CMT — Investor Presentation 2024

Jun 26, 2024

Stock Code：2612 TT

Q2 Investor Presentation

By: Ban-Jen Tarng Company Spokesperson

27[th] June 2024

Summar of Presentation y

 Capesize Market Outlook

• Dry Bulk Shipping Market Trends

• The Company Overview

• Appendices

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1

Jun/2024 Investor Presentation

Outlook

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Ca esize Market Outlook p

Major Commodities Export Rose in 1H 2024

• Capesize 5TC averaged US$ 23,371 in first half of 2024; PRC iron ore imports increased by 7.0% YoY during January and May while coal imports increased by 12.6% YoY during the same period

• Spot rates are supported in Q2 reflecting healthy demand/supply balance; we see stronger Brazilian and Australian iron ore export with iron ore price averaging US$ 110/tonne

Iron ore Prices Remain High and FFA in Contango

• Iron ore prices averaged at US$ 119/tonne in 1H and 2H FFA averages US$ 26,000

• Rising ship asset values reflecting appetite for tonnages in near term

Global Fleet Net Growth Remains Relatively Low

• 25 new ships joined the global fleet so far in 2024, while 5 vintage ships were scrapped in first 6 months

• Capesize net fleet growth is about 1.05%

Short-term Outlook

• PRC iron ore and coal imports increase over same period last year but iron ore stockpile has increased close to highest level. Overall economy and real estate market is still under great stress but export of steel product is strong

• The 3[rd] and 4[th] eco-NBs of Company’s newbuilding program had been delivered in Q2 while one ship is trading in the spot market as part of the diverse chartering strategy

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Jun/2024 Investor Presentation

Market Influencin Factors g

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Bullish Factors Bearish Factors
Low NB Delivery Numbers High Iron Ore Stockpile in PRC
Stronger Commodity Exports PRC Real Estate De-stocking
Higher Import of Bauxite to PRC Volatile FFA Trading
Increase of Tonne-miles Vintage Tonnages Delay Exiting
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Jun/2024 Investor Presentation

PRC Ke Indicators y

• PRC’s gross domestic product in Q1 grew by 5.3% y-o-y, while full is around 5.0%

• year guidance

• PRC’s crude steel production between January and May reached about 439 million tonnes, down by about 1.4% y-o-y; the country exported about 45 million tonnes of steel products between January and May, up by about 24.7% y-o-y

• Compared to end 2023, China Steel Price Index (CSPI) decreased by 5.9% at end-May to 107.03 points

• The country imported about 514 million tonnes of iron ore between and about 7.0% while coal reached

• January May, up by y-o-y, imports about 205 million tonnes, up by about 12.6% y-o-y

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Jun/2024 Investor Presentation

5

Shi in Market Outlook - Demand pp g

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Iron Ore

Clarksons Platou forecasts Chinese iron ore imports to increase by 1% in 2024 while Brazilian export volume is expected to increase by 5% and Australian export volume to remain the same level; global iron ore demand is projected to grow by 1% in 2024

Coal

Clarksons Platou forecasts Chinese coal imports to increase by 3% in 2024 while Australian export volume is expected to increase by 3% and Indonesian export volume to increase by 1%; global coal demand is projected to increase by 1% in 2024

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Jun/2024 Investor Presentation

Shi in Market Outlook - Su l pp g pp y

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Newbuildings

According to S&P Global, total 56 capesize bulkers were delivered in 2023 with fleet net growth at 2.4%; 40 capesize bulkers are expected to be delivered in 2024

Ship Scrapping

Demolition quantity of capesize bulkers reached 9 in 2023 while more vintage bulkers are to be recycled - this year 10 units are expected to be scrapped in 2024

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Jun/2024 Investor Presentation

7

Dry Bulk Shipping Market Trends

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BDI 2022-2024

Baltic Exchange Dry Index

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BDI Avg.
Year 2022 1,934
5000
Year 2023 1,378
Jan - Jun 2024 1,831 23/May/2022
BDI: 3,369 4/Dec/2023
4000 BDI: 3,346
18/Mar/2024
BDI: 2,419
3000
17/Jan/2024 31/Aug/2022
BDI: 1,308 BDI: 965
2000
1000
16/Feb/2023
BDI: 530
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2022 BDI 2023 BDI 2024 BDI
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Source: Clarksons Platou

