SNC — Investor Presentation 2022

Sep 8, 2022

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新興航運股份有限公司 Sincere Navigation Corporation 2605.TW Sep 2022

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免責聲明Disclaimer

本演示文稿包含前瞻性陳述。這些前瞻性陳述受風險、不確定性 和假設的影響，其中一些是我們無法控制的。實際結果可能與這 些前瞻性陳述明示或暗示的結果大不相同。由於這些風險、不確 定性和假設，本演示文稿中討論的前瞻性事件和情況可能不會以 我們預期的方式發生，或者根本不會發生。您不應過分依賴任何 前瞻性信息。

在準備此處的信息時，新興航運股份有限公司（”新興航運”) 在未經獨立驗證的情況下依賴並假設所有可從公共來源獲得的信 息或提供給新興航運或由新興航運以其他方式審查的信息的準確 性和完整性。新興航運及其顧問均未就此類信息的準確性或完整 性作出任何陳述或保證，也不承擔在獲得更多信息時或根據不斷 變化的情況補充此類信息的任何承諾。對於因使用本演示文稿或 其內容或以其他方式與本演示文稿有關的任何損失，新興航運或 其任何關聯公司、顧問或代表均不承擔任何責任（疏忽或其他） 未經新興航運事先書面同意，不得將本演示文稿或其任何內容複 製給第三方。

This presentation contains forward looking statements. These forward-looking statements are subject to risks, uncertainties, and assumptions, some of which are beyond our control. Actual results may differ materially from those expressed or implied by these forward-looking statements. Because of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this presentation might not occur in the way we expect, or at all. You should not place undue reliance on any forward-looking information.

In preparing the information herein, Sincere Navigation Corporation (“SNC”) have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to SNC, or which was otherwise reviewed by SNC. Neither SNC nor its advisors have made any representation or warranty as to the accuracy or completeness of such information and nor do they assume any undertaking to supplement such information as further information becomes available or in light of changing circumstances. None of SNC, nor any of their respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. Neither this presentation nor any of its contents may be reproduced to a third party without the prior written consent of SNC.

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Sincere Navigation Corp

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公司簡介 Company Profile

成立於1968年，從事散裝輪和油輪業務，在台北、香港、溫哥華和 上海設有辦公室。

Established in 1968, engage in bulk and tanker business and have offices in Taipei, Hong Kong, Vancouver and Shanghai.

在多代的航運專業知識及家族傳承下，新興航運的血統可以追溯至 許廷佐及1922年下水的第一艘“舟山輪”。

With multiple generations of shipping expertise and family heritage, Sincere Navigation's lineage can be traced back to Charles Hsu and the first “Choushan Ship" launched in 1922.

積極參與社會團體及同業協會合作，許氏家族的最新一代以許積臯 Jack Hsu為代表，曾於2018-2019擔任香港船東協會的主席。

Actively participating in the cooperation between social groups and industry associations, the latest generation of the Hsu family is represented by Jack Hsu, who served as the chairman of the Hong Kong Shipowners Association from 2018 to 2019.

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許積臯董事長 Jack Hsu, Chairman

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Sincere Navigation Corp

船隊規模 Fleet Size

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T Self Owned JV Total % Tonn MT Tonna e %
ype age ( ) g
Kamsarmax 2 2 14% 163,270 6%
Capesize 6 2 8 57% 1,408,460 52%
VLOC 1 1 7% 250,327 9%
VLCC 2 1 3 21% 894,438 33%
Overall 11 3 14 100% 2,716,495 100%
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1. 截至 2022 年 6 月 30 日，平均船齡 10.4年。 Average age 10.4 years as of June 30, 2022

2. 除此之外，有1 艘 VLCC 光船租賃給第 3 方。Additionally, there is 1 VLCC bareboat to 3[rd] party.

3. 另外幫第三方管理 3 艘船舶。Managing additional 3 vessels, including 1 Kamsarmax, 1 Capesize and 1 VLOC, on behalf of vessel owners.

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1. 有1艘海岬型、1艘大型礦砂船和 2 艘超大型油輪配備有脫硫器。1 Capesize, 1 VLOC, and 2 VLCCs are equipped with scrubbers.

