee bank	Interest rate	Due March 31, 2021 March 2021 $ - March 2021 - April 2020 - April 2022 400,000 August 2025 500,000 August 2025 500,000 August 2025 1,000,000 August 2025 500,000 2,900,000 - $ 2,900,000	December 31, 2020 900,000 1,400,000 - 400,000 500,000 500,000 1,000,000 500,000 5,200,000 (2,300,000) 2,900,000	March 31, 2020 900,000 1,400,000 400,000 400,000 - - - - 3,100,000 (2,700,000) 400,000
	Bank of Taiwan Mega Bank Shanghai Commercial Bank ″ Shanghai Commercial Bank ″ Mega Bank ″	% 0.88 % 1.00 % 1.13 % 1.13 % 0.64 % 0.66 % 0.64 % 0.66

(iv) In order to repay its bank loans and bonds payable which were issued previously, as well as to increase its working capital for the requirement of business development, the Company issued secured corporate bonds, which were approved at the Board of Directors' meeting on May 13, 2020. The first secured corporate bonds were released with a period of five years, which amounted to $1,000, at par value, with a total amount of $2,500,000. The bonds were issued at full.
(v) Refer to note 6(t) for the information of exposure to liquidity risk. The Group provided assets as collaterals for credit line of short-term and long-term borrowing, please refer to note (8).
(k) Lease liabilities

March 31, 2021 Current $ 42,067 Non-current $ 127,114	December 31, 2020 44,533 122,486	March 31, 2020
		52,591
		138,312

For the maturity analysis, please refer to note 6(t) financial instruments.

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

The amounts recognized in profit or loss were as follows:

		For the three months ended	For the three months ended
		March 31,
		2021	2020
Interest on lease liabilities	$	372	530

The amounts recognized in the consolidated statements of cash flows for the Group were as follows:

Total cash outflow for leases Land and building leases	For the three months ended March 31,	For the three months ended March 31,
	2021 $ 22,574	2020
		23,877

As of March 31, 2021, the Group leases land and building for its parking space and warehouses. The leases of land typically run for period of 2 to 8 years, and of warehouses for 4 to 6 years.

(l) Operating lease

The Group leases out its investment property and some machines. The Group has classified these leases as operating leases, because it does not transfer substantially all of the risks and rewards incidental to the ownership of the assets. Please refer to note 6(h) sets out information about the operating leases of investment property.

The Group leases the bulk carriers in fixed amount. In the end of the lease term, lessee does not have the bargain purchase option. Therefore, the leases of bulk carriers are classified as operating lease. Please refer to note 6(f).

A maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date is as follows:

March 31, 2021 Less than one year $ 656,510 Between one and five years 22,540 Total undiscounted lease payments $ 679,050	December 31, 2020 1,021,720 15,336 1,037,056	March 31, 2020
		754,894 3,433
		758,327

(m) Employee benefits

(i) Defined benefit plans

Given there was no significant volatility of the market or any significant reimbursement, settlement or other one-time event in the prior fiscal year, pension cost in the interim financial statements is measured and disclosed in accordance with the actuarial report measured on December 31, 2019 and 2020.

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

The pension costs of the defined benefit plans were as follows:

		For the three months ended	For the three months ended	For the three months ended
			March 31,
		2021		2020
Cost of sales and operating	expense	$	587	719

(ii) Defined contribution plans

The pension costs under the defined contribution plans were as follows, and the payment was made to the Bureau of Labor Insurance:

		For	the three months ended	the three months ended
			March 31,
			2021	2020
Cost of sales and operating	expense	$	3,148	2,996

(n) Income taxes
(i) Tax expenses

The components of income tax for the three months ended March 31, 2021 and 2020 were as follows:

	For	the three months ended	the three months ended
		March 31,
		2021	2020
Current tax expense	$	4,784	6,266
Deferred tax expense
Recognition and reversal of temporary differences		-	1,750
Tax expense	$	4,784	8,016

(ii) Assessment of tax

The tax returns of the Company and the domestic entities for the years through 2018 were assessed by the tax administration.

(o) Capital and other equities

Except for the following disclosures, there was no significant change for capital and other equity for the three months ended March 31, 2021 and 2020. For the related information, please refer to note 6(o) of the consolidated financial statements for the year ended December 31, 2020.

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(i) Retained Earning

In accordance with the Company’s articles of incorporation, net earnings should first be used to offset the prior years’ deficits, if any, before paying any in income taxes, of the remaining balance, 10% is to be appropriated as legal reserve, and when there is a reduction in stockholders’ equity at the end of the year, the Company should appropriate the same amount as special reserve from retained earnings. The remainder and the accumulated unappropriated earnings of prior years are distributable as dividends to stockholders. The distribution rate is based on the proposal of the Company’ s board of directors and should be approved in the stockholders’ meeting.

Dividends are paid in cash or stock from retained earnings, and the amount of cash dividends should not be less than 10% of total dividends.

1) Legal reserve

When the Company has no accumulated deficits on the books, the legal reserve can be converted to share capital or distributed as cash dividends, and only the portion of legal reserve that exceeds 25% of issued share capital may be distributed.

2) Special reserve

By choosing to apply the exemptions granted under IFRS 1 "First-time Adoption of International Financial Reporting Standards" during the Company’s first-time adoption of the International Financial Reporting Standards approved by the Financial Supervisory Commission (IFRSs), unrealized revaluation gains recognized under shareholders’ equity. The increase in retained earnings occurring before the adoption date, due to the first-time adoption of IFRSs in accordance with Rule No. 1010012865 issued by the Financial Supervisory Commission on 6 April 2012, shall be reclassified as a special reserve during earnings distribution. The carrying amount of special reserve amounted to $359,487 on March 31, 2021, December 31 and March 31, 2020.

