U-MING - Annual Report 2015 | FinancialReports.eu

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2015 ANNUAL REPORT

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以航運核心專長為基礎
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STICS AND TRANSPORTATION COMPANY
STOMERS, EMPLOYEES AND INVESTORS
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Annual Report 2015 3

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Sincerity
Diligence
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Thrift
Prudence
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Financial Highlights	05
Chairman’s Message	06
U-Ming’s Activities	12
Fleet Introduction	14
Company Prof le	19
Financial Report	21
Notes to Consolidated Financial Statements	36
Summary of Operations	116
Directors & Supervisors	118
Senior Off cers	120
The Far Eastern Group	122

FINANCIAL HIGHLIGHTS

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2015 2015 2014 %Change
US$ NT$ NT$ (2015/2014)
For the Year
Freight revenues 236 7,733 8,965 (13.74)
Freight cost 230 7,545 7,335 2.86
Net income 25 824 2,083 (60.44)
Net income margin 11% 11% 23%
Per share of common stocks
Earnings per share 0.03 0.96 2.43 (60.49)
Cash dividends declared per share 0.03 1.0 2.2 (54.55)
Stock Dividends Per Share 0 0 0
At year-end
Total assets 1,941 63,718 63,493 0.35
Stockholders' equity (after appropria-
840 27,587 28,292 (2.49)
tion)
Book value per share 0.98 32.15 32.97 (2.50)
Number of common stockholders 71,459 67,705 5.54
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Notes : (A)U.S. dollar amounts in this annual report are calculated on basis of NT$32.825=US$1.00, the approximate effective rate of exchange on December 31, 2015.

Annual Report 2015 5

CHAIRMAN'S MESSAGE

I. Introduction

The downturn of the bulk shipping market in the past few years can be best described as “oversupply” ie. over capacity of vessels versus slack demand for commodities.

According to a recent report released by the International Monetary Fund (IMF), the global economic growth in 2015 has dipped to 3.1% from the previous year due to the slowing down in the developing countries, among which China bore the brunt of the economic slowdown. The country’s economic growth in 2015 was merely 6.9%, the fi rst time below the 7% mark. However, IMF has forecasted that the global growth in 2016 will recover by 3.4%. India, the Asian country that is at the heels of China, is expected to maintain its growing pace at 7.3% as in 2015, while China may further revise its growth rate down to 6.3% in 2016.

The commodity slump in 2014 has continued into 2015 as prices of various dry bulk cargoes plunged into historical lows. The price of China’s iron ore import (62% fe) dived by 77% from US$160 per ton in February 2013 to US$37 per ton in December 2015. Driven by U.S.’s breakthrough in the shale oil drilling technology and its high output, the crude oil price fell below US$40 per barrel in mid December 2015 and sank further below US$30 in January 2016, down by nearly 74% from its peak in June 2014. Although the global demand for iron ore is declining, China’s import of iron ore in 2016 is expected to hit another record high of 950m tons in 2016, up by 2.2%. The country will also see an 8.8% increase in crude oil import this year. According to the Chinese General Administration of Customs, as China’s economy moves into a new norm, the domestic economy has been challenged by tremendous downward pressure as import of major commodities is growing at a slower pace.

One of China’s key initiatives to ‘stabilize growth’ is to pursue its railway investments which is expected to reach RMB800 billion (or NT$4 trillion) in 2016. This initiative also involves the on-going efforts in advancing the ‘global’ strategic goals in its railway sector eg. the highly anticipated Jakarta-Bandung High-Speed Rail Project between China and Indonesia of which construction will commence in early 2016. With the China’s “Thirteenth Five-year Planning” and the “One Belt, One Road” initiatives, the expected increase in construction projects in the developing countries will also spur the global demand for steel and energy.

In comparison with iron ore and crude oil, the prospect for coal is less optimistic. The coal sector has been undergoing major restructuring due to the increased environmental awareness advocated by the international climate bodies, which continues to diminish both usage and demand for coal. Many countries have been seeking alternate energies to replace traditional coal-fired plants and also cutting excessive coal capacity to mitigate pollution. China, being the largest coal importer in the world, has imported 240m tons of coal in 2015, nearly 30% less than the previous year; this has severely impacted the international coal market. In contrast, India is sticking to its fi veyear economic plan and steps up investment in power and infrastructure construction, in bid to tackle the challenge of its domestic power shortage. Despite facing pressure from international environmental stipulations, the projected coal import into India is expected to reach 200m tons per year by 2020. The International Energy Agency (IEA) has forecasted that the annual coal demand from India and ASEAN countries will grow by 4.1% and 7.8% respectively in the next fi ve years, enough to make up the dwindling demand from the U.S. and Europe but falls short of replacing China to drive the international coal market.

