CMT — Investor Presentation 2021

Jun 29, 2021

Stock Code：2612 TT

Investor Presentation

： by Ban-Jen Tarng Vice President, Shipping Division

30[th] June 2021

Summar of Presentation y

 Capesize Market Outlook

• Dry Bulk Shipping Market Trends

• The Company Overview

• Appendices

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Jun/2021 Investor Presentation

Outlook

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Ca esize Market Outlook p

Freight Rates Rose Further in Q2 2021

• 5TC average reached highest level of the year at US$ 44,817 and spot rate averaged US$ 30,965 in Q2 despite correction in May

• Iron ore price reached 10-year high to average US$ 183/ton in 1H 2021

PRC’s Strong Demand for Iron Ore

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• PRC import volume between January and May increased by 5.5% 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

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

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• Capesize fleet’s net DWT growth is 1.82% between January and May 2021

Short-term Outlook

• So far in 2021, steel demand has increased that steel mills are enjoying record revenue and profits which lead to stronger demand for iron ore

• Spot rates and forward curves have been improving amid healthier supply/demand balance which will likely have positive impact on period rates

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Jun/2021 Investor Presentation

Newbuilding Program

• To expand its fleet size, CMT has contracted with Qingdao Beihai Shipbuilding to construct two 210k DWT Newcastlemaxes for delivery in 2023; each ship’s contract price is US$ 58.5 million

• As part of the global maritime community’s efforts to protect the environment, we have upgraded ships’ specifications including shaft generators, LNG dual fuel-ready, AMP-ready and other energy saving devices

• Two eco-energy saving ships will meet the IMO EEDI Phase III requirement and relevant emission standards

• During construction, the company will enhance ships' fuel efficiency, smart ship technology and cyber security to improve fleet’s competitive advantage

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Jun/2021 Investor Presentation

Focal Points of 2H 2021

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Global Economy to Recover This Year

Global economy is expected to grow by 6% this year as Covid-19 vaccine develops rapidly and PRC economy continues to improve going forward

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 long haul destinations

PRC’s Actions to Curb Inflation

The government vows to restrict sharp rises in steel and iron ore prices to prevent negative impact on the economy therefore the market is following up closely of any further actions

Performance of Sub-cape Bulkers

Sub-cape bulkers have performed well in Q2 due to stronger grain export volumes from South America. Market is anticipating yet another spill-over effect to take place in all bulker segments

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Jun/2021 Investor Presentation

PRC Ke Econom Indicators y y

• PRC’s gross domestic product in Q1 grew by 18.3% y-o-y, while full year guidance is around 8.4%

• PRC’s crude steel production between January and May reached 473 million tons, up by 13.9% y-o-y; the country exported 30 million tons between January and May, up by 24.0% y-o-y

• PRC’s (CSPI) soared by 40.4% in mid-May to 174.81 points, reflecting stronger than expected demand both domestically and abroad

• The country imported 472 million tons of iron ore between January and May, up by about 6% y-o-y, while coal imports reached 111 million tons, down by about 25% y-o-y

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Jun/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 remain the same level in 2021 while Brazilian export volume is expected to raise by 10% and Australian export volume increases by 2%; global iron ore demand is projected to grow by 3% in 2021

Clarksons Platou forecasts Chinese coal imports to drop by 5% in 2021 while Australian export volume is expected to increase by 2% and Indonesian export volume raise by 7%; global coal demand is projected to grow by 5% in 2021

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Jun/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, 103 newbuildings (100-400k DWT) are projected to be delivered in 2021 while fleet net growth is estimated at 3.5% for this year; 46 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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Jun/2021 Investor Presentation

Dry Bulk Shipping Market Trends

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BDI 2019- Q2/2021

Baltic Exchange Dry Index

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3500
17/Jun/2021
BDI: 3,267
3000
2500
10/Feb/2021 6/Oct/2020
BDI: 1,303 BDI: 2,097
2000
1500
1000
BDI Avg.
Year 2019 1,353
500
Year 2020 1,066
14/May/2020
BDI: 393 Jan-Jun 2021 2,221
0
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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Jun/2021 Investor Presentation

BCI 2019- Q2/2021

Baltic Exchange Capesize Index

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5/May/2021 3/Jul/2020
5000
BCI: 5,404 BCI: 4,440
4000
9/Mar/2020
BCI: -372
3000
12/Feb/2021
BCI:1,242
2000
5TC Avg. BCI Avg.
Year 2019 18,025 2,261
1000
Year 2020 13,070 1,450
Jan-Jun 2021 23,700 2,858
0
-1000
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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Jun/2021 Investor Presentation

Spot TCE (US$)

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50,000
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21
Capesize 5TC (180K) Kamsarmax 5TC (82K) Supra/Ultramax 10TC (58K) Handysize 6TC (28K)
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Source: Clarksons Platou

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Jun/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 3.7% in 2021