In accordance with the guidelines of the above Rule, a portion of current-period earnings and undistributed prior-period earnings shall be reclassified as a special reserve during earnings distribution. The amount to be reclassified should be equal to the difference between the total net current-period reduction of other shareholders’ equity resulting from the first-time adoption of IFRSs and the carrying amount of special reserve as stated above. Similarly, a portion of undistributed prior period shall be reclassified as a special reserve (which does not qualify for earnings distribution) to account for cumulative changes to other shareholders’ equity pertaining to prior periods due to the first-time adoption of IFRSs. Amounts of subsequent reversals pertaining to the net reduction of other shareholders’ equity shall qualify for additional distributions.

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

3) Earnings distribution

The amount of cash dividends of appropriations of earnings for 2020 had been approved in the board meeting held on May 12, 2020. The appropriations of earnings for 2019 had been approved in the shareholder's meeting on May 13, 2020. These earnings were appropriated as follows:

Dividends distributed to ordinary shareholders Cash	2020 $ 315,975	2019
		157,988

(ii) Other Equity (After tax)

January 1, 2021 The Company and its subsidiaries Associates March 31, 2021 January 1, 2020 The Company and its subsidiaries Associates March 31, 2020	Exchange differences on translation of foreign financial Statements $ (1,154,720) 137,302 1,195 $ (1,016,223) $ (541,143) 80,884 12,430 $ (447,829)	Unrealized gains (losses) from financial assets measured at fair value through other comprehensive income 270,728 (64,664) - 206,064 5,453 (80,676) (13,296) (88,519)	Total (883,992) 72,638 1,195
			(810,159)
			(535,690) 208 (866)
			(536,348)

(p) Earnings per share
(i) Basic earnings per share

The calculation of basic earnings per share at March 31, 2021 and 2020 were based on the profit attributable to ordinary shareholders of the Company and the weighted-average number of ordinary shares outstanding, calculated as follows:

1) Profit attributable to ordinary shareholders of the Company

	For	the three months ended	the three months ended
		March 31,
		2021	2020
Profit attributable to ordinary shareholders
of the Company	$	220,685	2,692
			(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

2) Weighted-average number of ordinary shares (thousands)

Weighted-average number of ordinary shares (basic) 3) Basic earnings per share (NTD)	For the three months ended March 31,	For the three months ended March 31,
	2021 197,485	2020
		197,485

		For	the three months ended	the three months ended
			March 31,
			2021	2020
Basic earnings	per share	$	1.12	0.01

(ii) Diluted earnings per share

The calculation of diluted earnings per share at March 31, 2021 and 2020 were based on profit attributable to ordinary shareholders of the Company and the weighted-average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares, calculated as follows:

1) Profit attributable to ordinary shareholders of the Company (diluted)

	For	the three months ended	the three months ended
		March 31,
		2021	2020
Profit attributable to ordinary shareholder of the Company	$	220,685	2,692

2) Weighted-average number of ordinary shares (diluted) (thousands)

Number of ordinary shares (basic) Effect on the employee stock bonuses Weighted-average number of ordinary shares (diluted)	For the three months ended March 31,	For the three months ended March 31,
	2021 197,485 146 197,631	2020
		197,485 169
		197,654

3) Diluted earnings per share (NTD)

				For the three months ended	For the three months ended	For the three months ended
					March 31,
				2021		2020
Diluted	earnings	per	share	$	1.12	0.01

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(q) Revenue from contracts with customers
(i) Disaggregation of revenue

For the three months ended March 31,	For the three months ended March 31,	For the three months ended March 31,	2021
Inland trucking and terminal & logistics department			Total
			413,990 43,121 222,004 113,706
			792,821
			2020
Inland trucking and terminal & logistics department $ 375,598 - - $ 375,598	Shipping department - 298,199 130,613 428,812	Others 8,001 - - 8,001	Total
			383,599 298,199 130,613
			812,411

(ii) Contract balances

March 31, 2021 Notes and accounts receivable (including related parties) $ 317,483 Less: allowance for impairment (96) Total $ 317,387 Contract liabilities $ 16,093	December 31, 2020 297,675 (174) 297,501 34,136	March 31, 2020 293,994 (47) 293,947 11,049

For details on notes and accounts receivable and allowance for impairment, please refer to note (6)(d).

The amounts of revenue recognized for the three months ended March 31, 2021 and 2020 that were included in the contract liability balance at the beginning of the period were $34,136 and $19,327, respectively.

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

The major change in the balance of contract assets and contract liabilities is the difference between the time frame in the performance obligation to be satisfied and the payment to be received.

(r) Financial cost-Interest expense

The financial cost interest expenses were as follows:

Bank loan Bonds payable Lease liabilities		For the three months ended March 31,	For the three months ended March 31,
			2020
			33,094 13,446 530
			47,070

(s) Employee compensation and directors’ and supervisors’ remuneration

In accordance with the Company’s articles of incorporation, earnings shall first be used to offset against any deficit, then a range from 0.5% to 2% will be distributed to its employee compensation, and a maximum of 2% will be allocated to its director’s and supervisors’ remuneration.

For the three months ended March 31, 2021 and 2020, the Company recognized its employee compensation of $2,251 and $69, respectively, and its directors’ and supervisors’ remuneration of $2,251 and $69, respectively. The employee compensation and directors’ and supervisors’ remuneration were recorded as operation expenses and were estimated based on the net profit before tax, excluding the employee compensation, and director’s and supervisors’ remuneration of each period, multiplied by the percentage of remuneration to employees, directors and supervisors as specified in the Company's articles. If there is difference between the aforementioned distribution approved in the board of directors and the estimation, it will be deal with changes in accounting estimation, and will be recognized in profit or loss next year.

For the years ended December 31, 2020 and 2019, the Company recognized its employee compensation of $3,394 and $3,653, respectively, and its directors’and supervisors’remuneration of $3,394 and $3,653, respectively. There was no difference between the aforementioned distribution approved in the board of directors and the estimation in the 2020 and 2019 consolidated financial statements. Relative information is available on the MOPS.

(t) Financial instruments

(i) Credit risk

1) Exposure to credit risk

The carrying amount of financial assets represents the maximum amount exposed to credit risk. As of March 31, 2021 and 2020, the maximum amount exposed to credit risk amounted to $5,394,630 and $4,252,004, respectively.

