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WISDOM Annual Report 2021

Jun 16, 2021

52177_rns_2021-06-16_78268c9a-3113-4ae3-9bf1-3cb96a6fd588.pdf

Annual Report

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

17 June 2021

http://www.wisdomlines.com.tw

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大綱Agenda

  • 公司概況 / Outlook

  • 產業概況 / Industry

  • 營運策略 / Strategy

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2

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
12 39,996,464 9,844,499 24.61% 10,340,218
Total 405,138,553 51,056,084 12.60% 4,542,363

EPS : 0.15

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3

2021財務資訊Monthly Earning

2021 Op. Revenue (USD) Op. Profit (USD) Op. Margin Net Income (USD)
1 40,258,847 9,324,048 23.16% 6,874,628
2 37,318,272 8,325,574 22.31% 6,468,696
3 48,452,483 17,589,664 36.30% 18,572,976
4 48,929,547 17,879,928 36.54% 19,733,262
5 52,271,563 20,260,630 38.76% 16,097,564
Total 227,230,712 73,379,845 32.29% 67,747,126

EPS : 2.55

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4

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%
31
21%
28
19%
47
32%
31
23%
4
3%
144
100%
Panamax 25
3
1
29
21%		 2
Supramax 25
3
0
28
20%		 0
Handy 41
1
1
43
31%		 4
Small Handy 29
0
3
32
23%		 -
Others
Other		 3
0
0
3
3%		 1
Overall Group 126
7
5
138
100%		 7
  • Average age : 7.3Y (as at 2021/6/4)

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5

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 15 10 0
Panamax 29 2 11 0 6
Supramax 28 2 6 0 9
Handy 43 0 0 0 0
Small Handy 32 0 0 0 0
Others 3 4 11 0 11
Total 138 17 44 10 26

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6

同業營收及損益Peer Financial

2021Q1 Operating
Revenue		 Operating
Profit		 Operating
Margin		 Net Income EPS
(TWD)		 ROE(%)
慧洋
WML		 3,537,777 989,197 28% 889,896 1.19 3.20
新興
Sincere Nav.		 789,049 122,280 16% 62,391 0.11 0.61
裕民
U-Ming		 2,462,515 232,387 9% 342,355 0.41 1.46
中航
CMT		 792,821 37,798 5% 220,685 1.12 2.23
台航
Taiwan Nav.		 654,558 163,080 25% 155,762 0.37 1.42

Unit: 1,000 TWD Source: MOPS

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7

2020 新船營運New Vessels

No. DWT Type Delivery TC Hire (USD) Gross Margin
*1 61000 Supramax Jan-20 1Y ※11,000+ 40.18%
2 82400 Panamax Mar-20 1+1Y 13,000+ 47.55%
*3 61000 Supramax Mar-20 7~10 months 10,000+ 33.78%
4 63000 Supramax Apr-20 1+1Y 12,000+ 44.92%
5 37800 Handy Jun-20 5~7 months 8,000+ 28.46%
6 82400 Panamax Jun-20 1Y 11,000+ 37.58%
7 37800 Handy Sep-20 1+1Y 9,000+ 32.79%
8 63300 Supramax Nov-20 1Y 11,000+ 40.75%
Total 85,000+ 38.25%
  • scrubber-equipped

※ index-linked

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8

2021 新船營運New Vessels

No. DWT Type Delivery TC Hire (USD) Gross Margin
1 37800 Handy Mar-21 1+1Y 11,000+ 44.78%
◆2 63300 Supramax Mar-21 1Y 12,000+ 46.31%
◆3 82400 Panamax Mar-21 3Y 13,000+ 48.29%
4 38000 Handy Apr-21 1+1Y 11,000+ 47.18%
◆5 82400 Panamax May-21 2Y ※25,000+ 72.94%
6 37000 Handy Jun-21 2Y ※24,000+ 75.00%
7 4740 LPG Jul-21 5+1Y 9,000+ 32.63%
Total 100,000+ 51.07%

◆NOx Tier III

※ index-linked

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9

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%
2020Q4 11 4.74% 0.08%
Total 42 -4.95% -1.46%
  • (Total Hire After Adj. - Total Hire Before Adj.) / Total Hire Before Adj.

