CMT — Investor Presentation 2021

Sep 27, 2021

Stock Code：2612 TT

Investor Presentation

By: Ban-Jen Tarng Spokesperson 29[th] September 2021

Summar of Presentation y

 Capesize Market Outlook

• Dry Bulk Shipping Market Trends

• The Company Overview

• Appendices

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1

Sep/2021 Investor Presentation

Outlook

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Ca esize Market Outlook p

Freight Rates Rose Further in Q3 2021

• 5TC average reached highest level of the year at US$ 61,683 in September and spot rate averaged US$ 29,464 from January to September

• Iron ore price reached 10-year high in Q2 but fell below $100 amid concerns over restriction of steel production in PRC

PRC’s Continuing Demand for Iron Ore

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• PRC import volume between January and August decreased by 1.7% y-o-y

• Major port stockpile remains at relatively low levels therefore further demand growth is expected

Net Fleet Growth Will be Subdued from 2021

• 61 new ships joined the fleet so far in 2021, while demolition is set to continue this year

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• Capesize net fleet growth is 2.81% between January and August 2021

Short-term Outlook

• Demand for steel and other geo-political tensions have stimulated seaborne demand for iron ore and coal

• Owing to Covid-19 restrictions and extreme weather, tighter supply of tonnages have escalated both spot and period rates in near term

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Sep/2021 Investor Presentation

Focal Points of Q4 2021

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Covid-19 Globally Persists

Covid-19 variants continue to invade all countries but with Chinese economy set to improve from last year, global GDP likely to grow by more than 6% in 2021

Tension Between PRC and Australia

PRC’s boycott of Australian coal continues and market is paying close attention to improvement of bilateral relationships, while looking for signs of PRC to continue importing more coal from other exporting countries such as Indonesia and other long haul destinations

PRC Steel Production Cuts

The government has set target to cap steel production at last year’s level dampening demand for iron ore but possible restocking likely to take place

Dry Bulk Sectors Performance

Entire dry bulk sectors have performed better in Q3 due tight tonnage supply. Market is anticipating prolonged spill-over effect in all bulker segments in Q4

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Sep/2021 Investor Presentation

PRC Ke Econom Indicators y y

• PRC’s gross domestic product in first half year grew by 12.7% y-o-y, while full year guidance is around 8.1%

• PRC’s crude steel production between January and August reached 733 million tons, up by 5.3% y-o-y; the country exported about 48 million tons between January and August, up by 31.6% y-o-y

• PRC’s (CSPI) soared by 21.8% in end-August to 151.07 points, reflecting stronger than expected demand both domestically and abroad

• The country imported 746 million tons of iron ore between January and August, down by about 1.7% y-o-y, while coal imports reached 197 million tons, down by about 10.3% y-o-y

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Sep/2021 Investor Presentation

Shi in Market Outlook - Demand pp g

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Iron Ore
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Coal
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Clarksons Platou forecasts Chinese iron ore imports to drop by 2% in 2021 while Brazilian export volume is expected to raise by 6% and Australian export volume increases by 0.5%; global iron ore demand is projected to grow by 2% in 2021

Clarksons Platou forecasts Chinese coal imports to drop by 2% in 2021 while Australian export volume is expected to remain the same level and Indonesian export volume raise by 7%; global coal demand is projected to grow by 4% in 2021

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Sep/2021 Investor Presentation

Shi in Market Outlook - Su l pp g pp y

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Newbuildings
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Ship Scrapping
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According to IHS Markit, about 100 newbuildings (100-400k DWT) are projected to be delivered in 2021 while fleet net growth is estimated at 3.9% for this year; 53 large bulkers (100-400k dwt) are expected to be delivered in 2022

Demolition quantity of large bulkers (100-400k DWT) reached 56 in 2020 while more vintage bulkers are to be recycled this year- 30 to 40 units are expected to be scrapped in 2021

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Sep/2021 Investor Presentation

Dry Bulk Shipping Market Trends

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BDI 2019- Q3/2021

Baltic Exchange Dry Index

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4500 23/Sep/2021
BDI: 4,651
4000
3500
3000
10/Feb/2021
2500 BDI: 1,303
6/Oct/2020
BDI: 2,097
2000
1500
1000 BDI Avg.
Year 2019 1,353
500
14/May/2020 Year 2020 1,066
BDI: 393
0 Jan-Sep 2021 2,716
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2019 BDI 2020 BDI 2021 BDI
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Source: Clarksons Platou

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Sep/2021 Investor Presentation 9

