WISDOM — Annual Report 2021

Mar 29, 2021

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

30 March 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
Total	77,577,119	17,649,622	22.75%	13,343,324

EPS : 0.50

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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% 32 23% 5 3% 146 100%
Panamax	24 3 1 28 20%	3
Supramax	25 3 0 28 20%	0
Handy	40 1 1 42 31%	5
Small Handy	30 0 2 32 24%	-
Others Other	3 1 0 4 3%	1
Overall Group	125 8 4 137 100%	9

• Average age : 7.3Y (as at 2021/03/30)

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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	28	2	11	0	6
Supramax	28	2	6	0	9
Handy	42	0	0	0	0
Small Handy	32	0	0	0	0
Others	4	4	11	0	11
Total	137	17	44	10	26

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6

同業營收及損益Peer Financial

2020Q1~Q4	Operating Revenue	Operating Profit	Operating Margin	Net Income	EPS (TWD)	ROE(%)
慧洋 WML	11,939,433	1,498,019	13%	111,414	0.15	0.40
新興 Sincere Nav.	3,985,650	695,907	17%	141,296	0.24	1.58
裕民 U-Ming	8,225,037	509,343	6%	878,425	1.04	3.51
中航 CMT	3,131,115	171,511	6%	329,039	1.67	3.34
台航 Taiwan Nav.	2,491,088	461,188	19%	518,147	1.24	4.93

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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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+	44.78%
◆5	82400	Panamax	May-21	-	22,000+	68.27%
6	37000	Handy	May-21	-	22,000+	72.39%
7	4740	LPG	Jul-21	-	9,000+	32.63%
		Total			100,000+	51.07%

◆NOx Tier III

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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
Est.	2021Q1	22		34.75%	5.91%
Est.	2021Q2	9		55.28%	2.55%
Est.	2021Q3	20		21.64%	1.61%
Est.	2021Q4	6		32.01%	0.31%
	Total	57		32.17%	10.37%

• (Total Hire After Adj. - Total Hire Before Adj.) / Total Hire Before Adj.

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自營船隊Self Operation

• 船數Fleet at Feb-21：27

• • 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

2020Q1 *2021Q1 Change Avg. Avg. BHSI Avg. TC 8,001 15,031 87.86% *as of 2021/3/15

BHSI

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1500
15-Mar-21
1296
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
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指數連結船舶Index-linked

• 船數Fleet at Feb-21：16

• 主要船型Ship Type：Panamax+Supramax

	2020Q1 Avg.	2021Q1* Avg.**	Change
BPI Avg. TC	7,009	16,946	141.77%
BSI Avg. TC	6,521	15,265	134.09%

*as of 2021/3/15

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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

• 美國推動疫情紓困案振興經濟及擴大基礎建設政策 Covid stimulus plan and infrastructure investment needs in the U.S.

• 中澳煤炭禁令

• China's ban on Australian coal

• 新造船訂單減少 Newbuilding orderbook shrinks

>>>>中小型船舶運價指數上漲 BPI/BSI/BHSI surge

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產業走勢Industrial Trend

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6000
5000
4000
6-Oct-20
2097
3000
2000
14-May-20
393
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
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BDI BCI BPI BSI

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-1000

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%	3 28
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%	5 42

*Source : Maersk Dry Bulk Fleet _January 2021

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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+) 4.5% 8.4% 11.6% 7.0% 6.5%	2.5% 1.6% 1.6% 1.5% 1.6%
Panamax (67-110,000) 7.9% 11.7% 10.5% 6.3% 5.4%	6.5% 7.5% 9.0% 10.1% 10.4%
Supramax (40-67,000) 4.7% 6.6% 6.6% 5.2% 5.0%	7.6% 8.0% 8.5% 8.6% 8.6%
Handy (25-40,000) 5.7% 5.8% 5.1% 4.1% 3.8%	10.7% 10.4% 11.4% 11.6% 11.2%

*Source: Maersk Dry Bulk Fleet Status _ January 2021

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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 11,971 12,314
Changes	Deliveries	456 299 443 488 89
	Sold for Scrap	(217) (56) (83) (143) (34)
	Misc. Additions	- - - - -
	Misc. Removals/Losses	(2) (3) (4) (2) -
Net Change during	Year	237 240 356 343 55
Fleet End Year		11,115 11,619 11,971 12,314 12,369

*Source: Clarksons Shipping Intelligence Weekly_19-March-2021

※as of 19-March-2021

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拆船市況Scrapping

Type \ Year (m dwt) 2017 2018 2019 2020*	※2021 %
Cape (110,000+) 6.4 3.1 5.9 11.6 2.3 -15%
Panamax (67-110,000) 3.6 0.1 0.4 1.0 0.4 78%
Supramax (40-67,000) 3.1 0.7 0.8 1.8 0.4 -3%
Handy (10-40,000) 1.6 0.5 0.8 1.0 0.3 31%
Total 14.6 4.4 7.9 15.4 3.4 -5%

*Source : Clarksons Shipping Intelligence Weekly_19-March-2021 The % change is based on annualized figures for this year against last year.

※ as of 19-March-2021

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

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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未來營運策略Strategy

• 新造船訂單On Order: 9

• -以節能船為主Mainly Eco-ship

-油耗表現Consumption Saving

	2021	2022
Panamax	1	2
Supramax	0	0
Handy	2	3
Other	1	0
Total	4	5

• 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

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

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Q＆A
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