Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

WISDOM Annual Report 2020

Dec 7, 2020

52177_rns_2020-12-07_76c0a164-b622-4a46-9e31-9fdb78a6d3fc.pdf

Annual Report

Open in viewer

Opens in your device viewer

==> picture [720 x 93] intentionally omitted <==

慧洋海運股份有限公司 Wisdom Marine Lines Co., Limited TWSE: 2637 ｜LSE: WML

08 December 2020 http://www.wisdomlines.com.tw

==> picture [86 x 86] intentionally omitted <==

==> picture [159 x 30] intentionally omitted <==

大綱Agenda

  • 公司概況 / Outlook

  • 產業概況 / Industry

  • 營運策略 / Strategy

==> picture [159 x 30] intentionally omitted <==

2

財務成長Financial Trend

USD mm

450 80% 400 70% 350 60% 300 50% 250 40% 200 30% 150 20% 100 10% 50 - 0% 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 *2020 # of 1 8 12 13 17 16 19 23 29 33 51 67 75 84 92 94 106 114 124 130 129 136 Vsls Revenue Op. Profit Op. Margin BDI *2020/9/30

==> picture [159 x 30] intentionally omitted <==

3

2019財務資訊Monthly Earning

2019 Op. Revenue (USD) Op. Profit (USD) Op. Margin Net Income (USD)
1 38,380,069 10,511,950 27.39% 4,820,714
2 34,193,313 8,558,138 25.03% 4,147,241
3 37,697,013 9,623,226 25.53% 4,371,509
4 36,348,549 8,079,524 22.23% 26,380,797
5 37,501,111 8,821,123 23.52% 3,843,378
6 36,586,374 8,999,955 24.60% 1,108,366
7 38,006,168 8,863,866 23.32% 2,048,893
8 38,719,025 9,477,716 24.48% 4,291,812
9 38,111,814 9,679,929 25.40% 5,994,607
10 38,597,787 9,886,868 25.62% 3,869,546
11 36,250,045 8,721,170 24.06% 6,876,363
12 37,119,646 9,016,400 24.29% 3,929,069
Total 447,510,914 110,245,838 24.64% 71,123,928
EPS : 3.38

==> picture [159 x 30] intentionally omitted <==

4

2020財務資訊Monthly Earning

2020 Op. Revenue (USD) Op. Profit (USD) Op. Margin Net Income (USD)
1 33,544,644 4,466,991 13.32% 1,122,668
2 28,014,749 959,325 3.42% -2,132,388
3 31,151,635 2,083,266 6.69% -3,069,507
4 29,949,173 1,714,727 5.73% -4,956,576
5 30,764,584 1,781,948 5.79% -1,167,224
6 30,451,462 518,053 1.70% -3,921,688
7 34,863,802 5,292,496 15.18% 88,119
8 36,571,320 5,965,179 16.31% 2,652,959
9 34,901,790 5,922,407 16.97% 1,255,937
10 37,962,154 6,652,622 17.52% 1,725,522
11 36,966,776 5,854,571 15.84% 2,604,323
Total 365,142,089 41,211,585 11.29% -5,797,855

EPS : -0.24

==> picture [159 x 30] intentionally omitted <==

5

船隊Fleet

Vessel Type
Dry Bulk
Cape		 Current (# of vessels)
Owned
BBHP&TC
Managed
Total
%*
3
0
0
3
2%		 NB
No.
-		 Total
No.
%
3
2%
32
22%
28
19%
47
32%
32
22%
5
3%
147
100%
Panamax 24
3
1
28
21%		 4
Supramax 24
3
0
27
19%		 1
Handy 39
1
1
41
30%		 6
Small Handy 30
0
2
32
24%		 -
Others
Other		 3
1
1
5
4%		 -
Overall Group 123
8
5
136
100%		 11
  • Average age : 7.0Y (as at 2020/11/30)