Douglas Tong Hsu, Chairman

Annual Report 2015 7

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In the dry bulk shipping market, freight rates remained sluggish due to the oversupply of ships. According to Clarksons, the number and gross tonnage of ships in 2015 was at a record high. And the Baltic Dry Index (BDI)’s average was at 718 points, the lowest since 1986. However, the overall tonnage supply growth which peaked in 2010 has been diminishing on a yearly basis since then. The new orders’ gross tonnage as a percentage of existing ships has also dropped from 65% five years ago to the present 16%, indicating an on-going reduction of new orders in recent years which signals that the market is gradually reaching a balance. The number of ships scrapped in 2015 is up by 77% as compared to the previous year; however, this only accounted for 3.8% of the total shipping capacity thus far from offsetting the growth.

Despite facing with the many challenges in the shipping market environment, U-Ming has been adopting various reform initiatives like ecofriendly fl eet renewals to improve fuel effi ciency and to protect the environment; systems’ upgrading to grasp market trends effectively and ships’ connectivity to improve operational efficiency. As early as 2010, the company has pioneered into ordering eight eco-ships from Shanghai Waigaoqiao Shipbuilding Co., Ltd. (SWS), exhibiting its commitment to environment protection and fuel efficiency.

C. K. Ong, President

The sixth ship of such series was commissioned at the end of 2015 and the remaining two units will be delivered in 2016. Following the U.N. Paris Climate Change Conference held in end 2015, it is inevitable that harsher CO2 emission regulations will be imposed onto the shipping industry. U-Ming, through its early implementation of its “young and eco-fl eet portfolio” strategy, has been in the fore front in building the company’s competiveness which was highly appreciated and favoured by its clients. This affi rms the company’s philosophy in building U-Ming into a sustainable enterprise that favours all of its shareholders, clients and stakeholders.

II.Business Performance

In 2015, U-Ming reported a consolidated revenue of NT$7.924 billion, net income of NT$824.397 million and after-tax earnings per share (EPS) of NT$0.96.

bulk carriers delivered in 2015; and 1 Capesize bulk carrier was disposed off in the same year. As at end 2015, U-Ming owned a total of 37 vessels. For the new building orders, 2 Capesize and 4 Ultramax bulk carriers will be delivered between 2016 and 2017. The company will carry on its ‘smart and eco-friendly’ fl eet policy at appropriate timings. The joint venture company “Global Energy Maritime Co., Ltd.”, which U-Ming has set up with CPC Taiwan, is another avenue for the company to strengthen its fl eet portfolio and to leverage on other market sectors’ opportunity.

Under the prudent management team and with the comprehensive information platforms, U-Ming is able to continuously track down the industry’s development and investment opportunities; as well as to save operating costs effectively and to mitigate operational risks through sound risk management and optimal vessel planning & scheduling. Being environmentally responsible at sea and ashore has long been U-Ming’s corporate mission. The company has committed to building new green ships with environment-friendly designs and adopted sound ashore and on-board energy-efficient and carbon-reduction initiatives such as Ship Energy Efficiency Management Plan (SEEMP) and Environment Management System (EMS).

III.Business Strategy

Facing with a rapidly changing market environment, U-Ming has to be adaptive and prudent in its operations. The company’s comprehensive “Customer Relations Management (CRM)”

Annual Report 2015 9

system provides updated information and development of its customers and industries. This robust e-platform is able to collect real-time market information and enables the company to understand the clients’ needs and grasp the market trend in order to promptly adjust its business strategy and to improve operational efficiency. Furthermore, the newly enhanced information platform also allows more effective connectivity between ships and shore personnel with information being transmitted timely thus able to monitor the vessels’ operations more closely and effectively to achieve higher effi ciency and lowering the overall operating costs.

Maintaining a healthy financial system is an important foundation for sustainable operations. U-Ming takes full advantage of its diversifi ed fi nancing channels to keep its cost of capital under tight control and constantly monitor the foreign currency exchange rate and interest rate trends in order to manage these risks effectively.

