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WISDOM Investor Presentation 2019

Mar 18, 2019

52177_rns_2019-03-18_d332a583-a9c5-4796-bdab-5447ee8bf7be.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

19 March 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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2

財務成長 Financial Trend

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450 60%
400
50%
350
300 40%
250
30%
200
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
# of 1 8 12 13 17 16 19 23 29 33 51 67 75 84 92 94 106 114 124 130
Vsls
Revenue Op. Profit Op. Margin BDI
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3

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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4

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
Total 72,573,382 19,070,088 26.28% 8,967,955
EPS : 0.44

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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%
30
21%
27
19%
42
29%
36
25%
6
4%
144
100%
Panamax 22
4
0
26
20%		 4
Supramax 20
1
0
21
16%		 6
Handy 36
2
0
38
29%		 4
Small Handy 34
1
1
36
28%		 -
Others
Other		 3
1
2
6
5%		 -
Overall Group 118
9
3
130
100%		 14
  • Average age : 6.6Y (as at 2019/2/28)

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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 13 0 7
Supramax 21 2 6 0 11
Handy 38 0 0 0 0
Small Handy 36 0 0 0 0
Others 6 4 11 0 17
Total 130 17 46 10 35

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7

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 14,000+ 54.70%
5 6,400 Other 18-Jun 6Y 10,000+ 31.39%
6 55,000 Supramax 18-Aug 1Y 12,000+ 48.81%
7 63,700 Supramax 18-Sep 1Y 14,000+ 51.78%
8 34,000 Handy 18-Nov 1Y 11,000+ 43.12%
Total 82,000+ 44.85%

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8

2019 新船營運 New Vessels

No. DWT Type Delivery TC (Year) Hire (USD) Margin
1 34000 Handy 19-Apr - 11,000+ 49.89%
2 63000 Supramax 19-Apr 5Y 11,000+ 40.84%
3 37600 Handy 19-Jul 7Y 10,000+ 44.91%
4 61000 Supramax 19-Nov - 14,000+ 54.88%
5 61000 Supramax 19-Dec - 14,000+ 54.88%
Total 60,000+ 49.08%

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9

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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10

自營船隊 Self Operation

  • 自營船隊OP Fleet

  • 平均船數Avg. Fleet: 11

  • 船型Ship Type: Handy + Small Handy

  • 平均船齡Avg. Age: 9.8Y

  • 佔營收比重% on Revenue : 3%

2019 avg. 2018 avg. Change
BDI 856 1186 -27.82%
BHSI 403 560 -28.04%

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11

產業走勢 Industrial Trend

3000 2500 2000 1500 1000 500 0 3-Sep-18 3-Oct-18 3-Nov-18 3-Dec-18 3-Jan-19 3-Feb-19 3-Mar-19 BDI BCI BPI BSI

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12

第一季散裝市況Q1 Market Situation

  • 農曆春節Chinese New Year

長假期間交易量清淡 Limited cargo avalibility

  • 中美貿易戰Trade War

  • 美灣大豆出口受限，BPI／BSI承壓

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2500
2000
1500
1000
500
0
3-Jan-19 3-Feb-19 3-Mar-19
BDI BCI BPI BSI
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Soybean exports dropped, BPI & BSI under pressure

  • 巴西淡水河谷大壩崩塌Brazil Mining Dam Collapse

鐵礦砂產能不足，BCI積弱不振

Insufficient iron ore supply led to BCI plunge

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13

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+)
8.6
7.2		 161
1,488
10.8%
1.5%		 0
3
Panamax
(67-110,000)
10.2
3.5		 332
2,600
12.0%
8.0%		 4
26
Supramax
(40-67,000)
9.6
4.8		 247
3,380
7.3%
8.2%		 6
21
Handy
(25-40,000)
10.0
5.5		 134
2,446
5.2%
10.7%		 4
38

*Source : Maersk Dry Bulk Fleet _Mar 2019

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17

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%
10.8%		 3.0%
3.8%
2.5%
1.6%
1.5%
Panamax
(67-110,000)
12.1%
6.9%
7.9%
11.7%
12.0%		 6.3%
8.5%
6.5%
7.5%
8.0%
Supramax
(40-67,000)
15.5%
8.5%
4.7%
6.6%
7.3%		 8.4%
9.3%
7.6%
8.0%
8.2%
Handy
(25-40,000)
12.5%
8.2%
5.7%
5.8%
5.2%		 14.0%
12.9%
10.7%
10.4%
10.7%