==> picture [159 x 30] intentionally omitted <==

6

同業船型Peer Fleet

慧洋 新興 裕民 中航 台航
WML Sincere Nav. U-Ming CMT Taiwan Nav.
Cape 3 9 16 10 0
Panamax 28 2 11 0 6
Supramax 27 2 6 0 9
Handy 41 0 0 0 0
Small Handy 32 0 0 0 0
Others 5 4 11 0 11
Total 136 17 44 10 26

==> picture [159 x 30] intentionally omitted <==

7

同業營收及損益Peer Financial

2020Q1~Q3 Operating
Revenue		 Operating
Profit		 Operating
Margin		 Net Income EPS
(TWD)		 ROE(%)
慧洋
WML		 8,649,513 855,506 10% -314,348 -0.43 -1.11%
新興
Sincere Nav.		 3,272,555 522,405 16% 349,351 0.60 2.13%
裕民
U-Ming		 6,116,352 222,476 4% 459,336 0.54 1.93%
中航
CMT		 2,338,375 125,020 4% 338,441 1.71 3.43%
台航
Taiwan Nav.		 1,860,097 319,883 17% 345,667 0.83 3.39%

Unit: 1,000 TWD Source: MOPS

==> picture [159 x 30] intentionally omitted <==

8

2020 新船營運New Vessels

No. DWT Type Delivery TC Hire (USD) Gross Margin
*1 61000 Supramax Jan-20 1Y ※10,000+ 40.63%
2 82400 Panamax Mar-20 1+1Y 13,000+ 48.54%
*3 61000 Supramax Mar-20 7~10 months 10,000+ 35.39%
4 63000 Supramax Apr-20 1+1Y 12,000+ 47.46%
5 37800 Handy Jun-20 5~7 months 8,000+ 32.09%
6 82400 Panamax Jun-20 1Y 11,000+ 38.68%
7 37800 Handy Sep-20 1+1Y 9,000+ 36.11%
8 63300 Supramax Nov-20 1Y 11,000+ 40.75%
Total 84,000+ 39.96%
  • scrubber-equipped

※ index-linked

==> picture [159 x 30] intentionally omitted <==

9

2021 新船營運New Vessels

No. DWT Type Delivery TC Hire (USD) Gross Margin
1 37800 Handy Feb-21 - 10,000+ 42.12%
2 82400 Panamax Mar-21 - 12,000+ 43.81%
3 63300 Supramax Mar-21 - 11,000+ 43.33%
4 38000 Handy Apr-21 - 10,000+ 42.12%
5 82400 Panamax May-21 - 12,000+ 43.81%
6 37000 Handy Jun-21 - 10,000+ 46.16%
Total 65,000+ 43.56%

==> picture [159 x 30] intentionally omitted <==

10

2020 換約情形TC Renewal

No. of Vsl *Avg. Hire Adjustment Effect on Revenue
2020Q1 13 -10.96% -1.02%
2020Q2 10 -9.35% -0.42%
2020Q3 8 -2.53% -0.10%
Est. 2020Q4 17 6.20% 0.04%
Total 48 -3.52% -1.48%
  • (Total Hire After Adj. - Total Hire Before Adj.) / Total Hire Before Adj.

==> picture [159 x 30] intentionally omitted <==

11

2021 預計換約情形TC Renewal

No. of Vsl *Avg. Hire Adjustment Effect on Revenue
Est. 2021Q1 24 3.49% 0.69%
Est. 2021Q2 11 5.85% 0.40%
Est. 2021Q3 8 5.33% 0.18%
Est. 2021Q4 3 8.27% 0.05%
Total 46 4.75% 1.31%
  • (Total Hire After Adj. - Total Hire Before Adj.) / Total Hire Before Adj.