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14
12.5
12
10
8
6.3
5.4 5.8 5.8 5.6 6
6
4.3
4 3.5 3.5 3.5 3.4 3.3 3.8 4 3.5 3.7
2.7 2.8
1.4
2
0.2 0.4
0
-2
-1.5
-4
-3.3
-6
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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Jun/2021 Investor Presentation

ects to Grow b 3.7% Dry Bulk Seaborne Trade Exp y

	Cape Focus 3.3% 4.7% 3.4% 3.9% 2.3% 5.5% 3.4% 1.6% 0.0% 4.2% 6.7% 1.4% -6.0% 5.8% 6.1% 2.2% 6.8% 3.7% Iron Ore 1,552 Coal 1,221 Bauxite 150 Capesize focus cargoes total 2,923 Grain 524 Forest Products 385 Steel Products 366 Fertilizer 188 Agribulks 169 Cement 148 Scrap 96 Petroleum Coke 72 Sugar 63 Salt 55 Nickel Ore 52 Manganese Ore 47 Others 268 2021(E) Total Dry Bulk 5,356 YOY Million Tons	Cape Focus 3.3% 4.7% 3.4% 3.9% 2.3% 5.5% 3.4% 1.6% 0.0% 4.2% 6.7% 1.4% -6.0% 5.8% 6.1% 2.2% 6.8% 3.7% Iron Ore 1,552 Coal 1,221 Bauxite 150 Capesize focus cargoes total 2,923 Grain 524 Forest Products 385 Steel Products 366 Fertilizer 188 Agribulks 169 Cement 148 Scrap 96 Petroleum Coke 72 Sugar 63 Salt 55 Nickel Ore 52 Manganese Ore 47 Others 268 2021(E) Total Dry Bulk 5,356 YOY Million Tons	Cape Focus 3.3% 4.7% 3.4% 3.9% 2.3% 5.5% 3.4% 1.6% 0.0% 4.2% 6.7% 1.4% -6.0% 5.8% 6.1% 2.2% 6.8% 3.7% Iron Ore 1,552 Coal 1,221 Bauxite 150 Capesize focus cargoes total 2,923 Grain 524 Forest Products 385 Steel Products 366 Fertilizer 188 Agribulks 169 Cement 148 Scrap 96 Petroleum Coke 72 Sugar 63 Salt 55 Nickel Ore 52 Manganese Ore 47 Others 268 2021(E) Total Dry Bulk 5,356 YOY Million Tons
		Capesize focus cargoes total 2,923
		-6.0% Grain 524 Forest Products 385 Steel Products 366 Fertilizer 188 Agribulks 169 Cement 148 Scrap 96 Petroleum Coke 72 Sugar 63 Salt 55 Nickel Ore 52 Manganese Ore 47 Others 268
		2021(E) Total Dry Bulk 5,356	3.7%

Source: Clarksons Platou

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Dry Bulk Seaborne Trade vs. Fleet Growth

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Source: Arrow

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Jun/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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Jun/2021 Investor Presentation

orts Global Iron Ore/Coal Ex p

Clarksons Platou forecasts global iron ore exports to increase by 3% while coal exports to increase by 5% in 2021

Iron Ore

Coal

Million Tons

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1552
1600 1503
1476 1456
1400
1200
1000 867 881
835 836
800
600
387 373
348 340
400
200
0
2018 2019 2020 2021(f)
Brazil Australia Total
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Million Tons

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1600
1400 1287
1263
1222
1165
1200
1000
800
600
457
380422 383 362 404 368 431
400
200
0
2018 2019 2020 2021(f)
Australia Indonesia Total
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Source: Clarksons Platou

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Jun/2021 Investor Presentation

Vale’s Iron Ore Production Outlook

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Source: Vale

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Jun/2021 Investor Presentation 18

Iron Ore Price Set a Record Hi h g

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240
220 May 2021
US$ 233.10/MT
200 February 2011
US$ 193.00/MT
180
160
140
120
100
80
60
40
December 2015
20 62% FE CFR China, US$/MT US$ 37.00/MT February 2020
US$ 79.80/MT
0
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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Jun/2021 Investor Presentation 19

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-Feb-2021 1-Mar-2021 1-Apr-2021 1-May-2021 1-Jun-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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Jun/2021 Investor Presentation 20

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 3.0%

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Source: World Steel Association

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Jun/2021 Investor Presentation

PRC Commodit Im orts y p

• PRC’s demand for iron ore is estimated to remain 1.14 billion tons in 2021

• PRC’s demand for coal imports is projected to decrease by 5% in 2021 to 230 million tons

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

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Iron Ore Coal
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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Jun/2021 Investor Presentation

PRC Iron Ore Im orts p

PRC Iron Ore Monthly Imports

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

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Jun/2021 Investor Presentation