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

The aggregation of sales to the Group’s major customers exceeding 10% of the Group’s total sales accounted for 47% and 54% of the total net sales for the three months ended March 31, 2021 and 2020, respectively. In order to reduce credit risk, the Group assesses the financial status of the customers and the possibility of collection of receivables in order to estimate an adequate allowance for doubtful accounts on a regular basis. The customers have had a good credit and profit record. The Group has never suffered any significant credit loss.

2) Credit risk of Receivables

For credit risk exposure of notes and accounts receivable, please refer to note (6)(d).

Other financial assets at amortized cost includes other receivables, guarantee deposits, pledged assets-time deposits, time deposits (over three months) and restricted deposit.

All of these financial assets are considered to have low risk, and thus, the impairment provision recognized during the period was limited to 12 months expected losses, with the measurement proving to have no impairment loss.

(ii) Liquidity Risk

The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements:

March 31, 2021 Non-derivative financial liabilities: Short-term borrowings Secured bank loans Notes and accounts payable Lease liabilities Bonds payable Accrued expenses and other payables (recorded as other payables) December 31, 2020 Non-derivative financial liabilities: Short-term borrowings Secured bank loans Notes and accounts payable Lease liabilities Bonds payable Accrued expenses and other payables (recorded as other payables)	Carrying Amount		Contractual cash flows (1,390,000) (3,029,592) (171,296) (172,898) (2,900,000) (94,691) (7,758,477) (195,000) (3,180,433) (166,033) (170,511) (5,200,000) (138,795) (9,050,772)	Within 1 year		1~ 2 years Over 2 years - - (558,091) (1,195,041) - - (46,777) (84,054) (400,000) (2,500,000) - - (1,004,868) (3,779,095) - - (754,054) (1,813,841) - - (43,873) (80,632) (400,000) (2,500,000) - - (1,197,927) (4,394,473)
	$ 1,389,752 3,029,592 171,296 169,181 2,900,000 94,691 $ 7,754,512 $ 194,940 3,180,433 166,033 167,019 5,200,000 138,795 $ 9,047,220

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

March 31, 2020 Non-derivative financial liabilities: Short-term borrowings Secured bank loans Notes and accounts payable Lease liabilities Bonds payable Accrued expenses and other payables (recorded as other payables)	Carrying Amount		Contractual cash flows (1,681,000) (3,867,881) (191,180) (195,481) (3,100,000) (85,044) (9,120,586)	Within 1 year		1~ 2 years Over 2 years - - (658,861) (2,550,160) - - (49,805) (91,285) (400,000) - - - (1,108,666) (2,641,445)
	$ 1,680,297 3,867,881 191,180 190,903 3,100,000 85,044 $ 9,115,305

The Group is not expecting that the cash flows included in the maturity analysis could occur significantly earlier or at significantly different amount.

(iii) Exchange rate risk

The Group do not have significant exposure to foreign currency risk.

(iv) Interest Rate analysis

The following sensitivity analysis is based on the risk exposure to interest rate on the derivative and non-derivative financial instruments on the reporting date. Regarding the liabilities with variable interest rates, the analysis is on the basis of the assumption that the amount of assets and liabilities outstanding at the reporting date was outstanding throughout the year. The rate of change is expressed as the interest rate increases or decreases by 0.25% when reporting to management internally, which also represents management of the Group’s assessment on the reasonably possible interval of interest rate change.

If the interest rate had increased or decreased by 0.25%, the net profit before tax would have decrease or increased for the three months ended March 31, 2021 and 2020 as follows:

Increased 0.25% Decreased 0.25%	For the three months ended March 31, 2021 2020 $ (9,021) (18,853) 9,021 18,853

(v) Fair value information
1) The kinds of financial instruments and fair value

The Group’s financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income are based on repeatability measured by fair value. The following table shows the carrying amounts and fair values of financial assets and liabilities, including their levels in the fair value hierarchy. It shall not include fair value information of the financial assets and liabilities not measured at fair value if the carrying amount is a reasonable approximation of the fair value and lease liability.

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

	March 31, 2021	March 31, 2021	March 31, 2021
Book value		Fair Value
	Level 1 834,028 70,752 - 619,333 - - - - - - - - - - - - -	Level 2	Level 3 Total - 834,028 24,961 95,713 - 158,109 - 619,333 - - - - - - - - - - - - - - - - - - - - - - - 2,900,000 - -
$ 834,028 95,713 158,109 1,087,850 619,333 3,068,293 54,785 25,730 317,387 44,558 6,783 169,911 3,687,447 $ 5,394,630 $ 1,389,752 3,029,592 171,296 169,181 2,900,000 94,691 $ 7,754,512		- - 158,109 - - - - - - - - - - - - 2,900,000 -

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

	December 31, 2020	December 31, 2020	December 31, 2020
Book value		Fair Value
	Level 1	Level 2	Level 3 Total - 634,690 24,961 89,816 - 119,098 - 1,188,476 - - - - - - - - - - - - - - - - - - - - - - - 5,200,000 - -
	634,690 64,855 - 1,188,476 - - - - - - - - - - - - -	- - 119,098 - - - - - - - - - - - - 5,200,000 -

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

	March 31, 2020	March 31, 2020	March 31, 2020
Book value		Fair Value
	Level 1 88,396 52,248 - 246,753 - - - - - - - - - - - -	Level 2	Level 3 Total - 88,396 25,545 77,793 - 21,881 - 246,753 - - - - - - - - - - - - - - - - - - - - - 3,100,000 - -
$ 88,396 77,793 21,881 188,070 246,753 3,307,869 54,769 239,947 11,640 6,302 196,654 3,817,181 $ 4,252,004 $ 1,680,297 3,867,881 191,180 190,903 3,100,000 85,044 $ 9,115,305		- - 21,881 - - - - - - - - - - - 3,100,000 -

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

2) Valuation techniques for financial instruments measured at fair value

A. Non-derivative financial instruments

A financial instrument is regarded as being quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency and those prices represent actual and regularly occurring market transactions on an arm's-length basis. Whether transactions are taking place ‘regularly’ is a matter of judgment and depends on the facts and circumstances of the market for the instrument.

