CMT — Investor Presentation 2021

Mar 26, 2021

Stock Code：2612 TT

Investor Presentation ： by Ban-Jen Tarng Vice President, Commercial Dept./Shipping Division

30[th] March 2021

Summar of Presentation y

 Capesize Market Outlook

 Dry Bulk Shipping Market Trends

 The Company Overview

 Appendices

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Mar/2021 Investor Presentation

Outlook

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Ca esize Market Outlook p

Freight Rates Rises in Q1 2021

• 5TC average reached highest level this year at US$26,489 this quarter and average spot rate surpassed that of last year to US$17,021 in Q1

• Iron ore price hit 10-year high and averages US$ 168/ton in Q1

PRC’s Strong Demand for Iron Ore

• PRC import volume in January and February increased by 3% y-o-y while major port stockpile remains at relatively low levels

• The country imported 1.146 billion tons in 2020 with growth expected for this year

Net Fleet Growth Will Decelerate from 2021

• Approximately another 100 new ships will join the fleet in 2021, while demolition is set to continue this year

• Capesize fleet’s net DWT growth is 0.96% in Q1 2021

Short-term Outlook

• In post Covid-19 era, mining and port operations returns to normal while demand and supply balance will improve from this year

• Spot rates have been firm so far in Q1 and FFA is showing signs of confidence for remaining 2021

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Mar/2021 Investor Presentation

PRC Ke Econom Indicators y y

• PRC’s crude steel production in 2020 reached 1.053 billion tons, up by 5.2% y-o-y; in January and February, iron ore import volume totaled 180 million tons while coal import volume was 41 million tons

• PRC’s gross domestic product reached about 14.7 trillion U.S. dollars or equivalent to growth of 2.3% y-o-y. It is the world’s only major economy to report positive economic growth for 2020

• PRC’s industrial production soared by 35.1% in January and February while national investment in real estate development increased by 38.3% y-o-y, and 15.7% higher than same period in 2019

• The country has seen fixed asset investment surged by 35.0% in the same period this year, while electricity consumption totaled 1.26 trillion kWh, an increase of 22% y-o-y

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Mar/2021 Investor Presentation

Focal Points of 2021

Global Economy to Recover This Year

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Global economy is expected to grow by 5% 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 exporters such as Indonesia

Brazilian Iron Ore Exports

Brazil’s iron ore mining operation and transportation is returning to normal which will have positive impact on long haul shipping volumes

Performance of Sub-cape Bulkers

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Sub-cape bulkers have performed well since Q4 2020 due to stronger grain export volumes from Western Hemisphere. Market is anticipating spill-over effect to take place through all ship segments

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Mar/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 increase slightly in 2021 while Brazilian export volume is expected to raise by 6% 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 4% in 2021 while Australian export volume is expected to increase by 4% and Indonesian export volume raises by 6%; global coal demand is projected to grow by 5% in 2021

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Mar/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, 102 newbuildings (100-400k DWT) are projected to be delivered in 2021 while fleet net growth is estimated at 3.8% for this year; 28 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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Mar/2021 Investor Presentation

Dry Bulk Shipping Market Trends

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Global Economy Recovers from 2020

• IMF projects global GDP to grow by 5.5% 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 5.5
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
0.5
0.2
0
-2
-1.9
-4
-3.5
-6
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020(e) 2021(f)
Global GDP Growth (%) Dry Bulk Trade Growth (%)
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Source: IMF / Clarksons Platou

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Mar/2021 Investor Presentation 9

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

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Million Tons YOY
Cape Focus
Iron Ore 1,544 2.7%
Coal 1,221 4.8%
Bauxite 156 7.6%
Capesize focus cargoes total 2,921 3.8%
Grain 523 1.8%
Forest Products 383 6.4%
Steel Products 355 4.1%
Fertilizer 185 2.2%
Agribulks 169 0.0%
Cement 148 4.2%
Scrap 95 5.6%
Petroleum Coke 72 1.4%
Sugar 60 -7.7%
Salt 55 5.8%
Nickel Ore 50 6.4%
Manganese Ore 48 6.7%
Others 266 6.0%
2021(E) Total Dry Bulk 5,330 3.7%
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Source: Clarksons Platou