Iron Ore Stockpiles at PRC Ports

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165
152
139
Inventory
126
Average 2018
113 Average 2019
Average 2020
100
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
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Source: Drewry Maritime Research

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Jun/2021 Investor Presentation 24

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-Apr/2021
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Source: PRC Customs

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Jun/2021 Investor Presentation

Bulker Newbuilding Orders are Shrinking

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No. Capesize Orderbook
140
120
100
80
60
40
20
0
Delivered in Remaining 2021 2022 2023
May 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 Apr
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-APR 2021 SCRAPPING AS % OF EXISTING FLEET	JAN-APR 2021 SCRAPPING AS % OF EXISTING FLEET
Handysize (10,000 - 40,000 dwt)	3%	12.1	13%		0.37%
Handymax (incl. Supramax & Ultramax)	6%	10.2	7%		0.18%
(40,000 - 65,000 dwt)
Panamax (incl, Kamsarmax) (65,000 - 100,000 dwt)	6%	10.4	10%		0.17%
Capesize (100,000 + dwt)	6%	8.7	1%		0.76%
Total Dry Bulk > 10,000 dwt	6%	10.6	6%		0.43%

Source: Clarksons Platou

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Jun/2021 Investor Presentation

Ca esize Fleet Growth Decelerates p

Capesize Supply Development

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Million DWT
25.00
25 6.00%
20
3.71% 4.00%
15
9.19
10
2.00%
1.82 %
5
0 0.00%
-5 2.62
-2.00%
-10
11.60
-15
-4.00%
-20
-25 -6.00%
2016 2017 2018 2019 2020 Jan-May 2021
Scrapping New Deliveries Net Fleet Growth
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Source: Clarksons Platou

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Jun/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		JUNE 2021
208,000 DWT	NB	54.5	52.0	-5%	63.0	+21%
180,000 DWT	NB	49.5	46.5	-6%	57.5	+24%
180,000 DWT (ECO)	5-YR	37.5	35.5	-5%	43.0	+21%
180,000 DWT	10-YR	22.0	19.5	-11%	30.0	+54%
176,000 DWT	15-YR	13.5	12.8	-5%	19.0	+48%

Source: Clarksons Platou & Internal Assessment

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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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Jun/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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Jun/2021 Investor Presentation 31

Entities Revenue Ratio for Q1/2021

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48%
Shipping
Trucking and
51%
Terminals
Agency and
1%
Travel
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Jun/2021 Investor Presentation

2016-2021 Financial Hi hli hts g g

Expressed in millions of New Taiwan Dollars

Year	2016	2017	2018	2019	2020	2021 1Q
Revenue	3,295	3,218	3,820	3,763	3,131	792
Net Profit/(Loss)	48	98	514	324	329	221
EPS	0.21	0.50	2.60	1.64	1.67	1.12
Cash and cash equivalents	3,686	2,940	3,345	3,288	3,742	3,028
Total liabilities	11,148	10,652	10,237	10,022	9,734	8,424
Total equity	10,323	9,427	10,187	9,934	9,750	10,035
ROE %	0.5%	1.0%	5.2%	3.2%	3.3%	8.9%
ROA %	0.9%	1.3%	3.5%	2.5%	2.3%	5.2%
Liability %	52%	53%	50%	50%	50%	46%

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Jun/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 2.3 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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Jun/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	Mar 31, 2021	Dec 31, 2020	Mar 31, 2020
Current assets	4,573	5,078	3,973
Property,plant and equipment	12,065	12,101	13,411
Intangible assets	10	10	11
Other non current assets	1,811	2,295	2,356
Total assets	18,459	19,484	19,751
Liabilities and Equity
Current liabilities	2,354	3,505	5,416
Non Current liabilities	6,070	6,229	4,399
Total liabilities	8,424	9,734	9,815
Equity attributable to owners of parent
Common stock	1,975	1,975	1,975
Capital surplus	53	53	53
Retained earnings	8,817	8,606	8,444
Other equityinterest	(810)	(884)	(536)
Total equity	10,035	9,750	9,936
Total liabilities and equity	18,459 19,484 19,751

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Jun/2021 Investor Presentation 35

： 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 1Q	2020	2020 1Q
Operating Revenues	792,821	3,131,115	812,411
Operating costs	656,789	2,583,263	666,097
Gross profit	136,032	547,852	146,314
Operating expenses	98,234	376,341	92,600
Net operating income	37,798	171,511	53,714
Non operating income and expenses	187,671	180,548	(43,006)
Profit before tax	225,469	352,059	10,708
Less: tax expenses	4,784	23,020	8,016
Profit (attributable to owners of parent)	220,685	329,039	2,692
Other comprehensive income, net	64,309	(355,480)	(658)
Comprehensive income (attributable to owners of parent	) 284,994	(26,441)	2,034
Earnings per share	1.12 1.67 0.01

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Jun/2021 Investor Presentation

： 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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Thank You ！

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