Quoted market prices may not be indicative of the fair value of an instrument if the activity in the market is infrequent, the market is not well-established, only small volumes are traded, or bid-ask spreads are very wide. Determining whether a market is active involves judgment.

Measurements of fair value of financial instruments without an active market are based on valuation technique or quoted price from a competitor. Fair value, measured by using valuation technique that can be extrapolated from either similar financial instruments or discounted cash flow method or other valuation techniques, including models, is calculated based on available market data at the reporting date.

B. Derivative financial instruments

Measurement of the fair value of derivative instruments is based on the valuation techniques generally accepted by market participants such as the discounted cash flow or option pricing models.

3) Transfers between Level 1 and Level 2

There was no transfer from Level 1 to Level 2 of fair value of the asset during the three months ended March 31, 2021 and 2020.

4) Statement of changes in level 3

										Measured of fair value
										through profit or loss
										Non-derivative
										mandatorily measured at
										fair value through profit
										or loss
Balance on January	1,	2021	(equal	to	balance	on	March	31,
2021)									$	24,961
Balance on January	1	2020	(equal	to	balance	on	March	31,
2020)									$	25,543

The total gain or loss above are reported under valuation gains (losses) of financial assets at fair value through profit or loss.

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(u) Financial risk management

The Group’ s objectives and policies for managing the financial risk are consistent with those disclosed in the note 6(u) of the consolidated financial statements for the year ended December 31, 2020.

(v) Capital management

The Group’ s objectives, policies and processes of capital management are the same as those disclosed in the consolidated financial statements for the year ended December 31, 2020. There were no significant changes of quantitative data of capital management compared with the consolidated financial statements for the year ended December 31, 2020. Please refer to note 6(v) of the consolidated financial statements for the year ended December 31, 2020.

(w) Investing and financing activities not affecting current cash flow

The Group’s investing activities which did not affect the current cash flow in the three months ended March 31, 2021 and 2020.

Reconciliation of liabilities arising from financing activities was as follows:

Short-term borrowings Long-term borrowings Bonds payable Lease liabilities Guarantee deposits (recorded as other non-current liabilities- others) Total liabilities from financial activities Short-term borrowings Long-term borrowings Bonds payable Lease liabilities Guarantee deposits (recorded as other non-current liabilities- others) Total liabilities from financial activities	January 1, 2021 $ 194,940 3,180,433 5,200,000 167,019 668 $ 8,743,060 January 1, 2020 $ 1,529,883 4,046,736 3,100,000 222,202 961 $ 8,899,782	Cash flows 1,194,812 (198,915) (2,300,000) (22,202) 347 (1,325,958) Cash flows 150,414 (211,141) - (23,347) 2 (84,072)	Others		Non-cash changes Foreign exchange movement March 31, 2021 - 1,389,752 48,074 3,029,592 - 2,900,000 - 169,181 - 1,017 48,074 7,489,542 Non-cash changes Foreign exchange movement March 31, 2020 - 1,680,297 32,286 3,867,881 - 3,100,000 - 190,903 - 963 32,286 8,840,044	Non-cash changes Foreign exchange movement March 31, 2021 - 1,389,752 48,074 3,029,592 - 2,900,000 - 169,181 - 1,017 48,074 7,489,542 Non-cash changes Foreign exchange movement March 31, 2020 - 1,680,297 32,286 3,867,881 - 3,100,000 - 190,903 - 963 32,286 8,840,044
			- - - 24,364 2
			24,366
			Others
						1,680,297 3,867,881 3,100,000 190,903 963
						8,840,044

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(7) Related-party transactions

(a) Names and relationship with related parties

The followings are entities that have had transactions with related party during the periods covered in the consolidated financial statements:

Name of related party Relationship with the Group AGCMT GROUP LTD. The parent company Associated International INC. (AII) The entity with significant influence over the Group Associated Development INC. (ADI) A subsidiary of AII CMT Development INC. (CMD) A subsidiary of AII ASSOCIATED INTERNATIONAL Substantial related party (HONG KONG) LIMITED

(b) Significant related party transactions
(i) Freight revenue

The Group has no significant transaction amount with related parties.

(ii) Logistic and agent revenue

The amounts of significant sales transactions and accounts receivable between the Group and its related parties were as follows:

The entities with significant influence over the Group	Revenue Three months ended March 31, 2021 Three months ended March 31, 2020 $ 16,259 14,627	Accounts Receivable- related-parties	Accounts Receivable- related-parties
	Three months ended March 31, 2021 $ 16,259	March 31, 2021 6,698	December 31, 2020 March 31, 2020 11,864 12,884

The Group’s selling price for related parties is cost, plus, fixed percentage when the related parties receive cash from customers; the related parties pay the Group immediately. Amounts receivable from related parties were uncollateralized, and no expected credit loss were required after the assessment by the management.

(iii) Operating expense

The entities with significant influence over the Group Others		Operating	expense Three months ended March 31, 2020
	Three months ended March 31, 2021 $ 511 1,975 $ 2,486
			1,547 2,093
			3,640

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

The Group entered into service agreements with its related parties from March 2019 to February 2024. The prices are similar to those of the market prices, and they are being paid monthly.