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2021 預計換約情形TC Renewal

No. of Vsl *Avg. Hire Adjustment Effect on Revenue
2021Q1 23 37.07% 6.37%
Est. 2021Q2 15 48.47% 4.35%
Est. 2021Q3 18 21.97% 1.50%
Est. 2021Q4 6 32.01% 0.31%
Total 62 34.74% 12.54%
  • (Total Hire After Adj. - Total Hire Before Adj.) / Total Hire Before Adj.

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11

自營船隊Self Operation

  • 船數Fleet at May-21：22

  • 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

2020/1~5 *2021/1~5 Change Avg. Avg. BHSI Avg. TC 5,778 18,277 216.32%

*as of 2021/5/28

BHSI

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1500
19-Mar-21
1360
1200
900
12-May-20
228
600
300
0
7-Jan-19 7-Apr-19 7-Jul-19 7-Oct-19 7-Jan-20 7-Apr-20 7-Jul-20 7-Oct-20 7-Jan-21 7-Apr-21
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12

指數連結船舶Index-linked

  • 船數 Fleet at May-21：18

  • • 主要船型 Ship Type：Panamax+Supramax

  • • 其中9艘鎖定Q2固定租金 9 vessels′ rate had been fixed for Q2

2021Q2 FFA 2021Q2 FFA *2021Q2
( at 2021/1/29) ( at 2021/2/26) Index Avg. TC
Panamax 12,750 16,300 23,714
Supramax 11,200 16,000 23,315

*as of 2021/5/28

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3000
2500
2000
1500
1000
500
0
7-Jan-19 7-Apr-19 7-Jul-19 7-Oct-19 7-Jan-20 7-Apr-20 7-Jul-20 7-Oct-20 7-Jan-21
BPI BSI
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13

產業近況Current Market

  • 疫情趨緩後各國原物料需求回補

  • Commodities demand increase after pandemic slowdown

  • 中國穀物、鐵礦砂需求強勁 Strong grain & iron ore demand from China

  • 中澳煤炭禁令

  • China′s ban on Australian coal

  • 印度疫情再起 India COVID-19 crisis

  • 近期新造船訂單增加: 貨櫃船/油輪/LPG Newbuilding orderbooks increase : container/tanker/LPG

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14

產業走勢Industrial Trend

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6000
5000
4000
3000
2000
1000
0
2-Jan-19 2-Apr-19 2-Jul-19 2-Oct-19 2-Jan-20 2-Apr-20 2-Jul-20 2-Oct-20 2-Jan-21 2-Apr-21
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-1000
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BDI BCI BPI BSI
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15

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+)
9.6
9.3		 104
1,593
6.5%
1.6%		 0
3
Panamax
(67-110,000)
10.8
5.3		 155
2,889
5.4%
10.4%		 2
29
Supramax
(40-67,000)
10.7
5.4		 180
3,616
5.0%
8.6%		 0
28
Handy
(25-40,000)
11.2
6.7		 96
2,523
3.8%
11.2%		 4
43

*Source : Maersk Dry Bulk Fleet _January 2021

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16

船舶市況World Fleet 2017~2021

Order %
(Number of Vessels)
20+yrs(%)
(Number of Vessels)		 Order %
(Number of Vessels)
20+yrs(%)
(Number of Vessels)
Type \ Year
2017
2018
2019
2020
2021		 2017
2018
2019
2020
2021
Cape
(110,000+)
4.9
10.0
10.1
6.9
6.5		 2.5
1.6
0.4
1.6
1.6
Panamax
(67-110,000)
8.5
11.9
9.3
5.7
5.4		 6.5
7.5
9.3
10.2
10.4
Supramax
(40-67,000)
4.5
6.6
6.1
5.0
5.0		 7.6
8.0
8.4
8.5
8.6
Handy
(25-40,000)
5.5
5.7
4.8
3.6
3.8		 10.7
10.4
11.3
11.5
11.2
Total
5.8
8.3
7.2
5.1
5.0		 7.3
7.6
8.2
8.7
8.7