Sincere Navigation Corp

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船隊噸位 Tonnage

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Vessels Size
Kamsarmax, 2,
14%
VLCC, 3, 22%
VLOC, 1, 7%
Capesize, 8, 57%
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Vessels Tonnage
Kamsarmax,
163,270 , 6%
VLCC, 894,438 ,
33%
Capesize,
1,408,460 , 52%
VLOC, 250,327 ,
9%
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新興航運積極尋求在合理的時機購入船隻！ SNC is proactively seeking to acquire vessels at reasonable timing!

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Sincere Navigation Corp

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財務表現 Financial Performance

Year	Year	Year	H1 2022	H1 2021	2022 vs2021
Revenue	營業收入	(NT$M)	1,867	1,761	+6.0%
Gross Margin	毛利	(NT$M)	306	425	-28.1%
Gross Margin %	毛利率		16.4%	24.1%	-7.8%
Profit After Tax	稅後淨利	(NT$M)	110	335	-67.2%
PAT%	稅後淨利率		5.9%	19.0%	-13.1%
EPS	每股盈餘	(NT$ per share)	0.09	0.45	-80.0%
Cash on Hand	現金	(NT$M)	4,615	4,584	+0.7%
ROA %	資產報酬率		0.5%	1.6%	-1.1%
ROE%	股東權益報酬率		0.7%	2.1%	-1.4%
Liability/ Asset	負債佔資產比	(NT$M)	22%	26%	-17.3%
OperatingCashflow	營業活動現金流量	(NT$M)	523	827	-36.7%

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Sincere Navigation Corp

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散裝及油輪 Capesize and VLCC Rates

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Capesize 180,000 dwt, Average Trip Rates 1 Year Timecharter Rate 310,000 dwt D/H VLCC
100,000 35,000
90,000
30,000
80,000
70,000 25,000
60,000
20,000
50,000
15,000
40,000
30,000 10,000
20,000
5,000
10,000
- 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2021 2022 2021 2022
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Source form Clerksons Shipping Intelligence Weekly

• 由於中國經濟放緩，海岬型船費率在 2022 年下半年走低（不動產、基建）Capesize rates are getting lower in H2 2022 due to China’s economy slowdown (Property, Infrastructure )

• 2022 年上半年 VLCC 費率較低，2022 年下半年將增加，由於歐洲對原油的需求，預計 2023 年將維持在較高水平。 Lower VLCC rates in H1 2022 and are increasing in H2 2022 and expect to maintain at higher sides in 2023 due to Europe’s demand of crude oil.

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Sincere Navigation Corp

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未實現母子公司間借款匯兌損益 Unrealized Exchange Losses from Interco Loan

• 新興航運向子公司借款6000萬美元用於 支付股息的未實現匯兌損失新臺幣1.31億。

• 借款人和貸款人都是SNC集團公司，係 集團內資金融資交易。

• 影響為每股新臺幣0.22元。

• Unrealized exchange losses NT$131M from US$60M US dollar intercompany loan from subsidiaries to SNC for dividend payments due to USD got stronger against TWD.

• It was not an exchange loss as both borrower and lender are SNC Group companies.

• The impact is NT$0.22 per share.

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USD:TWD 2020 2021 2022
31
30.5
30
29.5
29
28.5
28
27.5
27
26.5
26
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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Sincere Navigation Corp

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按業務線劃分的收入 Revenue by Business Lines

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NT$M H1 2022 H1 2021 2022 vs 2021
Bulk 1,691 1,416 +19.4%
-
Tanker 165 335 50.6%
Shi Man ment 10 10 +1.5%
p age
Total 1,867 1,761 +6.0%
Bulk% 91% 80% +10.2%
Tanker% 9% 19% -10.2%
-
Shi Man ment% 1% 1% 0.0%
p age
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散裝輪收入增加，油輪營收減少，從而導致2022年上半年大宗收入佔比重增加。Bulk revenue increased and Tanker revenue decreased and thus result to higher portion of bulk revenue in H1 2022.

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Sincere Navigation Corp

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加息週期去槓桿化 Deleveraging In Interest Rate Increase Cycle

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Debt / Asset LIBOR 3M %
80.0% 3.5000
70.0%
3.0000
60.0%
2.5000
50.0%
40.0% 2.0000
30.0%
1.5000
20.0%
1.0000
10.0%
0.5000
0.0%
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22Q2
-
SNC Debt/Asset UMG Debt/Asset WDM Debt/Asset Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22
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• 3M LIBOR從2021年9月的0.11%上升至2022年7月的2.79%（+2.68%）3M LIBOR increased to 2.79% (+2.68%) in July 2022 from 。

• 0.11% in Sep 2021.