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Jun/2024 Investor Presentation

9

BCI 2022-2024

Baltic Exchange Capesize Index

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7000
5TC Avg. BCI Avg.
Year 2022 $16,177 1,951
4/Dec/2023
6000 Year 2023 $16,389 1,976 BCI: 6,582
Jan - Jun 2024 $23,371 2,818
23/May/2022
5000 BCI: 4,602
11/Mar/2024
BCI: 4,314
4000
17/Jan/2024
BCI:1,733
3000
2000
1000
31/Aug/2022
17/Feb/2023
BCI:302
BCI: 271
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2022 BCI 2023 BCI 2024 BCI
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Source: Clarksons Platou

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Jun/2024 Investor Presentation 10

2022- 2024 BCI/BPI/BSI/BHSI Rates

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Spot TCE (US$)
60,000
50,000
Capesize 5TC (180K)
2024/6/21 - $26,059
40,000
Kamsarmax 5TC (82K)
30,000 2024/6/21 - $16,441
Supra/Ultramax 10TC (58K)
20,000 2024/6/21 - $15,382
10,000 Handysize 7TC (38K)
2024/6/21 - $13,548
0
Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24
Capesize 5TC (180K) Kamsarmax 5TC (82K) Supra/Ultramax 10TC (58K) Handysize 7TC (38K)
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Source: Clarksons Platou

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Jun/2024 Investor Presentation

11

Global Econom and Dr Bulk Trade y y

• IMF projects global GDP to grow by 3.2% in 2024

• Clarksons Platou forecasts dry bulk seaborne trade to increase by 2.2% in 2024

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8
6.2
5.8 5.8
6 5.6
4.6
3.8
4 3.5 3.5 3.5 3.4 3.3 3.53.1 3.4 3.4 3.1 3.3 3.2
2.8
2.2
1.7
2
0.4 0.4
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024(f)
-1.2
-2
-2.7
-3.1
-4
Global GDP Growth (%) Dry Bulk Trade Growth (%)
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Source: IMF & Clarksons Platou

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Jun/2024 Investor Presentation 12

Dr Bulk Seaborne Trade Forecast y

0.9% 0.8% 10.5% 1.4% 3.3% 4.3% 3.5% 3.7% 1.0% 0.8% 2.2% 4.1% -1.5% 2.1% 6.0% 0.0% 4.2% 2.2% Iron Ore 1,557 Coal 1,326 Bauxite 179 Capesize focus cargoes total 3,062 Grain 540 Forest Products 337 Steel Products 382 Fertilizer 197 Agribulks 194 Cement 122 Scrap 95 Petroleum Coke 102 Sugar 65 Salt 49 Nickel Ore 53 Manganese Ore 45 Others 394 2024(E) Total Dry Bulk 5,638 YoY Million Tonnes Cape Focus	0.9% 0.8% 10.5% 1.4% 3.3% 4.3% 3.5% 3.7% 1.0% 0.8% 2.2% 4.1% -1.5% 2.1% 6.0% 0.0% 4.2% 2.2% Iron Ore 1,557 Coal 1,326 Bauxite 179 Capesize focus cargoes total 3,062 Grain 540 Forest Products 337 Steel Products 382 Fertilizer 197 Agribulks 194 Cement 122 Scrap 95 Petroleum Coke 102 Sugar 65 Salt 49 Nickel Ore 53 Manganese Ore 45 Others 394 2024(E) Total Dry Bulk 5,638 YoY Million Tonnes Cape Focus	0.9% 0.8% 10.5% 1.4% 3.3% 4.3% 3.5% 3.7% 1.0% 0.8% 2.2% 4.1% -1.5% 2.1% 6.0% 0.0% 4.2% 2.2% Iron Ore 1,557 Coal 1,326 Bauxite 179 Capesize focus cargoes total 3,062 Grain 540 Forest Products 337 Steel Products 382 Fertilizer 197 Agribulks 194 Cement 122 Scrap 95 Petroleum Coke 102 Sugar 65 Salt 49 Nickel Ore 53 Manganese Ore 45 Others 394 2024(E) Total Dry Bulk 5,638 YoY Million Tonnes Cape Focus
	2024(E) Total Dry Bulk 5,638	2.2%