U-Ming treasures its employees as an highly important asset of the company. Human resource trainings and upgrading for onshore and sea personnel are scheduled periodically. U-Ming Marine (Xiamen) International Ship Management Co., Ltd. was established to expand the scope of operations in China that includes crew recruitment and deployment, as well as ship management functions. The company also abides by its operating philosophy to carry out regular vessels’ maintenance and to provide proper working environment onboard to ensure crew safety; and to set up effective safety management systems to comply with the international maritime regulations and port state control inspections.

U-Ming spares no effort in protecting the marine ecological environment. It has developed a “Green Vision” for both ashore and onboard personnel, implementing various environmental protection policies such as innovative green-vessel designs and opting slow steaming for vessels to reduce harmful gas emissions etc thus cultivating the green mindset throughout the organization to achieve a sustainable growth.

Depending on the development of the freight market, the company will appropriately increase the proportion of long-term contracts to secure stable revenue thus reducing operating risks. The company will also carefully select reputable and fi nancially-sound customers as our business partners and take advantage of favourable new building prices for our continuous fleet renewal program to ensure a young fl eet portfolio in order to maintain our competitiveness and maximizing our shareholders’ value.

U-Ming’s short-term goals are:

Introduction of e-platform to enhance ship deployment plan and cost control.
Secure long-term Contract of Affreightment (COA) with reputable clients with good credit ratings and assets to reduce operating risk.
Enhance Port State Control’s (PSC) inspection records and achieve a zero detention rate.
Increase environmental awareness both on-board and ashore to demonstrate corporate social responsibility for preserving the marine ecological environment.

U-Ming’s long-term goals are:

Continue to plan and expand fuel-efficient and high performance fleet and achieve a sustainable growth.
Diversify regional risks and seek for reputable business partners.
Diversify into various shipping segments and portfolio of vessels.
Merge and acquire suitable companies with good synergy and asset standing.
Commit to corporate social responsibility and be a good corporate citizen.

IV.Conclusions

The dry bulk shipping market will continue to face many challenges in 2016. Facing with constantly changing market environment, U-Ming will continue to practise its philosophy for business development ie. “Sincerity, Diligence, Thrift, Prudence and Innovation”. Despite the market uncertainty, the company will maintain a high degree of dedication and adaptability in order to maximize profi ts and shareholders’ value. Under the prudent leadership of our management and a healthy financial position, we are confident that U-Ming will live up to the expectations of shareholders and stakeholders and continue to grow and prosper in 2016; striving towards the vision of “Based on our shipping core competency”, “To be the World-class Logistics and Transportation Company” and “To be the First Choice for Customers, Employees and Investors”. We shall continue to be a good corporate citizen to fulfi l our corporate social responsibility and to be a role model for operational excellence.

Douglas Tong Hsu, Chairman

Annual Report 2015 11

U-MING'S ACTIVITIES

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2015 Year End Banquet

U-Ming Marine 2015 Year End Banquet was held at Far Eastern Plaza Hotel. Chairman Hsu delivered a toast to the employees, encouraged them to think smarter, and keep competitive.

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The 61st Maritime Festival

U-Ming Marine wins Fleet Expansion Award, Operation Growth Award and Green Navigation Award, titled by Ministry of Transportation and Communication, R.O.C. Senior Vice PresidentMr. Robert Kao represented U-Ming to accept the awards at the 61st Maritime Festival.

12th "Information Disclosure Evaluation of Publicly Listed Company"

Taiwan Stock Exchange Corporation hold 12th "Information Disclosure Evaluation of Publicly Listed Company". U-Ming Marine made efforts on disclosing corporate governance information, reward A++ ranking on evaluation.

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Christening & Delivery Ceremony of M.V. "Cemtex Fortune"

The christening and delivery ceremony of U-Ming's new 85,066 DWT bulk carrier-M.V. "Cemtex Fortune" , was held on 6th August, 2015 at the Oshima Shipbuilding yard. Mrs. Cecilia Tsim, Managing Partner of Odgers Berndtson, Hong Kong and wife of Dr. Tsim Tak Lung, Director of Asia Cement (China) Holdings Corporation, was invited to christen M.V. Cemtex Fortune.