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Mar/2021 Investor Presentation 10

Commodity Shares Based Vessel Types

% of Dry Bulk Cargoes Iron Ore 33% Coal 27% Grain 14% Minor Bulks 26%		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: Clarksons Platou & Maersk Broker

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Mar/2021 Investor Presentation 11

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

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Iron Ore
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Coal

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Million Tons
Million Tons
1544
1600 1503 1600
1477 1456
1400 1400 1287
1263
1221
1165
1200 1200
1000 871 886 1000
835 836
800 800
600
600 457
387 380422 383 362 404 373 427
348 340 360 400
400
200
200
0
0
2018 2019 2020 2021(f) 2018 2019 2020 2021(f)
Brazil Australia Total Australia Indonesia Total
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Source: Clarksons Platou

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Mar/2021 Investor Presentation 12

Vale’s Iron Ore Production Outlook

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Source: Vale

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Mar/2021 Investor Presentation

Iron Ore Price Remains at Hi h Level g

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March 2021
200 February 2011 US$ 178.45/MT
US$ 193.00/MT
180
160
140
120
100
80
60
40 February 2020
December 2015 US$ 79.80/MT
US$ 37.00/MT
20
62% FE CFR China, US$/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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Mar/2021 Investor Presentation 14

PRC Coal Im orts p

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Million Tons
350
300
250
200
150
100
50
0
Australia Indonesia Russia Mongolia Philippines All origins
2019 2020
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Source: PRC Customs

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Mar/2021 Investor Presentation 15

Coal Trades of PRC and Australia

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Source: Arrow Shipbroking

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Mar/2021 Investor Presentation

Global Steel Production Recovers

PRC’s y-o-y growth rate in 2020 is 5.2%; Full year y-o-y projection for 2021 is 2.8%

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Source: World Steel Association

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Mar/2021 Investor Presentation 17

PRC Commodit Im orts y p

• PRC’s demand for iron ore is estimated to increase in 2021 to 1.150 billion tons

• PRC’s demand for coal imports is projected to decrease by 4% in 2021 to 230 million tons

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

Iron Ore

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Million Tons
1400 78%
1200 76%
1000 74%
800 72%
600 70%
400 68%
200 66%
0 64%
2014 2015 2016 2017 2018 2019 2020 2021(f)
Chinese Iron Ore Import % of global imports
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Coal

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Million Tons
300 25%
250
% 20%
200
15%
150
10%
100
5%
50
0 0%
2014 2015 2016 2017 2018 2019 2020 2021(f)
Chinese Coal Import % of global imports
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Source: Clarksons Platou

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Mar/2021 Investor Presentation 18

Iron Ore Stockpiles at PRC Ports

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Source: Drewry Maritime Research

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Mar/2021 Investor Presentation 19

Bulker Newbuilding Orders are Shrinking

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Capesize Orderbook Dry Bulk New Ship Ordering
% of Fleet (DWT)
No. 100% 91%
140
81%
120 80%
62%
100
60%
80
37%
60 40%
[24%]
40 20% 17% [21%] 18% 13% [15%] [16%] 13%
7% 7%
20
0%
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Jan
Delivered in Remaining 2021 2022 2023
2021
Q1 2021 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 2021 SCRAPPING AS % OF EXISTING FLEET	JAN 2021 SCRAPPING AS % OF EXISTING FLEET
Handysize (10,000 - 40,000 dwt)	3%	12.0	13%		0.00%
Handymax (incl. Supramax & Ultramax)	5%	10.1	7%		0.05%
(40,000 - 65,000 dwt)
Panamax (incl, Kamsarmax) (65,000 - 100,000 dwt)	6%	10.3	9%		0.04%
Capesize (100,000 + dwt)	7%	8.7	2%		0.17%
Total Dry Bulk > 10,000 dwt	6%	10.5	6%		0.09%