BCI 2019- Q3/2021

Baltic Exchange Capesize Index

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7200 23/Sep/2021
BCI: 7,438
6200
3/Jul/2020
5200 BCI: 4,440
9/Mar/2020
4200 BCI: -372
3200
12/Feb/2021
BCI:1,242
2200
1200 5TC Avg. BCI Avg.
Year 2019 18,025 2,261
200 Year 2020 13,070 1,450
Jan-Sep 2021 29,464 3,553
-800
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2019 BCI 2020 BCI 2021 BCI
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Source: Clarksons Platou

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Sep/2021 Investor Presentation 10

Spot TCE (US$)

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65,000
60,000 Capesize 5TC (180K)
2021/9/24 – US$ 61,309
55,000
50,000
Supra/Ultramax 10TC (58K)
45,000
2021/9/24 – US$ 36,948
40,000
35,000
30,000 Kamsarmax 5TC (82K)
2021/9/24 – US$ 36,104
25,000
20,000
15,000
Handysize 7TC (38K)
10,000
2021/9/24 – US$ 34,650
5,000
0
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21
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Capesize 5TC (180K) Kamsarmax 5TC (82K) Supra/Ultramax 10TC (58K) Handysize 7TC (38K)

Source: Clarksons Platou

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Sep/2021 Investor Presentation

Global Economy Recovers from 2020

• IMF projects global GDP to grow by 6.0% in 2021

• Clarksons Platou forecasts dry bulk seaborne trade to increase by 3.6% in 2021

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14
12.5
12
10
8
6.3
6 5.4 5.8 5.8 5.6 6.0
4.3
4 3.5 3.5 3.5 3.4 3.3 3.8 4 3.5 3.6
2.7 2.8
2 1.4
0.5
0.2
0
-2
-1.6
-3.2
-4
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021(f)
Global GDP Growth (%) Dry Bulk Trade Growth (%)
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Source: IMF & Clarksons Platou

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Sep/2021 Investor Presentation

ects to Grow b 3.6% Dry Bulk Seaborne Trade Exp y

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Million Tons YOY
Cape Focus
Iron Ore 1,529 1.7%
Coal 1,214 4.1%
Bauxite 149 2.8%
Capesize focus cargoes total 2,892 2.8%
Grain 529 3.3%
Forest Products 386 5.8%
Steel Products 373 5.4%
Fertilizer 190 1.6%
Agribulks 176 2.9%
Cement 150 5.6%
Scrap 100 11.1%
Petroleum Coke 71 1.4%
Sugar 63 -6.0%
Salt 55 5.8%
Nickel Ore 55 12.2%
Manganese Ore 47 2.2%
Others 269 7.2%
2021(E) Total Dry Bulk 5,356 3.6%
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Source: Clarksons Platou

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Sep/2021 Investor Presentation

Dry Bulk Seaborne Trade vs Fleet Growth

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Source: Arrow

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Sep/2021 Investor Presentation

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% of Dry Bulk Cargoes
Minor Bulks
26% Iron Ore
33%
Grain
14%
Coal
27%
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	Handysize	Supramax	**Panamax **	Capesize	Total
Coal Iron Ore Agricultural goods Alumina / Bauxite Steel Products Fertilizers Minerals Minor Ores Semi-Processed Biomass Construction Wood Products Other Other Ferrous	10% 24% 51% 19% 2% 7% 8% 76% 25% 16% 27% 0% 4% 4% 6% 4% 16% 7% 0% 0% 12% 8% 1% 0% 7% 6% 1% 0% 5% 8% 1% 0% 5% 5% 0% 0% 3% 6% 1% 0% 5% 5% 2% 0% 5% 0% 0% 0% 1% 1% 0% 0% 1% 1% 0% 0%				27% 33% 14% 5% 4% 4% 3% 3% 2% 2% 3% 1% 0% 1%

Source: Maersk Broker

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Sep/2021 Investor Presentation

orts Global Iron Ore/Coal Ex p

Clarksons Platou forecasts global iron ore exports to increase by 2% while coal exports to increase by 4% in 2021

Iron Ore

Coal

Million Tons

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1529
1600 1503
1476 1456
1400
1200
1000
867 871
835 836
800
600
387
348 340 361
400
200
0
2018 2019 2020 2021(f)
Brazil Australia Total
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Million Tons

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1600
1400 1264 1284
1214
1165
1200
1000
800
600
380422 383 457 360 404 360 433
400
200
0
2018 2019 2020 2021(f)
Australia Indonesia Total
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Source: Clarksons Platou

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Sep/2021 Investor Presentation 16

Vale’s Iron Ore Production Outlook

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Source: Vale

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Sep/2021 Investor Presentation

