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WISDOM Investor Presentation 2019

Oct 22, 2019

52177_rns_2019-10-22_f6f0ba57-6d0d-453e-975d-06e40e2f93d3.pdf

Investor Presentation

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

23 October 2019

http://www.wisdomlines.com.tw

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1

大綱Agenda

  • 公司概況 / Outlook

  • 產業概況 / Industry

  • 營運策略 / Strategy

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財務成長Financial Trend

USD mm 450 400 350 300 250 200 150 100 50 - 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 *2019 # of 1 8 12 13 17 16 19 23 29 33 51 67 75 84 92 94 106 114 124 130 133 Vsls Revenue Op. Profit Op. Margin BDI *2019/9/30

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60%
50%
40%
30%
20%
10%
0%
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2018財務資訊Monthly Earning

2018 Op. Revenue (USD) Op. Profit (USD) Op. Margin Net Income (USD)
1 34,271,782 8,347,564 24.36% 1,153,432
2 31,142,073 6,682,409 21.46% 2,827,095
3 35,512,365 8,760,887 24.67% 3,401,058
4 34,529,511 8,497,331 24.61% 5,345,321
5 36,765,265 9,796,336 26.65% 4,162,379
6 36,199,294 9,328,544 25.77% 5,957,704
7 37,339,839 10,525,821 28.19% 4,677,068
8 37,287,969 10,489,459 28.13% 5,404,659
9 35,812,327 9,372,713 26.17% 4,871,547
10 38,440,435 11,180,689 29.09% 6,346,467
11 37,355,864 10,462,189 28.01% 11,901,147
12 38,778,077 12,219,427 31.51% 5,829,479
Total 433,434,801 115,254,976 26.59% 60,008,818
EPS : 2.92

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2019財務資訊Monthly Earning

2018 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
Total 335,543,436 82,615,427 24.62% 57,007,317

EPS : 2.78

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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%
30
20%
28
19%
45
30%
36
24%
6
5%
148
100%
Panamax 22
4
0
26
20%		 4
Supramax 20
2
0
22
16%		 6
Handy 37
2
1
40
30%		 5
Small Handy 34
0
2
36
27%		 -
Others
Other		 3
1
2
6
5%		 -
Overall Group 119
9
5
133
100%		 15
  • Average age : 6.8Y (as at 2019/9/30)

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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 26 2 11 0 7
Supramax 22 2 6 0 10
Handy 40 0 0 0 0
Small Handy 36 0 0 0 0
Others 6 4 11 0 16
Total 133 17 44 10 33

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7

同業營收及損益Peer Financial

2019Q2 Operating
Revenue		 Operating
Profit		 Operating
Margin		 Net Income EPS
(TWD)		 ROE(%)
慧洋
WML		 6,838,146 1,691,384 25% 1,373,014 2.17 4.82
新興
Sincere Nav.		 1,713,222 (215,351) (13%) (322,369) (0.57) (1.86)
裕民
U-Ming		 4,248,870 242,471 6% 127,785 0.15 0.49
中航
CMT		 1,913,623 266,390 14% 189,912 0.96 1.84
台航
Taiwan Nav.		 1,544,709 344,018 22% 266,389 0.64 2.54

Unit: 1,000 TWD Source: MOPS

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2018 新船營運New Vessels

No. DWT Type Delivery TC (Year) Hire (USD) Margin
1 81,600 Panamax 18-Jan 3Y 11,000+ 41.88%
2 37,600 Handy 18-Jan 2Y 10,000+ 44.24%
3 61,950 Supramax 18-Jan 5Y 11,000+ 42.88%
4 81,600 Panamax 18-Apr 1Y 11,000+ 44.09%
5 6,400 Other 18-Jun 6Y 10,000+ 31.39%
6 55,000 Supramax 18-Aug 1Y 11,000+ 38.94%
7 63,700 Supramax 18-Sep 1Y 14,000+ 50.70%
8 34,000 Handy 18-Nov - 10,000+ 43.12%
Total 89,000+ 42.15%

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2019 新船營運New Vessels

No. DWT Type Delivery TC (Year) Hire (USD) Margin
1 34000 Handy 19-Apr 1Y 10,000+ 44.28%
2 63000 Supramax 19-Apr 5Y 11,000+ 40.91%
3 37600 Handy 19-Jul 7Y 10,000+ 46.04%
4 61000 Supramax 19-Nov - 13,000+ 50.00%
5 61000 Supramax 19-Dec - 13,000+ 50.00%
Total 55,000+ 46.24%

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10

2018 換約情形TC Renewal

Est. No. of Vsl Est. Avg. Hire*
Adjustment**		 Est. Effect on Revenue
2018Q1 20 19.28% 2.26%
2018Q2 12 30.70% 1.66%
2018Q3 9 18.13% 0.53%
2018Q4 8 4.59% 0.08%
Total 49 18.78% 4.53%
  • (Total Hire After Adj. - Total Hire Before Adj.) / Total Hire Before Adj.

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2019 預計換約情形TC Renewal

Est. No. of Vsl Est. Avg. Hire*
Adjustment**		 Est. Effect on Revenue
2019Q1 21 3.00% 0.41%
2019Q2 15 0.91% 0.06%
2019Q3 10 6.43% 0.22%
2019Q4 15 5.45% 0.06%
Total 61 3.60% 0.74%
  • (Total Hire After Adj. - Total Hire Before Adj.) / Total Hire Before Adj.