Source: Clarksons Platou

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Mar/2021 Investor Presentation 20

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
10
2.00%
5.42
5
0.96%
0 0.00%
1.94
-5
-2.00%
-10
11.60
-15
-4.00%
-20
-25 -6.00%
2016 2017 2018 2019 2020 Q1 2021
Scrapping New Deliveries Net Fleet Growth
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Source: Clarksons Platou

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Mar/2021 Investor Presentation 21

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		March 2021
208,000 DWT	NB	54.5	52.0	-5%	56.0	+8%
180,000 DWT	NB	49.5	46.5	-6%	50.5	+9%
180,000 DWT (ECO)	5-YR	37.5	35.5	-5%	39.0	+10%
180,000 DWT	10-YR	22.0	19.5	-11%	25.3	+30%
176,000 DWT	15-YR	13.5	12.8	-5%	16.5	+29%

Source: Clarksons Platou / Internal Assessment

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Mar/2021 Investor Presentation 22

2019- 2021 BCI/BPI/BSI/BHSI Indices

Freight Indices

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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
Capesize 5TC (180K) Kamsarmax 5TC (82K) Supra/Ultramax 10TC (58K) Handysize 6TC (28K)
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Source: Clarksons Platou

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Mar/2021 Investor Presentation 23

BDI 2019- Q1/2021

Baltic Exchange Dry Index

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3000
4/Sep/2019
2500 22/Mar/2021 BDI: 2,518
BDI: 2,319
6/Oct/2020
10/Feb/2021
BDI: 2,097
BDI: 1,303
2000
1500
1000 11/Feb/2019
BDI: 595
BDI Avg.
500 Year 2019 1,353
14/May/2020 Year 2020 1,066
BDI: 393
Jan-Mar 2021 1,713
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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Mar/2021 Investor Presentation 24

BCI 2019- Q1/2021

Baltic Exchange Capesize Index

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5500
4/Sep/2019
3/Jul/2020 BCI: 5,043
13/Jan/2021
BCI: 4,440
4500
BCI: 3,194
3500 12/Feb/2021
BCI:1,242
9/Mar/2020
BCI: -372
2500
2/Apr/2019
BCI: 92
1500 5TC Avg. BCI Avg.
Year 2019 18,025 2,261
Year 2020 13,070 1,450
500
Jan-Mar 2021 17,021 2,052
-500
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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Mar/2021 Investor Presentation 25

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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Mar/2021 Investor Presentation

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CMT Ca esize Fleet
p
China Peace China Progress China Pride China Triumph China Prosperity
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
174,413 DWT 174,322 DWT 177,856 DWT 203,028 DWT 203,028 DWT
2005 2006 2009 2011 2012
2017 2017 2016 2013 2012
China Honour China Enterprise China Harmony China Fortune China Pioneer
中華名望輪 中華偉業輪 中華和諧輪 中華偉運輪 中華先鋒輪
179,562 DWT 207,986 DWT 179,505 DWT 206,061 DWT 206,079 DWT
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Mar/2021 Investor Presentation 28

Entities Revenue Ratio for 2020

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

Major Investment and Joint Venture

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Effective Ownership
Holding Main Operating
Name of Company Interest as of
Since Activities
31 [st] December 2020
Taiwan Navigation, 50,000-80,000 DWT
2006 5.85%
Co., Ltd. Bulk Carriers
Crude and Product
Global Energy Maritime
2011 12.00% Tankers including
Co., Ltd.
VLCCs
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Mar/2021 Investor Presentation 30

2015-2020 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	2015	2016	2017	2018	2019	2020
Revenue	3,361	3,295	3,218	3,820	3,763	3,131
Net Profit/(Loss)	333	48	98	514	324	329
EPS	1.30	0.21	0.50	2.60	1.64	1.67
Cash and cash equivalents	4,506	3,686	2,940	3,345	3,288	3,742
Total liabilities	10,173	11,148	10,652	10,237	10,022	9,734
Total equity	11,141	10,323	9,427	10,187	9,934	9,750
ROE %	3.0%	0.5%	1.0%	5.2%	3.2%	3.3%
ROA %	2.1%	0.9%	1.3%	3.5%	2.5%	2.3%
Liability %	48%	52%	53%	50%	50%	50%