Iron Ore Price Fluctuates Violentl y

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240
220 February 2011 May 2021
US$ 233.10/MT
US$ 193.00/MT
200
180
160
140
120
100
80
60
40
December 2015 Sep 2021
20 US$ 37.00/MT US$ 94.00/MT
0 62% FE CFR China, US$/MT
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21
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Source: SSY

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Sep/2021 Investor Presentation 18

PRC Crude Steel Price Trend

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250 7500
200 6700
150 5900
100 5100
50 4300
0 3500
1-Jan-2021 1-Mar-2021 1-May-2021 1-Jul-2021 1-Sep-2021
62% FE CFR China, US$/mt Hot Roll Steel Plate (SPHC), RMB/mt
62% FE CFR China, US$/mt
Hot Roll Steel Plate (SPHC), RMB/mt
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Source: SSY & MarcoMicro

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Sep/2021 Investor Presentation

Global Steel Production Recovers

PRC’s y-o-y growth rate in 2020 is 6.9%; Full year y-o-y projection for 2021 is 1.6%

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Source: World Steel Association

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Sep/2021 Investor Presentation

Coal Price Increases Ra idl p y

200 180 160 August 2021 US$ 168.75/MT 140 July 2008 US$ 180.00/MT 120 100 80 60 40 20 0 Australian Steam Coal, US$/mt

Source: World Bank

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Sep/2021 Investor Presentation 21

Guinea Bauxite Ex orts p

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Source: Arrow

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Sep/2021 Investor Presentation

PRC Commodit Im orts y p

• PRC’s demand for iron ore is estimated to decrease by 2% in 2021 to 1.11 billion tons

 PRC’s demand for coal imports is projected to decrease by 2% in 2021 to 230 million tons

• PRC’s demand for bauxite imports will grow by 8% in 2021 to 130 million tons

Iron Ore

Coal

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Million Tons Million Tons
1400 78% 300 25%
1200 76%
250
% 20%
1000 74%
200
800 72% 15%
150
600 70%
10%
100
400 68%
5%
200 66% 50
0 64%
0 0%
2014 2015 2016 2017 2018 2019 2020 2021(f)
2014 2015 2016 2017 2018 2019 2020 2021(f)
Chinese Iron Ore Import % of global imports Chinese Coal Import % of global imports
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Source: Clarksons Platou

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Sep/2021 Investor Presentation

PRC Iron Ore Im orts p

Million	Tons
120
0 10 20 30 40 50 60 70 80 90 100 110
	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
						2020	2021

Source: Thurlestone Research

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Sep/2021 Investor Presentation

Iron Ore Stockpiles at PRC Ports

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165
152
139
126
Inventory
113
Average 2018
100
Average 2019
Average 2020
Million Tons
Jan 18 Mar 18 May 18 Jul 18 Sep 18 Nov 18 Jan 19 Mar 19 May 19 Jul 19 Sep 19 Nov 19 Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20 Jan 21 Mar 21 May 21 Jul 21 Sep 21
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Source: Drewry Maritime Research

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Sep/2021 Investor Presentation 25

PRC Coal Im orts p

Million Tons

350

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300
250
200
150
100
50
0
Australia Indonesia Russia Mongolia Philippines All origins
2019 2020 Jan-Jul/2021
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Source: PRC Customs

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Sep/2021 Investor Presentation

Bulker Newbuilding Orders are Shrinking

Capesize Orderbook

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No.
140
120
100
80
60
40
20
0
Delivered in Remaining 2021 2022 2023
Aug 2021 2021
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Dry Bulk New Ship Ordering

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% of Fleet (DWT)
100% 91%
81%
80%
62%
60%
37%
40%
[24%]
20% 17% [21%] 18% 13% [15%] [16%] 13%
7% 6%
0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Jul
2021
Capesize Ordering (100,000 + dwt) Total Bulk Fleet Ordering
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	ORDERBOOK AS % OF EXISTING FLEET	AVERAGE AGE	OVER 20 YEARS	OLD	JAN-JUL 2021 SCRAPPING AS % OF EXISTING FLEET	JAN-JUL 2021 SCRAPPING AS % OF EXISTING FLEET
Handysize (10,000 - 40,000 dwt)	5%	12.1	13%		0.46%
Handymax (incl. Supramax & Ultramax)	6%	10.4	8%		0.23%
(40,000 - 65,000 dwt)
Panamax (incl, Kamsarmax) (65,000 - 100,000 dwt)	7%	10.6	11%		0.26%
Capesize (100,000 + dwt)	6%	8.9	1%		0.84%
Total Dry Bulk > 10,000 dwt	6%	10.8	7%		0.50%

Source: Clarksons Platou

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Sep/2021 Investor Presentation