Source: Clarksons Platou

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Jun/2024 Investor Presentation 13

Ca e 5TC vs. Fleet Utilization Rate p

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USD/Day
35,000 89%
30,000
88%
25,000
87%
20,000
86%
15,000
85%
10,000
84%
5,000
0 83%
2014 2016 2018 2020 2022 2024
Baltic Index Cape 5TC Rate Fleet Utilization (%)
Source: Marsoft
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Jun/2024 Investor Presentation 14

Global Iron Ore Ex orts p

Clarksons Platou forecasts global iron ore exports increase by 1% in 2024

Iron Ore

Million Tonnes

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1600 1529 1543 1557
1478
1400
1200
1000
871 884 894 895
800
600
355 342 373 392
400
200
0
2021 2022 2023 2024(f)
Brazil Australia Total
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Source: Clarksons Platou

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Jun/2024 Investor Presentation 15

Global Coal Ex orts p

Clarksons Platou forecasts global coal exports to increase by 1% in 2024

Coal

Million Tonnes

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1600
1400 1314 1326
1226 1228
1200
1000
800
600 519 524
465
432
366 339 351 362
400
200
0
2021 2022 2023 2024(f)
Australia Indonesia Total
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Source: Clarksons Platou

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Jun/2024 Investor Presentation 16

Global Bauxite Ex orts p

2018 vs 2023 Bauxite Export Share by Vessel Type

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2.77%
Million Tonnes Global Bauxite Exports 7.28% 3.53% 0.05%
3.61%
200 18.77%
179
180 Capesize
162
Panamax
160 152
145 Handymax
140
140 126 70.43% 93.57% Handysize
120 109
100
85
73 73
80
2023 Global Bauxite Imports from Guinea
60
38 35 35 35 37
40 8.94%
5.22%
20
1.46%
China
0
2020 2021 2022 2023 2024(f) Spain
United Arab Emirates
Australia Guinea All
85.85% Others
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Source: Clarksons Platou & AXS Marine

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Jun/2024 Investor Presentation

Global Coal Prices

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Source: MacroMicro

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Jun/2024 Investor Presentation

18

Iron Ore Price Trend

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240
220 May 2021
200 US$ 233.10/MT
180
160
140
120
100
80
60
40
December 2015
20 US$ 37.00/MT
0 62% FE CFR China, US$/MT
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24
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Source: MacroMicro

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Jun/2024 Investor Presentation 19

PRC Crude Steel Price

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180 7500
160
6700
140
120
5900
100
80
5100
60
40
4300
20
0 3500
1-Jan-2022 1-Jun-2022 1-Nov-2022 1-Apr-2023 1-Sep-2023 1-Feb-2024
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: MacroMicro

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Jun/2024 Investor Presentation 20

World Steel Production Trend

PRC’s y-o-y growth rate in 2023: +0.0%; Full year y-o-y projection for 2024: +2.0%

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Source: Drewry Maritime Research

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Jun/2024 Investor Presentation

21

PRC Commodit Seaborne Im orts y p

• PRC’s demand for iron ore is projected to increase by 1% in 2024 to 1.171 billion tonnes

• PRC’s demand for coal imports is estimated to increase by 3% in 2024 to 369 million tonnes

Iron Ore

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Million Tonnes
1200 77%
1180
76%
1160
75%
1140
74%
1120
1100 73%
1080 72%
1060
71%
1040
70%
1020
69%
1000
980 68%
2017 2018 2019 2020 2021 2022 2023 2024(f)
Chinese Iron Ore Import % of global imports
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Coal

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Million Tonnes
400 30%
350
25%
300 %
20%
250
200 15%
150
10%
100
5%
50
0 0%
2017 2018 2019 2020 2021 2022 2023 2024(f)
Chinese Coal Import % of global imports
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Source: Clarksons Platou

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Jun/2024 Investor Presentation 22

PRC Iron Ore Im orts p

Million	Tonnes
120
110
0 10 20 30 40 50 60 70 80 90 100
	Jan		Feb		Mar		Apr		May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
									2022	2023	2024

Source: Clarksons Platou

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Jun/2024 Investor Presentation 23