Christening & Delivery Ceremony of M.V. “Cape Success"

The christening and delivery ceremony of U-Ming's new 187,888 DWT bulk carrier, M.V. " Cape Success " was held on 18th December, 2015 in Shanghai. Ms Holly Lye, wife of Mr Peter Lye – Head of Shipping of Anglo American plc, was invited to christen M.V. " Cape Success ".

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Annual Report 2015 13

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The contracts signing ceremony of U-Ming's two new bulk carriers (DWT 81,500)

The contracts signing ceremony of U-Ming Marine's two new bulk carriers (DWT 81,500) with Sumitomo Corp. and Oshima shipbuilding, was held on February 15th, 2016 at U-Ming Marine's head quarters.

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Purchasing Green Power for Another Year

To actively respond to government’s strategy of Energy Conservation and Carbon Reduction, also join the Green Power Trial Scheme promoted by the Bureau of Energy, Ministry of Economic Affairs. U-Ming Marine has been purchasing 100 thousand kilowatt-hours (kWh) of Green Power for two consecutive years, to fulfi ll corporate social responsibility.

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2015 Annual Shareholders Meeting

U-Ming Marine 2015 Annual Shareholders Meeting was held on June 10th , 2015 in Taipei. Cash dividends of NTD$ 2.2 dollars was resolved.

FLEET INTRODUCTION

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Annual Report 2015 15

Capesize

Under Construction Joint Venture

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D.W.T DRAFT
SHIP NAME NATIONALITY BUILT
(TON) FULL LOAD(M)
CAPE MARS SINGAPORE JULY 2003 175,882 17.81
CAPE SATURN SINGAPORE NOV. 2003 175,882 17.81
CAPE GLOBE SINGAPORE OCT. 2012 206,095 18.49
CAPE NEPTUNE SINGAPORE APR. 2013 206,012 18.49
CAPE STARS SINGAPORE OCT. 2013 206,068 18.49
CAPE SPLENDOR SINGAPORE JAN. 2014 206,070 18.49
CAPE AUSTRALIA SINGAPORE MAR. 2014 187,882 18.00
CAPE AMERICA SINGAPORE MAR. 2014 187,882 18.00
CAPE EUROPE SINGAPORE APR. 2014 187,882 18.00
CAPE INDIA SINGAPORE APR.2014 187,882 18.00
CAPE EXCELSIOR SINGAPORE APR. 2015 187,888 18.00
CAPE SUCCESS SINGAPORE APR. 2015 187,888 18.00
CAPE VICTORY HONG KONG AUG. 2010 177,934 18.30
CAPE ASIA HONG KONG JULY 2011 176,000 18.30
CAPE BRILLIANCE SINGAPORE JAN. 2017 187,888 18.00
CAPE GALAXY SINGAPORE FEB. 2017 187,888 18.00
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Panamax

Under Construction Ship Management

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D.W.T DRAFT
SHIP NAME NATIONALITY BUILT
(TON) FULL LOAD(M)
CEMTEX SINCERITY HONG KONG MAY 1999 79,999 13.43
CEMTEX DILIGENCE R.O.C. NOV. 1999 79,999 13.43
CEMTEX THRIFT SINGAPORE MAY 2000 80,230 13.43
CEMTEX PRUDENCE SINGAPORE JULY 2000 80,226 13.43
CEMTEX PIONEER SINGAPORE APR. 2004 77,598 14.12
CEMTEX WISDOM SINGAPORE JUNE 2004 77,598 14.12
CEMTEX VENTURE HONG KONG AUG. 2006 73,594 14.02
CEMTEX ORIENT HONG KONG NOV. 2012 98,704 14.45
CEMTEX INNOVATION SINGAPORE JUNE 2013 81,342 14.45
CEMTEX CREATION SINGAPORE AUG. 2013 81,326 14.45
CEMTEX HUNTER R.O.C. OCT. 2014 85,066 13.94
CEMTEX LEADER SINGAPORE JAN. 2015 85,066 13.94
CEMTEX HONOR SINGAPORE APR. 2015 85,066 13.94
CEMTEX FORTUNE SINGAPORE APR. 2015 85,066 13.94
TAIPOWER PROSPERITY V R.O.C. MAR. 2011 93,774 14.52
TAIPOWER PROSPERITY VII R.O.C. AUG. 2011 93,774 14.52
HNO.10949 SINGAPORE SEP. 2018 81,500 14.47
HNO.10950 SINGAPORE JUNE 2019 81,500 14.47
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Supramax