Ca esize Fleet Growth Decelerates p

Capesize Supply Development

Million DWT

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25.00
25 6.00%
20
3.76% 4.00%
15
13.10
10
2.81 % 2.00%
5
0 0.00%
-5 2.95
-2.00%
-10
11.40
-15
-4.00%
-20
-25 -6.00%
2016 2017 2018 2019 2020 Jan-Aug 2021
Scrapping New Deliveries Net Fleet Growth
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Source: Clarksons Platou

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Sep/2021 Investor Presentation

Newbuildin /2[nd] Hand Sale Prices g

TYPE	TYPE	PRICE (IN US$ MILLION)	PRICE (IN US$ MILLION)	PRICE (IN US$ MILLION)	PRICE (IN US$ MILLION)	PRICE (IN US$ MILLION)
YEAR		2019	2020		SEP 2021
208,000 DWT	NB	54.5	52.0	-5%	65.0	25%
180,000 DWT	NB	49.5	46.5	-6%	59.5	28%
180,000 DWT (ECO)	5-YR	37.5	35.5	-5%	45.0	27%
180,000 DWT	10-YR	22.0	19.5	-11%	33.8	73%
176,000 DWT	15-YR	13.5	12.8	-5%	21.0	64%

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Source: Clarksons Platou & Internal Assessment

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Sep/2021 Investor Presentation

The Company Overview

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Com an Profile p y

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Shipping ：

CMT owns and manages a fleet of 10 capesize bulkers to offer dedicated services to customers for transportation of dry bulk commodities around the globe

Trucking ：

Associated Transport Inc. is one of Taiwan’s largest intermodal container trucking operators that provides container drayage and related services island-wide

Terminals ：

CMT Logistics Co., Ltd. operates two containers terminals in northern Taiwan with great access the country’s major ports to offer import/export express services to customers

Air & Tourism ：

CMT Air Cargo Department is the General Sales Agent (GSA) of Saudi Arabian Airlines in Taiwan

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Sep/2021 Investor Presentation

CMT Ca esize Fleet p

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China Peace China Progress China Pride China Triumph China Prosperity China Pioneer
中華和平輪 中華富進輪 中華榮耀輪 中華光輝輪 中華鴻運輪 中華先鋒輪
174,413 DWT 174,322 DWT 177,856 DWT 203,028 DWT 203,028 DWT 206,079 DWT
2005 2006 2009 2011 2012 2012
2023 2023 2017 2017 2016 2013
China Honour China Enterprise China Harmony China Fortune
Newbuilding Newbuilding
中華名望輪 中華偉業輪 中華和諧輪 中華偉運輪
210,000 DWT 210,000 DWT
179,562 DWT 207,986 DWT 179,505 DWT 206,061 DWT
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Sep/2021 Investor Presentation 32

New Venture in Alternative Fuel Tractors

• CMT acquired 70% shares of AG Motors in April 2021 to actively develop electric and 6[th] generation tractors

• Being the leading operator of inland container haulage, the company is dedicated to promote clean energy tractors to protect the environment

• AG Motors is joining forces with R&D partners worldwide to develop the electric tractors that will soon be available for sale

• As the exclusive authorized dealer of Dong Feng Trucks, AG Motors will offer latest 6[th] generator tractors to the Taiwan market in the near future

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Sep/2021 Investor Presentation 33

Electric and 6[th] Generation Tractors

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福田【純電動曳引車 福田【純電動曳引車 東風【天龍D320六 東風【天龍D320六 4X2 GCW 35噸】 4X2 GCW 35噸】 期環保曳引車– 4X2 期環保曳引車– 4X2 - 道路試行 GCW 35噸】 GCW 35噸】- 到港

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34

Sep/2021 Investor Presentation

Entities Revenue Ratio for 1H/2021

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47%
Shipping
Trucking and
52%
Terminals
Agency and
1%
Travel
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35

Sep/2021 Investor Presentation

2016-2021 Financial Hi hli hts g g

Expressed in millions of New Taiwan Dollars	Expressed in millions of New Taiwan Dollars	Expressed in millions of New Taiwan Dollars	Expressed in millions of New Taiwan Dollars	Expressed in millions of New Taiwan Dollars	Expressed in millions of New Taiwan Dollars	Expressed in millions of New Taiwan Dollars
Year	2016	2017	2018	2019	2020	2021 1H
Revenue	3,295	3,218	3,820	3,763	3,131	1,600
Net Profit/(Loss)	48	98	514	324	329	1,021
EPS	0.21	0.50	2.60	1.64	1.67	5.20
Cash and cash equivalents	3,686	2,940	3,345	3,288	3,742	2,831
Total liabilities	11,148	10,652	10,237	10,022	9,734	7,889
Total equity	10,323	9,427	10,187	9,934	9,750	11,176
ROE %	0.5%	1.0%	5.2%	3.2%	3.3%	9.7%
ROA %	0.9%	1.3%	3.5%	2.5%	2.3%	5.5%
Liability %	52%	53%	50%	50%	50%	41%