*Source: Maersk Dry Bulk Fleet Status _ January 2021

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17

船舶市況World Fleet 2017~2021

Total Orderbook & 20+yr Ratio

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20.00%
15.00%
10.00%
5.00%
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0.00%
2014 2015 2016 2017 2018 2019 2020 2021
Order % 20+yrs(%)
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18

船舶市況World Fleet 2017~2021

Fleet Change (No.) 2017
2018
2019
2020
※2021
Fleet 1st January 10,878
11,379
11,615
11,973
12,316
Changes Deliveries 456
299
443
489
170
Sold for Scrap (217)
(56)
(83)
(142)
(44)
Misc. Additions -
-
-
1
-
Misc. Removals/Losses (2)
(3)
(4)
(5)
-
Net Change during Year 237
240
356
343
126
Fleet End Year 11,115
11,619
11,971
12,316
12,442

*Source: Clarksons Shipping Intelligence Weekly_21-May-2021

※as of 21-May-2021

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19

拆船市況Scrapping

Type \ Year (m dwt)
2016
2017
2018
2019
2020*		 ※2021
%
Cape (110,000+)
13.3
6.4
3.1
5.9
11.6
2.8
-39%
Panamax (67-110,000)
8.3
3.6
0.1
0.4
1.0
0.4
2%
Supramax (40-67,000)
4.3
3.1
0.7
0.8
1.8
0.5
-27%
Handy (10-40,000)
3.2
1.6
0.5
0.8
1.0
0.4
3%
Total
29.1
14.6
4.4
7.9
15.4
4.2
-32%

*Source : Clarksons Shipping Intelligence Weekly_21-May-2021 The % change is based on annualized figures for this year against last year.

※ as of 21-May-2021

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20

法規要求Regulatory Challenges

氮氧化物排放 Nitrogen Oxides(NOx)

  • MARPOL Annex VI Tier III regulation (2016/1/1~)

壓艙水處理系統 Ballast Water Treatment System

  • International Convention for the BWM (2019/9/8~)

硫化物排放 Sulphur Oxides(SOx)

  • Sulphur cap (2020/1/1~)

碳排放 Carbon Emission(CO2)

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-EEXI (2023/1/1~)

-CII (2023/1/1~)

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21

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

Price $/mt

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800
$112
600
$264 $51
400
200
0
Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21
Global 20 Ports -IFO380 Global 20 Ports -VLSFO
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22

碳排放Carbon Emission

Energy Efficiency Existing Ship Index (EEXI)

  • EEDI → EEXI ◆Design

  • 時程 Schedule：from 2023/1/1, to be confirmed by MEPC 76 in 2021

  • ▲EEXI不符合標準值之解決方式 Solutions to non-compliance：

  • → Engine power limitation

→ Modification

Carbon Intensity Indicator (CII)

  • EEOI → DCS → CII ◆Operating

  • 時程 Schedule：from 2023/1/1, to be confirmed by MEPC 76 in 2021

  • ▲CII不符合標準值之解決方式 Solutions to non-compliance：

  • → 提出改善計畫 Submit a corrective action plan

預估市場上80%的船舶將會受到影響

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23

未來營運策略Strategy

• 船舶處分Disposal of Vessels

-增進船隊營運效率

Improving operating efficiency

-強化財務結構

Improving financial structure

-預計尚有4艘船舶近期將處分

4 vessels would be disposed in our estimation

2021 Disposal

Vessel Name Type Age Delivery Date
▽Ital Melodia Other 13.5 2021/Feb
Sakizaya Noble Panamax 3.4 2021/Mar
◆Wisdom Grace Other 23.0 2021/May
Beagle Ⅶ Small Handy 13.9 2021/May
Loss on disposal = USD 700,000
Operating cash inflow = USD 8,000,000

▽代管船舶無處分損益manage only, no gain/loss on disposal ◆光船租賃船舶無處分損益BBHP, no gain/loss on disposal

• 新造船訂單On Order: 7

  • -以節能船為主 Mainly Eco-ship

  • -油耗表現 Consumption Saving

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

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24

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Q＆A
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