(c) Key management personnel compensation

Key management personnel compensation comprised:

Short-term employee benefits Post-employment benefits Pledged assets The carrying values of pledged assets were as follows: Assets Subject March 31, 2021 Investments accounted for using equity method – stock Commercial paper payable – and short-term loans and credit lines $ - Financial assets at fair value through other comprehensive income – stock Commercial paper payable – and short-term loans and credit lines 318,010 Financial assets at fair value through profit or loss – stock Short-term borrowings and credit lines of loans 69,955 Property, plant and equipment – Land Short-term borrowings and credit lines 899,336 Transportation and other equipment (including equipment prepayment) Long-term borrowings and credit lines 7,999,389 Other current financial assets (pledged assets-time deposit) Long-term borrowings 158,059	Short-term employee benefits Post-employment benefits Pledged assets The carrying values of pledged assets were as follows: Assets Subject March 31, 2021 Investments accounted for using equity method – stock Commercial paper payable – and short-term loans and credit lines $ - Financial assets at fair value through other comprehensive income – stock Commercial paper payable – and short-term loans and credit lines 318,010 Financial assets at fair value through profit or loss – stock Short-term borrowings and credit lines of loans 69,955 Property, plant and equipment – Land Short-term borrowings and credit lines 899,336 Transportation and other equipment (including equipment prepayment) Long-term borrowings and credit lines 7,999,389 Other current financial assets (pledged assets-time deposit) Long-term borrowings 158,059	For the three months ended March 31,
		2020
		13,349 258
		13,607
		March 31, 2020
Investments accounted for using equity method – stock Financial assets at fair value through other comprehensive income – stock Financial assets at fair value through profit or loss – stock Property, plant and equipment – Land Transportation and other equipment (including equipment prepayment) Other current financial assets (pledged assets-time deposit)	Commercial paper payable – and short-term loans and credit lines Commercial paper payable – and short-term loans and credit lines Short-term borrowings and credit lines of loans Short-term borrowings and credit lines Long-term borrowings and credit lines Long-term borrowings	300,125 98,440 - 899,336 9,030,644 175,561

(8) Pledged assets

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

Assets	Subject	March 31, 2021 18,635 $ 9,463,384	December 31, 2020 18,624 9,549,403	March 31, 2020
Other non-current financial assets (refundable deposits and pledged assets-time deposits)	Guarantee for construction payment, warehouse deposits, short-term borrowings and import duty			27,395
				10,531,501

(9) Commitments and contingencies

(a) The Group had issued guarantee promissory notes amounting to $5,647,160, 5,647,160 and 3,130,960 as of March 31, 2021, December 31 and March 31, 2020, respectively, as guarantee for bonds payable.
(b) As of March 31, 2021, the Group still had several long-term leases of its ships with customers in effect. The ending periods of the contracts are from May 2021 to April 2022.

(10) Losses Due to Major Disasters: None

(11) Subsequent Events: None

(12) Other

(a) A summary of current-period employee benefits, depreciation and amortization, by function, is as follows:

follows:
By function By item	For the three months ended March 31, 2021			For the three months ended March 31, 2020
	Cost of sales	Operating expenses	Total	Cost of sales	Operating expenses	Total
Employee benefits Salary Labor and health insurance Pension Others Depreciation (Note) Amortization	102,829 3,129 1,460 1,775 216,370 -	56,765 4,177 2,275 2,373 3,825 843	159,594 7,306 3,735 4,148 220,195 843	97,708 2,808 1,410 6,323 234,046 -	51,771 4,556 2,305 2,298 3,073 842	149,479 7,364 3,715 8,621 237,119 842

Note: excluding the deduction of rental income of $35 for the three months ended March 31, 2020.

(b) Seasonality of operation

The Group's operations were not affected by seasonality or cyclicality factors.

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(13) Other disclosures

(a) Information on significant transactions:

The following is the information on significant transactions required by the “Regulations Governing the Preparation of Financial Reports by Securities Issuers” for the Group for the three months ended March 31, 2021:

(i) Loans to other parties:

															(In Th	ousands of Ne	w Taiwan Dollars)
No	Name of lender	Name of borrower	Account name	Related party	Highest balance of financing to other parties during the period	Ending balance	Actual usage amount during the period	Range of interest rates during the period	Purposes of fund financing for the borrower (note 1)	Transaction amount for business between two parties	Reasons for short-term financing	Allowance for bad debt	Collateral		Individual funding loan limits (note 2)	Maximum limit of fund financing (note 3)	Note
													Item	Value
1 1 1 1 1 1 1 2 2	CMT HK CMT HK CMT HK CMT HK CMT HK CMT HK CMT HK ATI ATI	CPN CHN CPC CHM CPG CTD CTU APT PTL	Other receivable due from related parties 〃〃〃〃〃〃〃〃	Y Y Y Y Y Y Y Y Y	97,590 142,675 256,815 318,451 370,955 714,802 671,999 38,000 14,000	97,590 142,675 228,280 318,451 313,885 714,802 671,999 31,000 13,000	97,590 142,675 228,280 318,451 313,885 714,802 671,999 31,000 13,000	- - - - - - - 1.20% 1.20%	2 2 2 2 2 2 2 1 1	- - - - - - - 122,524 54,853	Operating 〃〃〃〃〃〃〃〃	- - - - - - - - -		- - - - - - - - -	9,022,225 9,022,225 9,022,225 9,022,225 9,022,225 9,022,225 9,022,225 122,524 54,853	9,022,225 9,022,225 9,022,225 9,022,225 9,022,225 9,022,225 9,022,225 249,748 249,748	Transactions in the left column had been eliminated during the preparation of consolidated financial statements ″ ″ ″ 〃〃〃〃〃

Note 1: 1.Represents entities with business dealings. 2. Represents where an inter-company or inter-firm short-term financing facility is necessary.

Note 2 : For entities who have business with the Company, the amount of endorsements permitted for a single company shall not exceed the transaction amount in the last fiscal year and 40% of the lender’s net worth. For entities who have short-term financing needs, amount shall not exceed 40% of the lender’s net worth. The amount lendable to directly or indirectly wholly owned foreign subsidiaries is not limited by the restriction of 40% of the lender’s net worth, only the total amount lending limit shall still be no more than the net worth of each subsidiary.

Note 3: The total amount available for financing purposes shall not exceed 40% of lender’s net worth. Investee whose voting shares, directly or indirectly, owned by the Company is unrestricted by the limitation mentioned above; however, the amount available for financing shall not exceed 100% of net worth of the investee.