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36

Sep/2021 Investor Presentation

Dividends Distribution

Year	Year	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Cash dividends/ Capital Reduction (NT$)		2.00	1.00	1.50	1.30	2.50	0.50 *	0.50	1.60	0.80	1.60
EPS (NT$)		3.92	2.23	1.55	1.30	1.30	0.21	0.50	2.60	1.64	1.67
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50	2.00 1.00 1.50 1.30 ~~0.20~~ 0.50 0.50 1.60 0.80 1.60 2.30 51% 45% 97% 100% 192% 238% 100% 62% 49% 96% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 0% 50% 100% 150% 200% 250% Cash Dividend Caital Reduction Dividend Paout Ratio *

*Cash dividend NT$ 0.20 plus capital reduction NT$2.30 = NT$2.50

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37

Sep/2021 Investor Presentation

Appendix 1：Condensed Balance Sheet

	Expressed in millions of New Taiwan Dollars	Expressed in millions of New Taiwan Dollars	Expressed in millions of New Taiwan Dollars
Assets	Jun 30, 2021	Dec 31, 2020	Jun 30, 2020
Current assets	4,116	5,152	4,108
Property, plant and equipment	11,740	12,108	13,035
Intangible assets	10	10	10
Other non current assets	3,199	2,273	2,393
Total assets	19,065	19,543	19,546
Liabilities and Equity
Current liabilities	2,332	3,506	5,508
Non Current liabilities	5,557	6,229	4,205
Total liabilities	7,889	9,735	9,713
Equity attributable to owners of parent
Common stock	1,975	1,975	1,975
Capital surplus	53	53	53
Retained earnings	9,306	8,606	8,419
Other equityinterest	(180)	(884)	(676)
Non-controllinginterests	22	58	62
Total equity	11,176	9,808	9,833
Total liabilities and equity	19,065 19,543 19,546

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Sep/2021 Investor Presentation 38

： Appendix 2 Condensed Statement of Comprehensive Income

	Expressed in thousands of New Taiwan Dollars	Expressed in thousands of New Taiwan Dollars	Expressed in thousands of New Taiwan Dollars
	2021 1H	2020	2020 1H
Operating Revenues	1,600,228	3,131,115	1,552,647
Operating costs	1,353,884	2,583,263	1,275,708
Gross profit	246,344	547,852	276,939
Operating expenses	211,534	376,341	190,323
Net operating income	34,810	171,511	86,616
Non operating income and expenses	997,353	180,548	57,786
Profit before tax	1,032,163	352,059	144,402
Less: tax expenses	11,421	23,020	13,157
Profit (attributable to owners of parent)	1,020,742	329,039	131,245
Other comprehensive income, net	696,166	(355,480)	(140,493)
Comprehensive income (attributable to owners of parent	) 1,716,908	(26,441)	(9,248)
Earnings per share	5.20 1.67 0.68

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： Appendix 3 Corporate Bonds Issuance

Tranche	2017	2020-1	2020-2
Amount (NT$ 100M)	８	15	10
Tenor	5 Years	5 Years	5 Years
Due Date	10-Apr-2022*	28-Aug-2025	28-Aug-2025
Interest Rate	1.13%	0.64%	0.66%
Interest Payment	Annually	Annually	Annually
Guarantee Bank	Shanghai Commercial Bank	Mega Bank	Shanghai Commercial Bank

*** Amount of NTD 400 million was repaid in APR 2020**

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Disclaimer

The information and opinions in this report were prepared by CMT. Though the information herein is believed to be reliable and has been obtained from market sources believed to be reliable, CMT makes no representation as to its accuracy or completeness.

The material and the information contained herein are provided for general information purposes, and may not be reproduced without the written permission of CMT. CMT shall not be liable to the recipient or any third party for any loss, liability or damage, cost or expense including without limitation, direct, indirect, consequential loss or damage, any loss of profit, loss of use, loss of or interruption in business, loss of goodwill, loss of data arising out of, or in connection with, the use of and the reliance on the information whether in contract, tort, negligence, bailment, breach of statutory duty or otherwise, even if foreseeable. This disclaimer shall be governed by and construed in accordance with Laws of Taiwan, R.O.C.

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Thank You ！

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