*Source: Maersk Dry Bulk Fleet Status _ Mar 2019

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18

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
11,120
11,353
Changes Delvieries 659
564
456
293
68
Sold for Scrap (429)
(404)
(217)
(57)
(16)
Misc. Additions -
-
-
-
-
Misc. Removals/Losses (6)
(6)
(2)
(3)
-
Net Change during Year 224
154
237
233
51
Fleet End Year 10,708
10,864
11,115
11,353
11,404

*Source: Clarkson Shipping Intelligence Weekly_08-Mar-2019

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19

新造船價格New Buildings Price

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NB Price Second Hand Price-5Y
60 50
40
40
30
20
20
10
0 0
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Cape Panamax Supramax Handy Cape Panamax Supramax Handy
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Source: Clarkson Shipping Intelligence

• 新造船價格回升速度緩慢Upward but slow trend for NB price

  • -NB price recovered by 18% from 2016

  • -Second hand price recovered by 50% from 2016

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17

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		 1.3
118%
Panamax (67-110,000)
6.8
8.3
3.6
0.1		 0.1
149%
Supramax (40-67,000)
3.1
4.3
3.1
0.7		 0.0
-66%
Handy (10-40,000)
5.2
3.2
1.6
0.5		 0.1
27%
Total
30.5
29.1
14.6
4.4		 1.5
91%

*Source : Clarkson Shipping Intelligence Weekly_08-Mar-2019

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

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20

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 Oxide(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 (2019/9/7~)

  • 硫化物排放Sulphur Dioxide(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

限硫令Sulphur Cap

Option 1 : 低硫油Low Sulphur Oil

• 油品價差Price Difference

*Average price Consumption
Incremental Cost(*70%)
IFO380
USD$398.00		 Panamax
28 tons/day
USD$3,606
VLSFO
USD$582.00		 Supramax
26 tons/day
USD$3,349
Difference
USD$184.00		 Handy
22 tons/day
USD$2,834

*From Jan 2, '18 – Mar 8, '19

  • 低硫油供給問題Uncertainty of Low Sulphur Oil Supply

  • -MGO→Amount？Price？

  • -VLSFO→Amount？Price？Quality？

  • 替代能源？Alternative Energy？

  • LNG？Solar？Wind？

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20

限硫令Sulphur Cap

Option 2 : 脫硫設備Scrubber

  • 資本支出Capital Expenditure

  • USD2.5~3mm

  • 裝設條件Conditions

  • -時間Time 、空間Space、電力供給Electric Capacity

  • 技術進步空間？Technological Advancement？

  • -成本降低Cost Down、裝設時間降低Shorter Time、汙染問題Water Pollution

  • -現成船改裝Retrofitting

  • 租金溢價？Hire Premium？

  • -Amount？Who pays？

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21

限硫令Sulphur Cap

公司應對措施Our Responses

• 新造船New Buildings

  • -預先安排裝設空間Reserving Space

  • -與廠商進行技術合作Technological Cooperation

  • 現成船隊Existing Fleet

  • -暫時使用低硫燃油Using low sulphur oil in short term

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22

新造船舶計畫 New Buildings

• 新造船訂單On Order: 14

-以節能船為主

Mainly Eco-ship

-油耗表現

Consumption Saving

Type Panamx Supramax Handy
2019 0 3 2
2020 2 3 1
2021 2 0 1

• ME主機&壓艙水處理系統裝設情形ME Engine & Ballast Water System

-Ballast Water System

→預計2019進塢安裝11艘

11 Vsl. will be installed with in 2019

Ballast Water
System		 Existing Fleet
56.92%		 Total Fleet
(NB included)
61.11%
ME Engine 35.38% 41.67%

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23

舊船處分 Disposal of Vessels

• 2018

Vessel Name Built Year Age DWT Type Disposal
Jasmine Ace 1997/Dec 20.3 8,704 Small Handy 2018/Apr
Genius Star ll 2005/Jul 12.7 10,977 Small Handy 2018/Sep
Del Sol 1998/Jun 19.8 11,410 Small Handy 2018/Nov

• Candidates

Vessel Name Built Year Age DWT Type
Genius Star I 2004/Oct 14.4 10,977 Small Handy
Beagle Vl 2001/Mar 18.0 18,320 Small Handy
Pacific Venus 2001/Mar 18.0 18,712 Small Handy
Hibiscus 2002/Jun 16.8 48,610 Handy
Wisdom Grace 1998/Jun 20.8 18,193 Other
Arikun 2007/Jun 11.8 8,763 Small Handy

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24

Q＆A

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25

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