(ii) Guarantees and endorsements for other parties:

											(In Thousands	of New Taiwa	n Dollars)
No.	Name of guarantor	Counter-party of guarantee and endorsement		Limitation on amount of guarantees and endorsements for a specific enterprise (note1, note2)	Highest balance for guarantees and endorsements during the period (note 3)	Balance of guarantees and endorsements as of reporting date (note 3)	Actual usage amount during the period (note 3)	Property pledged for guarantees and endorsements (Amount)	Ratio of accumulated amounts of guarantees and endorsements to net worth of the latest financial statements	Maximum amount for guarantees and endorsements	Parent company endorsements/ guarantees to third parties on behalf of subsidiary	Subsidiary endorsements / guarantees to third parties on behalf of parent company	Endorsements / guarantees to third parties on behalf of companies in Mainland China
		Name	Relationship with the Company
0 0 0 0 1 1 1	The COMPANY C 〃 C 〃 C 〃 C CMT HK C 〃 C 〃 C	TU TD FR PN HN EP HM	Sub-subsidiary Sub-subsidiary Sub-subsidiary Sub-subsidiary Subsidiary Subsidiary Subsidiary	15,052,392 15,052,392 15,052,392 15,052,392 13,533,338 13,533,338 13,533,338	256,815 256,815 1,268,381 1,284,075 708,809 912,549 930,812	256,815 256,815 1,268,381 1,284,075 708,809 912,549 930,812	128,408 128,408 567,433 477,572 646,603 643,587 437,581	- - - - - - -	% 2.56 % 2.56 % 12.64 % 12.80 % 7.06 % 9.09 % 9.28	15,052,392 15,052,392 15,052,392 15,052,392 13,533,338 13,533,338 13,533,338	Y Y Y Y - - -	- - - - - - -	- - - - - - -

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

No.	Name of guarantor	Counter-party of guarantee and endorsement	Counter-party of guarantee and endorsement	Limitation on amount of guarantees and endorsements for a specific enterprise (note1, note2)	Highest balance for guarantees and endorsements during the period (note 3)	Balance of guarantees and endorsements as of reporting date (note 3)	Actual usage amount during the period (note 3)	Property pledged for guarantees and endorsements (Amount)	Ratio of accumulated amounts of guarantees and endorsements to net worth of the latest financial statements	Maximum amount for guarantees and endorsements	Parent company e endorsements/ guarantees to third parties on behalf of subsidiary	Subsidiary ndorsements / guarantees to third parties on behalf of parent company	Endorsements / guarantees to third parties on behalf of companies in Mainland China
		Name	Relationship with the Company
1	CMT HK	THE COMPANY	Parent company	13,533,338	3,710	3,710	3,710	-	% 0.04	13,533,338	-	Y	-

Note1: The total amount of external endorsements and/or guarantees shall worth no more than 150% of the Company’s net worth. Among which the amount of endorsements/ guarantees for any single (1) whose voting shares are 100% owned by the Company shall not exceed 150% of the Company’s net worth. (2) company whose more than 80% voting shares are owned by the Company shall not exceed 30% of the Company’s net worth.

Note2: CMT HK’s total amount of external endorsements/ guarantees shall not exceed 150% of its net worth. Among which, the amount of endorsements/ guarantees for any single (1) investee who has, directly or indirectly, 100% voting shares of the Company and whose voting shares are 100% owned by the Company shall not exceed 150% of the Company’s net worth. (2) an entity who has more than 80% voting shares and is owned directly by the Company shall not exceed 30% of the Company’s net worth. (3) an entity who has less than 80% voting shares and is owned directly by the Company shall not exceed 10% of the Company’s net worth.

Note3: The amount was translated to the NTD at the exchange rates at the reporting date.

(iii) Securities held at the reporting date (excluding investment in subsidiaries, associates and joint ventures):

				(In Thousands of New Taiwan Dollars)	(In Thousands of New Taiwan Dollars)	(In Thousands of New Taiwan Dollars)	(In Thousands of New Taiwan Dollars)	(In Thousands of New Taiwan Dollars)
Name of holder	Category and name of security	Relationship with company	Account title	Ending balance				Note
				Shares/Units (thousands)	Carrying value	percentage of ownership (%)	Fair value / net value
THE COMPANY 〃〃 HIL 〃〃 MHI 〃 AGMI	Yang Ming Marine Transport Corporation Asia Pacific Emerging Industry Venture Capital Co., Ltd. Taiwan Navigation Co., Ltd. CHINA CONTAINER TERMINAL CORP. SEA & LAND INTERATED CORP. DIMERCO EXPRESS DIMERCO EXPRESS CHINA CONTAINER TERMINAL CORP. DIMERCO EXPRESS	- - - - - - - - -	Non-current financial assets at fair value through profit or loss Non-current financial assets at fair value through profit or loss Non-current financial assets at fair value through other comprehensive income Non-current financial assets at fair value through other comprehensive income Non-current financial assets at fair value through profit or loss Current financial assets at fair value through profit or loss Ccurrent financial assets at fair value through profit or loss Non-current financial assets at fair value through other comprehensive income Ccurrent financial assets at fair value through profit or loss	4,798 1,950 511 23,788 3,187 3,342 6,288 5,610 504	158,109 24,961 12,264 491,222 70,752 275,047 517,502 115,847 41,479	0.15 % 2.78 % 0.12 % 16.03 % 4.07 % 2.61 % 4.99 % 3.78 % 0.4 %	158,109 24,961 12,264 491,222 70,752 275,047 517,502 115,847 41,479

(iv) Individual securities acquired or disposed of with accumulated amount exceeding the lower of NT$300 million or 20% of the capital stock:

											(In Tho	usands of New Taiwan Dollars)	usands of New Taiwan Dollars)	usands of New Taiwan Dollars)
Name of company	Category and name of security	Account name	Name of counter- party	Relationship with the company	Beginning Balance		Purc	hases		Sa	les		Ending Balance
					Shares	Amount	Shares	Amount	Shares	Price	Cost	Gain (loss) on disposal	Shares	Amount
THE COMPANY	Taiwan Navigation Co., Ltd.	Non-current financial assets at fair value through other comprehensive incom	e -	-	24,420	515,262	-	-	23,909	20.69	504,480	9,524	511	12,264