==> picture [159 x 30] intentionally omitted <==

12

自營船隊Self Operation

  • 平均船數 Avg. Fleet：34

  • 主要船型 Ship Type：Handy+Small Handy

  • 平均船齡 Avg. Age：11Y

  • 運費及短期租金收入佔營收比重20% Freight & short-period hire revenue on total revenue

==> picture [294 x 188] intentionally omitted <==

----- Start of picture text -----

Handy
10000 18
8000 12
6000 6
4000 0
Dec-19 Apr-20 Nov-20
No. TCE
----- End of picture text -----

Small Handy

==> picture [296 x 161] intentionally omitted <==

----- Start of picture text -----

7000 30
6000 20
5000 10
4000 0
Dec-19 Apr-20 Nov-20
No. TCE
----- End of picture text -----

==> picture [159 x 30] intentionally omitted <==

13

指數連結船舶Index-linked

Panamax

Supramax

==> picture [653 x 153] intentionally omitted <==

----- Start of picture text -----

15000 6 15000 15
12000 12000 12
4
9000 9000 9
6000 6000 6
2
3000 3000 3
0 0 0 0
Dec-19 Apr-20 Nov-20 Dec-19 Apr-20 Nov-20
No. BPI Avg. TC Avg. Hire No. BSI Avg. TC Avg. Hire
----- End of picture text -----

Handy

==> picture [306 x 129] intentionally omitted <==

----- Start of picture text -----

12000 6
9000
4
6000
2
3000
0 0
Dec-19 Apr-20 Nov-20
No. BHSI Avg. TC Avg. Hire
----- End of picture text -----

  • 船數 Fleet at Nov-20 : 22

  • 已有8艘船舶鎖定Q4固定租金 8 vessels' rate had been fixed for Q4

==> picture [159 x 30] intentionally omitted <==

14

新冠肺炎疫情COVID-19

對散裝航運之影響

Impact On Dry Bulk Market

公司應對措施 Our Responses

  • 工廠產能受限、原物料需求減少

  • 提前安排船舶進塢

Reduced global demand

Early dry docking

  • 自營船舶收入減少、指數連結船舶租金下滑 Impact on spot market & index-linked hire

  • 港口及邊境封鎖Port & border lockdown

• 現金增資、向銀行申請寬緩以穩定現金流 New share issuance & deferred loan repayments

  • 港務作業延遲、船員換班困難

  • Delay in port operation, crew change

  • 二手船舶、拆船市況不佳

Sluggish S&P Market

  • 公司處分船舶計畫延後

  • Delay in vessel disposal

==> picture [159 x 30] intentionally omitted <==

15

產業走勢Industrial Trend

==> picture [662 x 338] intentionally omitted <==

----- Start of picture text -----

6000
5000
4000
6-Oct
2097
3000
2000
14-May
393
1000
0
2-Jan-19 2-Mar-19 2-May-19 2-Jul-19 2-Sep-19 2-Nov-19 2-Jan-20 2-Mar-20 2-May-20 2-Jul-20 2-Sep-20 2-Nov-20
----- End of picture text -----

BDI BCI BPI BSI

==> picture [159 x 30] intentionally omitted <==

-1000

16

船舶市況World Fleet & Wisdom

Avg. Age (yrs) Number of Vessels Number of Vessels
Type
World
Fleet
Wisdom		 World Fleet Wisdom
Order
Current
Order(%)
20+yrs(%)		 Order
Current
Cape
(110,000+)
9.4
8.7		 110
1,571
7.0%
1.5%		 0
3
Panamax
(67-110,000)
10.7
4.7		 180
2,867
6.3%
10.1%		 4
28
Supramax
(40-67,000)
10.6
5.3		 187
3,597
5.2%
8.6%		 1
27
Handy
(25-40,000)
11.1
6.5		 103
2,519
4.1%
11.6%		 6
41