• 航運業由於其高資本支出投資特性，通常是一個高槓桿率的行業。大多數公司的負債/資產比率高達60%，對利率風險敏感。Shipping industry is generally a highly leverage industry due to its high amount capex investment. Most companies have liability / asset ratio up to 60% and sensitive to interest rate risk.

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• 自加息周期開始以來，SNC一直專注於風險管理，並一直在去槓桿化。年初至今償還貸款新臺幣18億元。SNC have focused a lot on risk management and been deleveraging since the start of interest rate hike cycle. YTD SNC repaid loan NT$1.8 billions.

Sincere Navigation Corp

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– 市場展望 散裝 Market Outlook – Dry Bulk

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Sincere Navigation Corp

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散裝運務需求 Dry Bulk Trade

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• •

2022年，散裝海運業務預計持平，為 54.6億噸，而2021年為54.6億噸。 In 2022, dry bulk seaborne business forecasted flat at 5.46billions tonnes vs 5.46billion tonnes in 2021.

Source form Clerksons Shipping Intelligence Weekly

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Sincere Navigation Corp

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散裝船需求 Dry Bulk Demand

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Source: Clarkson Shipping Intelligence Weekly

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Source form Clerksons Shipping Intelligence Weekly

全球24.5%之散裝船運載鐵礦及煤炭至中國。24.5% dry bulk are for iron ore and coal to China.

Sincere Navigation Corp

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船隊供給 Fleet Supply

Bulk		2020	2021	YTD 2022	YTD 2022vs2021
Vessels No	No of Vessels	12,357	12,738	12,980	1.9%
Tonnage	K DWT	912,802	945,631	963,902	1.9%
AvgDWT		74	74	74	0.0%

Source form Clerksons Shipping Intelligence Weekly

。 年初至 2022年8月1日，散裝輪船隊總噸位增長1.9%

YTD Aug 1, 2022, Bulk Fleet size grew 1.9% in terms of Vessel quantity and total tonnage.

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Sincere Navigation Corp

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船隊訂單 Fleet Orderbook

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Year End 1-Aug-22 Order Book Delivery Schedule
2018 2019 2020 2021 No M DWT No M DWT Growth% 2022 2023 2024+ Total
Capesiez 335.0 348.1 361.2 376.8 1,934.0 382.1 115.0 22.4 5.9% 4.5 11.2 6.7 22.4
Panamax 206.7 217.6 228.7 236.6 2,985.0 241.6 269.0 22.1 9.1% 5.4 10.9 5.8 22.1
Handymax 199.7 207.0 214.4 220.6 3,978.0 224.1 281.0 17.4 7.8% 3.5 7.1 6.8 17.4
Handsize 104.6 106.8 108.5 111.5 4,048.0 113.6 204.0 6.3 5.5% 1.3 3.2 1.9 6.4
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Source form Clerksons Shipping Intelligence Weekly

。 預計未來幾年將有另外115艘海岬型船舶交付，增長5.9%

Additional 115 Capesize vessels expect to deliver in the coming years, representing 5.9% growth.

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Sincere Navigation Corp

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影響因素 Influencing Factors

需求方 Demand Side

• 2022年需求預測持平 Demand forecast is flat in 2022

• 從新冠肺炎疫情中恢復 Recovery from Covid 19

• 中國封鎖 China lockdowns

• 中國經濟展望 China economy outlook

• 由於俄羅斯烏克蘭戰爭及俄羅斯中斷供給天然氣，歐 洲需要煤炭 Europe demand coal due to Russian Ukraine war and Russia’s stop gas supply.

供應方 Supply Side

• 2022年船隊供應增長1.9% Fleet supply growth 1.9% in 2022

• 港口壅塞（供應減少）Port congestion (lower supply)

• 碳排放要求導致速度放緩（供應量降低）Carbon emission requirement led to slowdown of speed (lower supply)

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Sincere Navigation Corp

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– 市場展望 油輪 Market Outlook – Tankers

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Sincere Navigation Corp

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原油貿易 Crude Oil Trade

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2022年，原油海運業務預計將比2021年 。 增長4% In 2022, Crude oil seaborne business forecasted to grow 4% vs 2021.

