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WISDOM Interim / Quarterly Report 2021

Sep 6, 2021

52177_rns_2021-09-06_db8a68cd-60dd-4a0d-a08c-82888b866713.pdf

Interim / Quarterly Report

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

02 September 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
6 54,155,389 23,394,257 43.20% 20,160,369
7 59,826,386 26,549,692 44.38% 22,918,824
Total 341,212,487 123,323,794 36.14% 110,826,319

EPS : 4.16

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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%
35
23%
28
19%
52
34%
28
19%
4
3%
150
100%
Panamax 25
3
1
29
22%		 6
Supramax 25
3
0
28
20%		 0
Handy 41
2
2
45
33%		 7
Small Handy 25
0
3
28
20%		 -
Others
Other		 4
0
0
4
3%		 0
Overall Group 123
8
6
137
100%		 13
  • Average age : 7.1Y (as at 2021/8/31)

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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 45 0 0 0 0
Small Handy 28 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

2021Q1~Q2 Operating
Revenue		 Operating
Profit		 Operating
Margin		 Net Income EPS
(TWD)		 ROE(%)
慧洋
WML		 7,885,564 2,711,997 34% 2,453,750 3.29 8.61
新興
Sincere Nav.		 1,761,464 322,934 18% 264,467 0.45 2.14
裕民
U-Ming		 5,834,049 1,095,429 19% 1,374,656 1.63 5.90
中航
CMT		 1,600,228 34,810 2% 1,020,742 5.20 9.81
台航
Taiwan Nav.		 1,464,173 470,319 32% 417,710 1.00 3.32

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 ※30,000+ 76.73%
6 37000 Handy Jun-21 2Y ※30,000+ 79.75%
7 4740 LPG Jul-21 5+1Y 9,000+ 32.63%
Total 100,000+ 53.67%

◆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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10

2021 預計換約情形TC Renewal

No. of Vsl *Avg. Hire Adjustment Effect on Revenue
2021Q1 23 37.07% 6.37%
2021Q2 15 48.62% 4.36%
Est. 2021Q3 18 87.80% 6.97%
Est. 2021Q4 13 119.17% 2.68%
Total 69 71.40% 20.39%
  • (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 Aug-21：9

  • 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

2020/1~8 *2021/1~8 Change Avg. Avg. BHSI Avg. TC 6,542 22,164 238.80% *as of 2021/8/23

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2100
1800
1500
1200
900
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 7-Jul-21
BHSI
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12

指數連結船舶Index-linked

•
船數Fleet at Aug-21：23
•
主要船型Ship Type：Panamax+Supramax
•
其中7艘鎖定Q3固定租金
7 vessels′ rate had been fixed for Q3
0
1000
2000
3000
4000
5000
7-Jan-19
7-Apr-19
7-Jul-19
7-Oct-19
7-Jan-20		 2021Q3 FFA
( at 2021/1/29)
2021Q3 FFA
( at 2021/2/26)
2021Q3*
Index Avg. TC**
Panamax
12,750
14,400
33,176
Supramax
11,000
13,650
32,619
as of 2021/8/23
7-Apr-20
7-Jul-20
7-Oct-20
7-Jan-21
7-Apr-21
7-Jul-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

  • 中澳煤炭禁令 China′s ban on Australian coal

  • 中印兩國疫情再起 China, India COVID-19 crisis

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

NB Contracted 2017 2018 2019 2020 *2021 yoy
Bulk Carriers 425 461 355 181 225 14%
Containers 151 202 116 89 386 403%
Oil Tankers 321 218 224 168 134 15%
LPG 34 48 64 41 87 188%
LNG 19 77 60 53 49 41%

*as of 2021/8/23

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14

產業走勢Industrial Trend

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7000
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 2-Jul-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+)
10.1
9.7		 120
1,632
7.4%
1.9%		 0
3
Panamax
(67-110,000)
11.2
5.4		 198
2,944
6.7%
12.2%		 6
29
Supramax
(40-67,000)
11.2
5.8		 252
3,697
6.8%
9.7%		 0
28
Handy
(25-40,000)
11.8
6.7		 82
2,543
3.2%
12.1%		 7
45

*Source : Maersk Dry Bulk Fleet _August 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
7.4		 2.5
1.6
0.4
1.6
1.9
Panamax
(67-110,000)
8.5
11.9
9.3
5.7
6.7		 6.5
7.5
9.3
10.2
12.2
Supramax
(40-67,000)
4.5
6.6
6.1
5.0
6.8		 7.6
8.0
8.4
8.5
9.7
Handy
(25-40,000)
5.5
5.7
4.8
3.6
3.2		 10.7
10.4
11.3
11.5
12.1
Total
5.8
8.3
7.2
5.1
6.0		 7.3
7.6
8.2
8.7
9.8

*Source: Maersk Dry Bulk Fleet Status _ August 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
11,977
12,320
Changes Deliveries 456
299
443
489
298
Sold for Scrap (217)
(56)
(83)
(142)
(51)
Misc. Additions -
-
-
1
-
Misc. Removals/Losses (2)
(3)
(4)
(5)
(1)
Net Change during Year 237
240
356
343
246
Fleet End Year 11,115
11,619
11,971
12,320
12,566

*Source: Clarksons Shipping Intelligence Weekly_20-Aug-2021

※as of 20-Aug-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
11.4
3.1
-58%
Panamax (67-110,000)
8.3
3.6
0.1
0.4
1.0
0.6
-14%
Supramax (40-67,000)
4.3
3.1
0.7
0.8
1.8
0.5
-55%
Handy (10-40,000)
3.2
1.6
0.5
0.8
1.0
0.5
-24%
Total
29.1
14.6
4.4
7.9
15.3
4.7
-53%

*Source : Clarksons Shipping Intelligence Weekly_20-Aug-2021 The % change is based on annualized figures for this year against last year.

※ as of 20-Aug-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
$102
600
$ 264 $ 51
400
200
0
Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-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

  • ▲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

  • ▲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

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
Arikun Small Handy 14.0 2021/June
Genius Star Ⅲ Small Handy 15.4 2021/June
Magnate Small Handy 16.6 2021/June
Genius Star Ⅶ Small Handy 14.5 2021/Jul
Loss on disposal = USD 3,000,000
Operating cash inflow = USD 15,000,000

▽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

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24

未來營運策略Strategy

• 新造船訂單On Order: 13

-以節能船為主 Mainly Eco-ship

-油耗表現 Consumption Saving

2022 2023 2024
Panamax 3 2 1
Supramax 0 0 0
Handy 3 3 1
Other 0 0 0
Total 6 5 2

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25

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Q＆A
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