Under Construction

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D.W.T DRAFT
SHIP NAME NATIONALITY BUILT
(TON) FULL LOAD(M)
ASIAN CHAMPION SINGAPORE JULY 2012 56,562 12.80
ASIAN TRIUMPH SINGAPORE SEP. 2012 56,535 12.80
ASIAN MAJESTY SINGAPORE NOV. 2016 62,466 ---
ASIAN SUMMIT SINGAPORE JAN. 2017 62,466 ---
ASIAN PROMINENCE SINGAPORE MAR. 2017 62,466 ---
ASIAN PRIDE SINGAPORE JUNE 2017 62,466 ---
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Annual Report 2015 17

Cement Carriers

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D.W.T DRAFT
SHIP NAME NATIONALITY BUILT
(TON) FULL LOAD(M)
ASIA CEMENT NO.1 R.O.C. JUNE 1980 6,169 6.65
ASIA CEMENT NO.2 R.O.C. SEP. 1987 11,999 8.50
ASIA CEMENT NO.3 R.O.C. MAY 1989 12,332 8.47
ASIA CEMENT NO.5 R.O.C. MAR. 1993 12,340 8.47
ASIA CEMENT NO.6 R.O.C. DEC. 1995 12,283 8.47
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Very Large Crude Carrier (VLCC)

Under Construction Joint Venture

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D.W.T DRAFT
SHIP NAME NATIONALITY BUILT
(TON) FULL LOAD(M)
STARLIGHT
HONG KONG NOV. 2004 318,824 22.5
VENTURE
HNO.5047 PANAMA JUNE 2016 302,000 21.55
HNO.5048 PANAMA DEC. 2016 302,000 21.55
HNO.5116 PANAMA DEC. 2017 302,000 21.55
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Oil/Chemical Tanker

Under Construction Joint Venture

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D.W.T DRAFT
SHIP NAME NATIONALITY BUILT
(TON) FULL LOAD(M)
GEM No.8 R.O.C. AUG. 2011 3,382 5.8
HNO. 733 PANAMA JUNE 2017 80,000 13.8
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COMPANY PROFILE

U-Ming Marine Transport Corporation (U-Ming), formerly named as Yue Ming Transportation Co., was reorganized in 1984 to provide marine transportation of cement, dry commodities and industrial raw materials, specializing in the trading of vessels, G401011 agency services and ZZ99999 apart from business requiring permission, the Corporation can operate business that is not prohibited or restricted by laws and regulations.

Capesize Bulk Carriers

In anticipation of the worldwide requirements for shipping raw materials, U-Ming has also acquired a series of Capesize bulk fleet since its incorporation. Currently, the Company has twelve Capesize bulk carriers namely, Cape Mars, Cape Saturn, Cape Globe, Cape Neptune, Cape Stars, Cape Splendor, Cape Australia, Cape America, Cape Europe, Cape India, Cape Excelsior and Cape Success. And in our joint venture companies, we have also acquired two Capesize bulk carriers namely, Cape Victory and Cape Asia. There are also two Capesize carriers under construction based on our fl eets expanding plan.

Post-Panamax, Panamax & Kamsarmax Bulk Carriers

U-Ming acquired Post-Panamax and Panamax size vessels since 1984. Currently, the Company owns fourteen vessels namely, Cemtex Sincerity, Cemtex Diligence, Cemtex Thrift, Cemtex Prudence, Cemtex Pioneer, Cemtex Wisdom, Cemtex Venture, Cemtex Orient, Cemtex Innovation, Cemtex Creation and Cemtex Hunter, Cemtex Leader, Cemtex Honor and Cemtex Fortune. We ship-manage two panamax bulk carriers from Taiwan Power Company namely, Taipower Prosperity V and Taipower Prosperity VII. For the Kamsarmax, there are still two ships under construction.

Supramax Carriers

Together with another two supramax vessels namely, Asian Champion and Asian Triumph, we have another four ultramax ships are under construction. These vessels are gainfully deployed in the dry bulk market carrying various types of dry commodities such as iron ore, coal and grain shipments worldwide.

Cement Carriers

As of today, U-Ming owns a total of five cement carriers namely, Asia Cement No. 1, Asia Cement No. 2, Asia Cement No. 3, Asia Cement No. 5, and Asia Cement No. 6. They provide comprehensive network coverage , supporting Asia Cement’s westbound cement shipments and export to Asia markets.