(v) Acquisition of individual real estate with amount exceeding the lower of NT$300 million or 20% of the capital stock: None

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(vi) Disposal of individual real estate with amount exceeding the lower of NT$300 million or 20% of the capital stock: None
(vii) Related-party transactions for purchases and sales with amounts exceeding the lower of NT$100 million or 20% of the capital stock:

(In Thousands of New Taiwan Dollars)

Name of company	Related party	Nature of relationship	Transaction details	Transaction details	Transaction details	Transaction details	Transacti different	ons with terms from others	Notes/Accounts receivable (payable)	Notes/Accounts receivable (payable)	Note
			Purchase/ Sale	Amount	Percentage of total purchases/ sales	Payment terms	Unit price	Payment terms	Ending balance	Percentage of total notes/accoun ts receivable (payable)
THE COMPANY ATI	ATI THE COMPANY	Subsidiary F Subsidiary F r	reight cost reight evenue	109,477 (109,477)	% 96 % (37)	Depending on the demand for funding of subsidiaries 〃	- -		(46,185) 46,185	(95)% 23%	Note 1 〃

Note1: Transactions in the left column had been written off during the preparation of the consolidated financial statements.

(viii) Receivables from related parties with amounts exceeding the lower of NT$100 million or 20% of the capital stock:

					(In Thousands of New Taiwan Dollars)	(In Thousands of New Taiwan Dollars)	(In Thousands of New Taiwan Dollars)	(In Thousands of New Taiwan Dollars)	(In Thousands of New Taiwan Dollars)
Name of company	Counter-party	Nature of relationship	Ending balance	Turnover rate	Overdue		Amounts received in subsequent period	Allowance for bad debts	Note
					Amount	Action taken
CMT HK 〃〃〃〃〃	CTD CTU CHM CPC CHN CPG	Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary	714,802 671,999 318,451 228,280 142,675 313,885	Note1 〃〃〃〃〃	- - - - - -		- - - - - -	- - - - - -	Note 2 〃〃〃〃〃

Note1: Accounts receivable from related parties are not applies for turnover rate.

Note2: Transactions in the left column had been eliminated during the preparation of the consolidated financial statements.

(ix) Trading in derivative instruments: None

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(x) Business relationships and significant intercompany transactions:

No. (Note 1)	Name of company	Name of counter-party	Nature of relationship (Note 2)	Intercompany transactions	Intercompany transactions	Intercompany transactions	Intercompany transactions
				Account name	Amount	Trading terms	Percentage of the consolidated net revenue or total assets
1 6 6 6 6 6 6	ATI CMT HK CMT HK CMT HK CMT HK CMT HK CMT HK	THE COMPANY CTD CTU CHM CPC CHN CPG	2 3 3 3 3 3 3	Operating revenues Other receivables 〃〃〃〃〃	109,477 714,802 671,999 318,457 228,280 142,675 313,885	Price depends on the market, and the receivables depend on funding demand in the credit period - - - - - -	13.81% 3.87% 3.64% 1.73% 1.24% 0.77% 1.70%

Note 1: The companies are coded as follows:

0 represents the parent company.
The subsidiaries are coded sequentially beginning from 1 in the order of companies’ names.

Note 2: The relationships with transactions are as follows:

Transactions from the parent company to its subsidiaries.
Transactions from the subsidiaries to the parent company.
Transaction between subsidiaries.

(b) Information on investees:

The following is the information on investees for the year ended March 31, 2021:

(In Thousands of Shares)

(In Thousands of New Taiwan Dollars)

Name of investor	Name of investee	Location	Main Businesses and Products	Original I Amo	nvestment unt	Balance	as of March 31	, 2021	Net I	ncome
				March 31, 2021	December 31, 2020	Shares (thousands)	Percentage of Ownership	Carrying Value	(Losses) of the Investee	Share of profits/losses of investee	Note
The Company 〃〃〃〃〃〃〃〃〃 CMTS 〃 CMT HK 〃〃〃〃〃〃	CMTS CMT HK CMTL AGMI HIL MHI ATI CMTTSL TGEM AGM CFR CEP CPS CPG CPC CHT CPN CPD CTD	Singapore Hong Kong Taiwan 〃〃〃〃〃〃〃 Singapore 〃 Hong Kong 〃〃〃〃〃	Investment holding of ship-owning companies Investment holding of ship-owning companies Warehouse management Investment 〃〃 Container trucking Travel Bulk-carrier transportation Automobile and its parts manufacturing Bulk-carrier transportation 〃 Bulk-carrier transportation 〃〃 Bulk-chartering services Bulk-carrier transportation 〃〃	4,282 34,356 734,058 41,000 685,000 271,300 500,000 20,000 601,200 30,000 656,305 659,159 57,070 171,210 156,943 285 684,840 1,198,470 370,955	4,282 34,356 734,058 1,000 685,000 271,300 500,000 20,000 601,200 30,000 656,305 659,159 57,070 171,210 156,943 285 684,840 1,198,470 370,955	217 12,000 23,650 4,100 68,500 27,130 50,000 2,000 61,623 3,000 29,900 23,100 2,000 6,000 5,500 10 240 420 13,000	% 0.34 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 12 % 30 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100	4,965 9,022,225 1,109,854 48,892 1,053,911 636,952 624,369 4,010 612,640 22,860 712,781 661,595 57,209 198,387 185,897 5,339 765,178 1,169,093 360,259	(2,526) 23,341 10,897 7,923 64,130 101,680 7,230 (237) 48,531 (6,031) (2,093) 1,977 (80) 8,218 4,286 (64) (191) (2,965) (1,441)	(9) 23,341 10,897 7,923 64,130 101,680 7,230 (237) 5,824 (1,810) Has been recognized as investment incomes(losses) by CMTS 〃 Has been recognized as investment incomes(losses) by CMT HK 〃〃〃〃〃〃	Note1、Note4 〃〃〃〃〃〃〃 Note2 Note2 Note1、 Note3、Note4 〃〃〃〃〃〃〃〃