*Source : Maersk Dry Bulk Fleet _October 2020

==> picture [159 x 30] intentionally omitted <==

17

船舶市況World Fleet 2016~2020

Order %
(Number of Vessels)
20+yrs(%)
(Number of Vessels)		 Order %
(Number of Vessels)
20+yrs(%)
(Number of Vessels)
Type \ Year
2016
2017
2018
2019
2020		 2016
2017
2018
2019
2020
Cape
(110,000+)
3.0%
4.5%
8.4%
11.6%
7.0%		 3.8%
2.5%
1.6%
1.6%
1.5%
Panamax
(67-110,000)
6.9%
7.9%
11.7%
10.5%
6.3%		 8.5%
6.5%
7.5%
9.0%
10.1%
Supramax
(40-67,000)
8.5%
4.7%
6.6%
6.6%
5.2%		 9.3%
7.6%
8.0%
8.5%
8.6%
Handy
(25-40,000)
8.2%
5.7%
5.8%
5.1%
4.1%		 12.9%
10.7%
10.4%
11.4%
11.6%

*Source: Maersk Dry Bulk Fleet Status _ October 2020

==> picture [159 x 30] intentionally omitted <==

18

船舶市況World Fleet 2016~2020

Fleet Change (No.) 2016
2017
2018
2019
※2020
Fleet 1st January 10,710
10,878
11,379
11,615
11,971
Changes Delvieries 564
456
299
443
452
Sold for Scrap (404)
(217)
(56)
(83)
(122)
Misc. Additions -
-
-
-
-
Misc. Removals/Losses (6)
(2)
(3)
(4)
(2)
Net Change during Year 154
237
240
356
328
Fleet End Year 10,864
11,115
11,619
11,971
12,299

*Source: Clarkson Shipping Intelligence Weekly_27-November-2020

※as of 27-November-2020

==> picture [159 x 30] intentionally omitted <==

19

拆船市況Scrapping

Type \ Year (m dwt)
2016
2017
2018
2019*		 ※2020
%
Cape (110,000+)
13.3
6.4
3.1
5.9
9.4
72%
Panamax (67-110,000)
8.3
3.6
0.1
0.4
0.8
109%
Supramax (40-67,000)
4.3
3.1
0.7
0.8
1.5
116%
Handy (10-40,000)
3.2
1.6
0.5
0.8
0.9
34%
Total
29.1
14.6
4.4
7.9
12.7
75%

*Source : Clarkson Shipping Intelligence Weekly_27-November-2020 The % change is based on annualized figures for this year against last year.

※ as of 27-November-2020

==> picture [159 x 30] intentionally omitted <==

20

限硫令Sulphur Cap

• 公司應對措施 Our Responses

新造船 New Building

現成船隊 Existing Fleet

部分安裝脫硫設備install scrubbers

預留裝設空間reserving place

使用低硫油using low sulphur oil

• 油品價差 Price Difference

==> picture [434 x 198] intentionally omitted <==

----- Start of picture text -----

Price $/mt
800
600
400
200
0
Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20
Global 20 Ports -IFO380 Global 20 Ports -VLSFO
----- End of picture text -----

==> picture [159 x 30] intentionally omitted <==

21

未來營運策略Strategy

• 新造船訂單On Order: 11

  • -以節能船為主Mainly Eco-ship

-油耗表現Consumption Saving

2021 2022
Panamax 2 2
Supramax 1 0
Handy 3 3
Total 6 5

• 船舶處分Disposal of Vessels

-以老舊船舶為主

Prioritize sale of vessels over 10 years old

-強化財務結構

Improving financial structure

老舊船舶 Fleet over 10 years old

10-15y 15-20y 20-25y
Cape - - -
Panamax - - -
Supramax 3 - -
Handy 7 1 -
Small Handy 18 1 -
Other 2 - 2
Total 30 2 2

==> picture [159 x 30] intentionally omitted <==

22

==> picture [720 x 541] intentionally omitted <==

----- Start of picture text -----

Q＆A
----- End of picture text -----

More from WISDOM

AGM Information 2026
May 26
AGM Information 2026
May 26
Regulatory Filings 2026
May 25
Regulatory Filings 2026
May 22
Notice of Dividend Amount 2026
May 22
Declaration of Voting Results & Voting Rights Announcements 2026
May 22
Interim / Quarterly Report 2026
May 11
Interim / Quarterly Report 2026
May 11
Regulatory Filings 2026
May 11
Regulatory Filings 2026
May 11
View all filings →