Annual Report 2015 19

VLCC (Very Large Crude Carrier) & Oil/Chemical Tanker

To diversify and expand our operating realms into the global market, we have acquired VLCC (Very Large Crude Carrier) – “Starlight Venture”. From then on U-Ming has owned the oil tanker and made the great strides in oil transportation.

The joint venture company, Global Energy Maritime Co. Ltd. owned an oil/chemical tanker named Gem No. 8 in 2011. There are still three VLCC and one oil tanker under construction.

These alliances based on the strategic farsightedness of U-Ming’s management team are expected to obtain great returns in the future.

U-Ming’s fleet has reached to 51 vessels with 6.26 million D.W.T. (including the bulk carriers which are still under construction.) This is in line with the Company’s policy in maintaining young and efficient fleets, leading the way to be an Eco-friendly, world class logistics and transportation company.

Corporate Development

U-Ming was publicly listed at the Taiwan’s Stock Exchange on 8th December 1990 and is one of the nine listed public companies within the Far Eastern Group. The Company’s philosophy is fi rmly established from the foundation of Far Eastern Group’s motto, “Sincerity, Diligence, Thrift, Prudence and Innovation.” With this motto, we are committed to attaining a higher value of the Company and thus set our minds on “Value-Adding” to our customers, employees and shareholders as our corporate philosophy.

With the establishment of its three fully owned subsidiaries, U-Ming Marine Transport (Singapore) Private Limited, U-Ming Marine Transport (Hong Kong) Limited and U-Ming Marine (Xiamen) International Ship Management Co. LTd.

We have also set up a joint venture oil tanker company, Global Energy Maritime Corporation with CPC Corporation, Taiwan and Chinese Maritime Transport, realizing our diversifi cation strategy.

As well as expanding our investment activities through strategic alliance and joint venture companies with our partners, while dry bulk shipping will remain as our core competency, our vision is to turn the company into a world-class transportation and logistics company, hence becoming the fi rst choice for customers, employees, investors and the environment.

Financial Report

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Annual Report 2015 91

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Annual Report 2015 93

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Annual Report 2015 95

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SUMMARY OF OPERATIONS

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Fright Revenue Net Income
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NT$ million
10000
5000
2500
0
2011 2012 2013 2014 2015
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Earnings Per Share Cash and Stock dividends declared per share

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NT$
8
6
4
2
0
2011 2012 2013 2014 2015
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Fleet Vessels
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Vessels
60
50
40
30
20
10
0
1986 1991 2001 2011 2015
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116

Cash Dividend Yield

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%
10
8
6
4
2
0
2011 2012 2013 2014 2015
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Book Value Per Share

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NT$
35
30
25
20
15
10
5
0
2011 2012 2013 2014 2015
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Fleet D.W.T.

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D.W.T.(10k)
700
600
500
400
300
200
100
0
1986 1991 2001 2011 2015
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Annual Report 2015 117

DIRECTORS & SUPERVISORS

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LEE, Kuan-Chun CHANG, Tzu-Pong ONG Choo Kiat LEE, Kun-Yen CHIANG SHAO, Ruey-Huey HSU, Shu-Ping Douglas Jefferson Hsu
Pan, Wen-Yen CHANG, Tsai-Hsiung HSU, Shu-Tong Chee Chen TUNG Chu, Yun-Peng
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118

INTRODUCTION OF DIRECTORS & SUPERVISORS

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Education(Job Experience)
Position Name Notes
Background
Chairman HSU, Shu-Tong Master in Economics, University ---
of Columbia, USA
Permanent Executive Director, Representative of
Director CHANG, Tsai-Hsiung
Asia Cement Corp. Asia Cement Corp.
Chairman, Ya Tung Ready- Representative of
Director LEE, Kun-Yen
Mixed Concrete Corp. Asia Cement Corp.
MBA, University of No tre Representative of
Director Douglas Jefferson Hsu
Dame, USA Asia Cement Corp.
Industrial and Business
Management of Nanyang Representative of Yue
Director ONG Choo Kiat
University Republic of Ding Industry Co. , Ltd
Singapore
Representative of Ya
Director LEE, Kuan-Chun MBA, Texas A&I University, USA Li Transportation Co.,
LTD.
Master in Mechanical
Director Chee Chen TUNG Engineering, Massachusetts ---
Institute of Technology, USA
Director Chu, Yun-Peng PhD in Economics, The ---
University of Maryland, USA
Director Pan, Wen-Yen PhD in Chemical Industry, ---
University of Wyoming, USA
Master in Operation Research, ---
Supervisor HSU, Shu-Ping
Stanford University, USA
Bachelor degree in Representative of
Supervisor CHIANG SHAO, Ruey-Huey Accounting, Soochow Yuan Ding Investment
University Corp.
Bachelor degree in Electrical Representative of Far
Supervisor CHANG, Tzu-Pong Engineering, National Taiwan Eastern Construction
University CO., LTD.
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Annual Report 2015 119