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自營船隊Self Operation

• 自營船隊OP Fleet

  • 平均船數Avg. Fleet: 31

  • 船型Ship Type: Handy + Small Handy

  • 平均船齡Avg. Age: 8.7Y

  • 運費及短期租金收入佔營收比重20%

Freight & short-period hire revenue on total revenue

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13

產業走勢Industrial Trend

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6000
5000
4000
3000
2000
1000
0
9-Jan-18 9-Mar-18 9-May-18 9-Jul-18 9-Sep-18 9-Nov-18 9-Jan-19 9-Mar-19 9-May-19 9-Jul-19 9-Sep-19
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BDI BCI BPI BSI

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14

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+)
8.9
7.2		 174
1,497
11.6%
1.6%		 0
3
Panamax
(67-110,000)
10.3
3.5		 282
2,692
10.5%
8.9%		 4
26
Supramax
(40-67,000)
9.9
4.8		 229
3,458
6.6%
8.4%		 6
22
Handy
(25-40,000)
10.3
5.5		 126
2,483
5.1%
11.3%		 5
40

*Source : Maersk Dry Bulk Fleet _September 2019

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船舶市況World Fleet 2015~2019

Order %
(Number of Vessels)		 20+yrs(%)
(Number of Vessels)
Type \ Year
2015
2016
2017
2018
2019		 2015
2016
2017
2018
2019
Cape
(110,000+)
14.0%
3.0%
4.5%
8.4%
11.6%		 3.0%
3.8%
2.5%
1.6%
1.6%
Panamax
(67-110,000)
12.1%
6.9%
7.9%
11.7%
10.5%		 6.3%
8.5%
6.5%
7.5%
8.8%
Supramax
(40-67,000)
15.5%
8.5%
4.7%
6.6%
6.6%		 8.4%
9.3%
7.6%
8.0%
8.4%
Handy
(25-40,000)
12.5%
8.2%
5.7%
5.8%
5.1%		 14.0%
12.9%
10.7%
10.4%
11.3%

*Source: Maersk Dry Bulk Fleet Status _ September 2019

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船舶市況World Fleet 2015~2019

Fleet Change (No.) 2015
2016
2017
2018
2019
Fleet 1st January 10,484
10,710
10,878
11,379
11,618
Changes Delvieries 659
564
456
298
329
Sold for Scrap (429)
(404)
(217)
(56)
(59)
Misc. Additions -
-
-
-
-
Misc. Removals/Losses (6)
(6)
(2)
(3)
(2)
Net Change during Year 224
154
237
239
268
Fleet End Year 10,708
10,864
11,115
11,618
11,886

*Source: Clarkson Shipping Intelligence Weekly_10-May-2019

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拆船市況Demolition Market

Type \ Year (m dwt)* 2015 2016 2017 2018 2019 %
Cape (110,000+)
15.4
13.3
6.4
3.1		 4.1
65%
Panamax (67-110,000)
6.8
8.3
3.6
0.1		 0.3
146%
Supramax (40-67,000)
3.1
4.3
3.1
0.7		 0.5
3%
Handy (10-40,000)
5.2
3.2
1.6
0.5		 0.5
44%
Total
30.5
29.1
14.6
4.4		 5.4
45%

*Source : Clarkson Shipping Intelligence Weekly_11-October-2019

*The % change is based on annualized figures for this year against last year.

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18

法規要求Regulatory Challenges

  • 溫室氣體Greenhouse Gas

  • EU MRV : Monitoring, Reporting, Verification (2018/1/1~)

  • IMO DCS : Data Collection System (2019/1/1~)

  • 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)

  • ECA : Emission Control Area < 0.1% (2015/1/1~)

  • MARPOL Annex VI : the global sulphur cap will be reduced from current 3.50% to 0.50% (2020/1/1~)

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19

公司應對措施Our Responses

  • Ballast Water System

  • -2020年預計安裝13艘 13 Vsl. will be installed with in 2020

Vessels equipped with system 95
Existing Fleet (as at 30 Sep.) 133
Completion % 71.43%

  • 限硫令Sulphur Cap

  • -新造船New Buildings → 預留裝設空間reserving place

  • -現成船隊Existing Fleet → 使用低硫油using low sulphur oil

  • **油品價差Price difference (6 months Avg. : Apr. 2019~Sep.2019)

Average price
IFO380
422.0
VLSFO
525.5
Difference
103.5		 Consumption
Incremental Cost
Panamax
28 tons/day
2028.60
Supramax
26 tons/day
1883.70
Handy
22 tons/day
1593.90

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20

未來營運策略Strategy

• 新造船訂單On Order: 15

-以節能船為主Mainly Eco-ship

-油耗表現Consumption Saving

Type Panamax Supramax Handy
2019 0 2 0
2020 2 3 1
2021 2 1 4

• 舊船處分Disposal of Vessels

2019

Vessel Name Age DWT Type Disposal
Genius Star l 14.4 10,977 Small Handy 2019/Mar
Beagle Vl 18.0 18,320 Small Handy 2019/May

Candidates

Vessel Name Age DWT Type
Pacific Venus 18.0 18,712 Small Handy
Daiwan Ace 5.5 34,358 Handy
Daiwan Brave 5.5 34,358 Handy
Hibiscus 16.8 48,610 Handy
Wisdom Grace 20.8 18,193 Other
Arikun 11.8 8,763 Small Handy

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21

Q＆A

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22

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