Iron Ore Stock iles at PRC Ports p

165 152 139 126 113 100 Source: MacroMicro

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Jun/2024 Investor Presentation 24

PRC Bauxite Im orts p

Chinese Bauxite Seaborne Imports

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Million Tonnes
160 100%
90%
140
80%
120
70%
100
60%
80 50%
40%
60
30%
40
20%
20
10%
0 0%
2018 2019 2020 2021 2022 2023 2024(f)
Chinese Bauxite Import % of global imports
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2023 Global Bauxite Imports to China

Chinese Aluminium Production

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Million Tonnes
5.23% 45
42
Guinea 39
28.30% Australia
36
66.47% Others
33
30
2018 2019 2020 2021 2022 2023
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Source: Drewry Maritime Research & AXS Marine & International Aluminium Institute

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Jun/2024 Investor Presentation

Newbuildin Orders are Limited g

Capesize Supply Development

Capesize Orderbook for delivery

m. DWT

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No.
160
140
120
100
80
60
37
40 25 27
15 17 12
20 2
0
Delivered Remaining 2025 2026 2027 2028 2029
in 2024 2024
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30
160 3.76% 4.32%
25 5.00%
140 3.91%
20
120
15 1.79% 2.29% 3.00%
100 10 1.05%
80 5 1.00%
60 0
37
40 25 27 -5 -1.00%
20 15 17 12 2 -10
-15 -3.00%
0
2019 2020 2021 2022 2023 Jan-Jun
Delivered Remaining 2025 2026 2027 2028 2029
2024
in 2024 2024
Scrapping New Deliveries Net Fleet Growth
JUN 2024
ORDERBOOK AS %
AVERAGE AGE OVER 15 YEARS OLD SCRAPPING AS %
OF EXISTING FLEET
OF EXISTING FLEET
Handysize
9% 13.4 27% 0.13%
(10,000 - 40,000 dwt)
Handymax (incl. Supramax & Ultramax)
11% 12.0 23% 0.23%
(40,000 - 65,000 dwt)
Panamax (incl, Kamsarmax)
13% 11.9 25% 0.17%
(65,000 - 100,000 dwt)
Capesize
6% 10.8 15% 0.08%
(100,000 + dwt)
Total Dry Bulk > 10,000 dwt
9% 12.2 21% 0.16%
Source: Clarksons Platou
CMT Fleet Average Age: 8.9
Jun/2024 Investor Presentation 26
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Ca esize A e Profile p g

No.

Capesize Age Profile (170,000 - 220,000 DWT)

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200
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187
173
143
90
83
79
71 73 71
63
57
54 51 50 52
47
43
50 38
32
24 23 21
13
10
2 3
0
25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 Years
Total Vessels: 1,553
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150
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100

Source: S&P Global

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Jun/2024 Investor Presentation 27

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		2022	2023		Jun 2024
208,000 DWT	NB	66.6	73.7	11%	82.0	11%
180,000 DWT	NB	60.5	67.0	11%	74.5	11%
180,000 DWT (ECO)	5-YR	43.0	52.3	22%	64.0	22%
180,000 DWT	10-YR	28.0	31.0	11%	45.0	45%
176,000 DWT	15-YR	18.5	20.5	11%	29.0	41%

Source: Clarksons Platou & Internal Assessment

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Jun/2024 Investor Presentation 28

The Company Overview

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Com an Profile p y

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Shipping ：

CMT owns and manages a fleet of 14 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/2024 Investor Presentation

30

Entities Revenue Ratio for 2024Q1

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65%
Shipping
Trucking and
33%
Terminals
Agency and
2%
Travel
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Jun/2024 Investor Presentation

31

CMT Capesize Fleet

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China Peace China Progress China Pride China Triumph China Prosperity China Pioneer China Fortune
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 中華偉運輪
174,413 DWT 174,322 DWT 177,856 DWT 203,028 DWT 203,028 DWT 206,079 DWT 206,061 DWT
2005 2006 2009 2011 2012 2012 2013
2024 2024 2023 2023 2017 2017 2016
China Vista China Ace China Champion China Venture China Honour China Enterprise China Harmony
中華遠景輪 中華宏傑輪 中華冠軍輪 中華興業輪 中華名望輪 中華偉業輪 中華和諧輪
210,271 DWT 210,346 DWT 210,183 DWT 210,269 DWT 179,562 DWT 207,986 DWT 179,505 DWT
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Jun/2024 Investor Presentation 32