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Mar/2021 Investor Presentation 31

Dividends Distribution

Year	2010	2011	2012	2013	2014	2015	~~~~ 2016*	2017	2018	2019
Cash dividends/ Capital Reduction (NT$)	3.20	2.00	1.00	1.50	1.30	2.50 ~~*~~	0.50	0.50	1.60	0.80
EPS (NT$)	7.53	3.92	2.23	1.55	1.30	1.30	0.21	0.50	2.60	1.64
* 3.20 2.00 1.00 1.50 1.30 0.20 0.50 0.50 1.60 0.80 42% 51% 45% 97% 100% 192% 238% 100% 62% 49% 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 0% 50% 100% 150% 200% 250% Cash Dividend Capital Reduction Dividend Payout Ratio 2.30

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

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Mar/2021 Investor Presentation 32

Appendix 1：Condensed Balance Sheet

	Expressed in millions of New Taiwan Dollars	Expressed in millions of New Taiwan Dollars
Assets	Dec 31, 2020	Dec 31, 2019
Current assets	5,078	3,959
Property,plant and equipment	12,101	13,549
Intangible assets	10	12
Other non current assets	2,295	2,437
Total assets	19,484	19,957
Liabilities and Equity
Current liabilities	3,505	3,110
Non Current liabilities	6,229	6,913
Total liabilities	9,734	10,023
Equity attributable to owners of parent
Common stock	1,975	1,975
Capital surplus	53	53
Retained earnings	8,606	8,442
Other equityinterest	(884)	(536)
Total equity	9,750	9,934
Total liabilities and equity	19,484 19,957

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Mar/2021 Investor Presentation 33

： 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
	2020	2019
Operating Revenues	3,131,115	3,762,725
Operating costs	2,583,263	2,933,577
Gross profit	547,852	829,148
Operating expenses	376,341	369,497
Net operating income	171,511	459,651
Non operating income and expenses	180,548	(81,393)
Profit before tax	352,059	378,258
Less: tax expenses	23,020	54,416
Profit (attributable to owners of parent)	329,039	323,842
Other comprehensive income, net	(355,480)	(260,319)
Comprehensive income (attributable to owners of parent)	(26,441)	63,523
Earnings per share	1.67 1.64

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Mar/2021 Investor Presentation 34

： Appendix 3 Corporate Bonds Issuance

Tranche	2016-1	2016-2	2017	2020-1	2020-2
Amount (NT$ 100M)	9	14	８	15	10
Tenor	5 Years	5 Years	5 Years	5 Years	5 Years
Due Date	16-Mar-2021	16-Mar-2021	10-Apr-2022*	28-Aug-2025	28-Aug-2025
Interest Rate	0.88%	1.00%	1.13%	0.64%	0.66%
Interest Payment	Annually	Annually	Annually	Annually	Annually
Guarantee Bank	Bank of Taiwan	Mega Bank	Shanghai Commercial Bank	Mega Bank	Shanghai Commercial Bank

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

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Mar/2021 Investor Presentation 35

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.

We undertake no obligation to publicly update or revise any forward looking statement contained in this presentation, whether as a result of new information, future events or otherwise, except as required by law. In light of the risks, uncertainties and assumptions, the forward looking events discussed in this presentation might not occur, and our actual results could differ materially from those anticipated in these forward-looking statements.

Contact Information

Web Site: www.cmt.tw

Head Office:

15 Jinan Road Sect 1 Taipei Taiwan R.O.C. Tel:+886(0)2 2396 3282 Fax:+886(0)2 2391 6165

Investor Relations:

Spokesperson: BJ Tarng, Vice President Tel: +886(0)2 2397 6670 Fax: +886(0)2 2356 8085 Email: inv.rel@agcmt.com.tw

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36

Mar/2021 Investor Presentation

Thank You ！

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