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

Name of investor	Name of investee	Location	Main Businesses and Products	Original Investment Amount	Original Investment Amount	Balance as of March 31, 2021	Balance as of March 31, 2021	Balance as of March 31, 2021	Net Income	Net Income
				March 31, 2021	December 31, 2020	Shares (thousands)	Percentage of Ownership	Carrying Value	(Losses) of the Investee	Share of profits/losses of investee	Note
CMT HK 〃〃〃〃〃 ATI 〃〃〃〃	CTU CHM CHN CHI CIM CMTs CST HYT MHT APT PTL	Hong Kong 〃〃〃 Singapore 〃〃〃〃〃	Bulk-carrier transportation 〃〃 Investment management 〃 Investment holding of ship-owning companies Container trucking 〃〃〃〃	370,955 428,025 428,025 285 28,535 1,352,559 86,642 28,932 30,568 30,719 30,000	370,955 428,025 428,025 285 28,535 1,352,559 86,642 28,932 30,568 30,719 30,000	13,000 150 150.0 0.1 10 62,918 8,200 3,000 3,000 3,000 3,000	% 100 % 100 % 100 % 100 % 100.00 % 100 % 100 % 100 % 100 % 100 % 100	431,606 440,268 438,616 (561) 29,191 1,455,329 95,654 32,774 57,635 42,351 25,770	7,705 11,092 13,249 (43) (5) (2,526) 786 936 2,785 3,905 (355)	Has been recognized as investment incomes(losses) by CMT HK 〃〃〃〃〃 Has been recognized as investment incomes (losses) by ATI - - - -	Note1、 Note3、Note4 〃〃〃〃〃 Note1、 Note4 〃〃〃〃

Note1: Subsidiaries controlled by the parent company. Note2: Investees affected by the comprehensive shareholdings of the Group. Note3: The amount was translated to the NTD at the exchange rates at the reporting date. Note4: The account had been written off during the preparation of the consolidated financial statements.

(c) Information on investment in mainland China: None
(d) Major shareholders:

Major shareholders:
Shareholder’s Name	Shares	Percentage
AGCMT GROUP LTD.	79,685,475	% 40.35
Associated International INC. (AII)	42,924,297	% 21.73

(14) Segment information

(a) General information

The Group’s reportable segments consist of the Land Transportation, and the Logistics Segment and the Sea Transportation Segment. The land transportation and the logistics segment engage in the container transportation business, warehousing business, and freight agent business. And the sea transportation segment engages in the bulk carrier business. The Group’s reportable segments are the strategic business units that provide different kinds of transportation services. Each strategic business unit requires different services and marketing strategies, thus, should be managed separately.

(Continued)

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(b) Reportable segment information

The amounts of the Group’s reportable segments are the same as those in the report used by the chief operating decision maker. The accounting policies for the operating segments are the same as those in Note 4, which describe significant accounting policies. The Group’s operating segments’ income before tax was the foundation for the chief operating decision maker to evaluate performance. There was no transfer of revenue between segments.

	Three months ended March 31, 2021	Three months ended March 31, 2021	Three months ended March 31, 2021
Inland trucking and terminal & logistics department $ 407,410 - $ 407,410 $ 28,152 Inland trucking and terminal & logistics department $ 375,598 - $ 375,598 $ 846	Shipping department Others Adjustments and eliminations Total 377,464 7,947 - 792,821 - - - - 377,464 7,947 - 792,821 38,108 1,755 (30,217) 37,798 $ 18,459,267 Three months ended March 31, 2020			Total
				792,821 -
				792,821
				37,798

	Shipping department 428,812 - 428,812 51,819	Others 8,001 - 8,001 1,049	Adjustments and eliminations Total - 812,411 - - - 812,411 - 53,714 $ 19,751,261	Total
				812,411 -
				812,411
				53,714

AI assistant

CMT — Interim / Quarterly Report 2021

52166_rns_2021-12-08_7e9ad06f-ff32-445e-980e-e3450851d9be.pdf

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES

Consolidated Financial Statements

Table of contents

KPMG

Independent Auditors’ Review Report

Introduction

Scope of Review

Basis for Qualified Conclusion

Qualified Conclusion

KPMG

Notes to Readers

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES

Consolidated Balance Sheets

(English Translation of Consolidated Financial Statements Originally Issued in Chinese) REVIEWED ONLY, NOT AUDITED IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING STANDARDS

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

For the three months ended March 31, 2021 and 2020

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES

Equity attributable to owners of parent

REVIEWED ONLY, NOT AUDITED IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING STANDARDS

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For the three months ended March 31, 2021 and 2020

(English Translation of Consolidated Financial Statements Originally Issued in Chinese) Reviewed only, not audited in accordance with generally accepted auditing standards CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

March 31, 2021 and 2020

(1) Company history

(2) Approval date and procedures of the consolidated financial statements

(3) New standards, amendments and interpretations adopted:

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(4) Summary of significant accounting policies

(a) Statement of compliance

(b) Basis of consolidation

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(c) Employee benefits

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(d) Income taxes

(5) Significant accounting assumptions and judgments, and major sources of estimation uncertainty

(6) Explanation of significant accounts

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(vi) Pledges

(f) Property, plant and equipment

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(iv) Operating lease

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(g) Right-of-use assets

(h) Investments property

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(j) Loans

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(iii) Bonds Payable

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(l) Operating lease

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(o) Capital and other equities

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(i) Retained Earning

1) Legal reserve

2) Special reserve

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(r) Financial cost-Interest expense

(s) Employee compensation and directors’ and supervisors’ remuneration

(t) Financial instruments

(i) Credit risk

1) Exposure to credit risk

CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

2) Credit risk of Receivables

CMT Interim / Quarterly Report 2021