2018-2023 Financial Hi hli hts g g

Expressed in millions of New Taiwan Dollars

Year	2019	2020	2021	2022	2023	For the three months ended March 31, 2024
Revenue	3,763	3,132	3,554	4,410	4,015	1,016
Net Profit/(Loss)	324	320	1,031	758	324	127
EPS	1.64	1.67	5.27	3.88	1.66	0.65
Cash and cash equivalents	3,288	3,221	3,057	3,989	3,947	3,773
Total liabilities	10,022	9,735	8,650	8,799	11,764	11,818
Total equity	9,934	9,750	10,428	11,652	11,649	12,118
ROE %	3.2%	3.3%	10.3%	6.87%	2.78%	4.29 %
ROA %	2.5%	2.3%	5.8%	4.45%	2.82%	3.56 %
Liability %	50%	50%	45%	43%	51%	49%

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Jun/2024 Investor Presentation 33

Dividends Distribution

Year	Year	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Cash dividends/ Capital Reduction (NT$)		1.30	2.50	0.50 ~~*~~	0.50	1.60	0.80	1.60	2.68	2.18	1.00
EPS (NT$)		1.30	1.30	0.21	0.50	2.60	1.64	1.67	5.27	3.88	1.66
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50	1.30 0.20 0.50 0.50 1.60 0.80 1.60 2.68 2.18 1.00 2.3 100% 192% 238% 100% 62% 62% 96% 51% 56% 60% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0% 50% 100% 150% 200% 250% Cash Dividend Capital Reduction Dividend Payout Ratio *

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

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Jun/2024 Investor Presentation 34

Appendix 1：Condensed Balance Sheet

	Expressed in millions of New Taiwan Dollars	Expressed in millions of New Taiwan Dollars
Assets	March 31, 2024 Dec 31, 2023	March 31, 2023
Current assets	5,265 5,279	5,347
Property, plant and equipment	16,363 15,963	14,813
Intangible assets	5 4	5
Other non current assets	2,303 2,168	1,843
Total assets	23,936 23,414	22,008
Liabilities and Equity
Current liabilities	4,392 4,283	4,245
Non Current liabilities	7,426 7,481	6,467
Total liabilities	11,818 11,764	10,712
Equity attributable to owners ofparent
Common stock	1,975 1,975	1,975
Capital surplus	53 53	53
Retained earnings	9,394 9,464	9,310
Other equityinterest	631 93	-50
Non-controllinginterests	65 65	8
Total equity	12,118 11,650	11,296
Total liabilities and equity	23,936 23,414 22,008

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Jun/2024 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
	For the three months ended March 31, 2024	2023	For the three months ended March 31, 2023
Operating Revenues	1,015,644	4,014,892	929,368
Operating costs	786,107	3,157,517	710,632
Gross profit	229,537	857,375	218,736
Operating expenses	119,478	483,101	120,102
Net operating income	110,059	374,274	98,634
Non operating income and expenses	24,370	58,289	84,280
Profit before tax	134,429	432,563	182,914
Less: tax expenses	6,977	108,695	11,445
Profit	127,452	323,868	171,469
Other comprehensive income, net	538,656	44,381	(96,651)
Comprehensive income	666,108	368,249	74,818
Earnings per share	0.65 1.66 0.88

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： Appendix 3 Corporate Bonds Issuance

Tranche	2020-the first secured -A	2020-the first secured -B	2020-the first secured -C	2020-the first secured -D
Amount (NT$ 100M)	10	5	5	5
Tenor	5 Years	5 Years	5 Years	5 Years
Due Date	28-Aug-2025	28-Aug-2025	28-Aug-2025	28-Aug-2025
Interest Rate	0.64%	0.64%	0.66%	0.66%
Interest Payment	Annually	Annually	Annually	Annually
Guarantee Bank	Mega Bank	Shanghai Commercial Bank	Mega Bank	Shanghai Commercial Bank

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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.

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

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Thank You!

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