Source form Clerksons Shipping Intelligence Weekly

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Sincere Navigation Corp

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油輪需求 Tanker Demand

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Source form Clerksons Shipping Intelligence Weekly

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Sincere Navigation Corp

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船隊供給 Fleet Supply

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Tanker 2020 2021 YTD 2022 Var %
Vessels No No of Vessels 7,174 7,246 7,353 1.5%
Tonnage K DWT 641,405 652,701 666,831 2.2%
Av DWT K DWT 89 90 91 0.7%
g
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Source form Clerksons Shipping Intelligence Weekly

。 年初至 2022年8月1日，油輪船隊總噸位增長2.2% YTD Aug 1, 2022, Tanker Fleet size grew 2.2% in terms of total tonnage.

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Sincere Navigation Corp

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船隊訂單Fleet Orderbook

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Year End 1-Aug-22 Order Book Delivery Schedule
2018 2019 2020 2021 No M DWT No M DWT Growth% 2022 2023 2024+ Total
VLCC 227.7 247.4 256.2 261.6 870.0 268.3 40.0 12.1 4.5% 6.0 6.1 - 12.1
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Source form Clerksons Shipping Intelligence Weekly

。 預計未來幾年將有另外40個VLCC交付，增長4.5% Additional 40 VLCCs expect to deliver in the coming years, which represent 4.5% growth.

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Sincere Navigation Corp

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影響因素 Influencing Factors

需求方 Demand Side

• VLCC需求預測在2022年增長12% VLCC Demand forecast grow 12% in 2022

• 從新冠肺炎疫情中恢復 Recovery from Covid 19

• 中國封鎖 China lockdowns

• 中國經濟放緩 China economy slowdown

供應方 Supply Side

• 2022年供應增長2.2% Supply growth 2.2% in 2022

• 港口壅塞（供應減少）Port congestion (lower supply)

• 碳排放要求導致速度放緩（供應量降低）Carbon emission requirement led to slowdown of speed (lower supply)

• 俄羅斯烏克蘭戰爭導致的歐洲需求 Europe demand due to Russian Ukraine war

• 世界通貨膨脹 World inflation

• 石油輸出國組織減產石油每天10萬桶石油 OPEC cut oil production 100,000 barrels per day

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Sincere Navigation Corp

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船舶生命週期 Vessel Life Cycle 船舶租賃

與一級的租家維護密切關係 並在營運期間有效的搭配現 貨市場及長期租約。

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鑑定
船隻類型和新造船的
細分市場
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造船廠
船隻交付
良好的造船廠關係，著
交付並進入營運
重高質量的船舶資產。
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進塢維修
有效的進塢維修管理能增
進航舶資產價值
出場機制
賣船為重要的價值提升方
案，賣船的時機點如果對
的話，可以最大化資產的
投報率。
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Sincere Navigation Corp

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剩餘價值管理 Residual Value Management

• 船舶價值佔總資產價值的65%，如果不包括現金，則 。

• 為83%

• 剩餘價值約佔船舶價值的30%（基於每噸345美元）。

• 因此，必須確保船舶處於良好狀態並具有良好的轉售/ 廢料價值。

• Vessel values account for 65% of total asset value or 83% if excluding cash.

• Residual value represent around 30% of vessel value (based on US$345 per tonnes).

• Thus, it is imperative to ensure vessels are at good conditions and have good resale / scrap values.

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Sincere Navigation Corp

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策略 Strategy

為股東提供穩定的股息和回報。Provide stable dividends and return to shareholders.

在加息週期繼續去槓桿化或尋求低利率貸款融資。Continue deleveraging during interest rate increase cycle or financing lower interest rate loans.

積極尋求從新船和二手船擴大船隊規模。Proactively seek to expand fleet size from new building and 2[nd] hand vessels.

遵守 IMO 和其他當局的要求和規定。 Comply with IMO and other authorities’ requirements and regulations.

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Sincere Navigation Corp

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2605.TW

http://www.snc.com.tw ad@snc.com.tw Q&A +886 2 2704-6255

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Sincere Navigation Corp

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