SENIOR OFFICERS

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Vincent Phua

Senior Vice President, U-Ming Marine Transport (Singapore) Pte. Ltd.

Bismark Chang Vice President, Accounting & Planning Department

Stephen Chen Vice President, Financial Department

Robert Kao Senior Vice President, Marine Division

James Chu

Vice President, Business Department I & II

120

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Sarina Tsai General Manager, Auditing Department

Alex Chen

Guo-Yong Huang

Huan-Chang Chen

Leon Lee Alex Chen Huan-Chang Chen General Manager, General Manager, Special Assistant to President, Marine Department HR & Administration Engineering & Marine Department Department

President, U-Ming Marine (Xiamen) International Ship Management Co. Ltd.

Annual Report 2015 121

THE FAR EASTERN GROUP

THE FAR EASTERN GROUP (FEG) comprises 232 companies and institutions, 52 of which are the most active operations covering various geographic regions, such as Taiwan, China, Singapore, Canada, Thailand, Vietnam, and etc. (*indicates the Group’s 9 listed public companies)

*1) FAR EASTERN NEW CENTURY CORP. (FENC)
*2) ASIA CEMENT CORP. (ACC)
*3) FAR EASTERN DEPARTMENT STORES (FEDS)
*4) U-MING MARINE TRANSPORT CORP. (UMTC)
*5) ORIENTAL UNION CHEMICAL CORPORATION (OUCC)
*6) EVEREST TEXTILE CO., LTD.
*7) FAR EASTERN INTERNATIONAL BANK (FEIB)
*8) FAR EASTONE TELECOMMUNICAT8ONS LTD. (FET)
*9) ASIA CEMENT (CHINA) HOLDINGS CORP. (ACCC)
10) FAR EASTERN FIBERTECH CO., LTD. (FEFC)
11) ORIENTAL PETROCHEMICALS CORP. (OPC)
12) AIR LIQUIDE FAR EASTERN LTD. (ALFE)
13) FREUDENBERG FAR EASTERN SPUNWEB CO., LTD.
14) YUAN DING CO., LTD.
15) FAR EASTERN GENERAL CONTRACTOR INC.
16) ALBERTA & ORIENT GLYCOL COMPANY LIMITED
17) FAR EASTERN INDUSTRIES (SHANGHAI) LTD. (FEIS)
18) FAR EASTERN APPAREL (SUZHOU) CO., LTD.
19) ORIENTAL INDUSTRIES (SUZHOU) LTD.
20) FAR EASTERN INDUSTRIES (WUXI) LTD. (FEIW)
21) ORIENTAL PETROCHEMICAL (SHANGHAI) CORPORATION (OPSC)
22) SINO BELGIUM BEER (SUZHOU) LIMITED
23) FAR EASTERN APPAREL (VIETNAM) LTD.
24) NEW CENTURY INFOCOMM TECH CO., LTD. (NCIC)

27) YA TUNG READY-MIXED CONCRETE CO., LTD.

28) CHIAHUI POWER CORPORATION
29) YUAN LUNG STAINLESS STEEL CORP.
30) ASIA CEMENT (SINGAPORE) PTE.
31) KOWLOON CEMENT CORPORATION LTD.
32) JIANGXI YADONG CEMENT COMPANY LIMITED

33) SICHUAN YADONG CEMENT CO., LTD.

34) HUBEI YADONG CEMENT CO., LTD.
35) HUANGGANG YADONG CEMENT CO., LTD.
36) YANGZHOU YADONG CEMENT CO., LTD.
37) PACIFIC SOGO DEPARTMENT STORES
38) PACIFIC CHINA HOLDINGS LTD.
39) FAR EASTERN AI MAI CO., LTD.
40) YA TUNG DEPARTMENT STORE LTD.
41) U-MING MARINE TRANSPORT (SINGAPORE) PTE LTD.
42) ORIENTAL SECURITIES CORP. (OSC)
43) FAR EASTERN INTERNATIONAL LEASING CORP.
44) DEUTSCHE FAR EASTERN ASSET MANAGEMENT COMPANY LIMITED
45) DING DING INTEGRATED MARKETING SERVICE CO. (DDIM)
46) SHANGRI-LA’S FAR EASTERN PLAZA HOTEL
47) FAR EASTERN MEMORIAL FOUNDATION (FEMF)
48) FAR EASTERN MEDICAL FOUNDATION
49) FAR EASTERN Y. Z. HSU SCIENCE & TECHNOLOGY MEMORIAL FOUNDATION
50) FAR EASTERN MEMORIAL HOSPITAL (FEMH
51) YUAN ZE UNIVERSITY (YZU)
52) ORIENTAL INSTITUTE OF TECHNOLOGY (OIT)
25) ARCOA COMMUNICATION CO., LTD. (ARCOA)
26) FAR EASTERN ELECTRONIC TOLL COLLECTION CO., LTD. (FETC)

122

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裕民航運股份有限公司

U-MING MARINE TRANSPORT CORPORATION

29TH FL., TAIPEI METRO TOWER, 207, TUN HWA S. RD., SEC.2, TAIPEI 106, TAIWAN, R.O.C. TEL：+886-2-2733-8000 FAX：+886-2-2735-9900

E-MAIL：[email protected]

WEBSITE：http://www.uming.com.tw

裕民航運(新加坡)私人有限公司

U-MING MARINE TRANSPORT (SINGAPORE) PRIVATE LIMITED

5 LITTLE RD., #02-01, CEMTEX INDUSTRIAL BUILDING, SINGAPORE 536983 TEL：+65-6289-9397 FAX：+65-6289-9809

E-MAIL：[email protected]

裕民航運(香港)有限公司

U-MING MARINE TRANSPORT (HONG KONG) LIMITED

11TH FL., LIPPO LEIGHTON TOWER, 103-109 LEIGHTON RD., CAUSEWAY BAY, HONG KONG

裕民(廈門)國際船舶管理有限公司

U-MING MARINE (XIAMEN) INTERNATIONAL SHIP MANAGEMENT CO., LTD. ROOM. 3002, BANK CENTRE, NO.189 XIA HE ROAD, XIAMEN 361003, CHINA

TEL：+86-592-2398288 FAX：+86-592-2398233

E-MAIL：[email protected]

AI assistant

U-MING — Annual Report 2015

52160_rns_2016-06-22_8a439ba8-a4b0-467b-8062-ce1b38b756ef.pdf

CONTENTS

FINANCIAL HIGHLIGHTS

CHAIRMAN'S MESSAGE

I. Introduction

Douglas Tong Hsu, Chairman

C. K. Ong, President

II.Business Performance

III.Business Strategy

IV.Conclusions

Douglas Tong Hsu, Chairman

U-MING'S ACTIVITIES

2015 Year End Banquet

The 61st Maritime Festival

12th "Information Disclosure Evaluation of Publicly Listed Company"

Christening & Delivery Ceremony of M.V. "Cemtex Fortune"

Christening & Delivery Ceremony of M.V. “Cape Success"

Purchasing Green Power for Another Year

FLEET INTRODUCTION

Capesize

Panamax

Supramax

Cement Carriers

Very Large Crude Carrier (VLCC)

Oil/Chemical Tanker

COMPANY PROFILE

Capesize Bulk Carriers

Post-Panamax, Panamax & Kamsarmax Bulk Carriers

Supramax Carriers

Cement Carriers

VLCC (Very Large Crude Carrier) & Oil/Chemical Tanker

Corporate Development

Financial Report

SUMMARY OF OPERATIONS

Cash Dividend Yield

Book Value Per Share

Fleet D.W.T.

DIRECTORS & SUPERVISORS

INTRODUCTION OF DIRECTORS & SUPERVISORS

SENIOR OFFICERS

Guo-Yong Huang

Huan-Chang Chen

THE FAR EASTERN GROUP

裕民航運股份有限公司

U-MING MARINE TRANSPORT CORPORATION

裕民航運(新加坡)私人有限公司

裕民航運(香港)有限公司

裕民(廈門)國際船舶管理有限公司

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U-MING Annual Report 2015