WISDOM — Investor Presentation 2020

Sep 17, 2020

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

18 September 2020 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

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 2020 # of 1 8 12 13 17 16 19 23 29 33 51 67 75 84 92 94 106 114 124 130 129 135 Vsls Revenue Op. Profit Op. Margin BDI *2020/8/31

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80%
70%
60%
50%
40%
30%
20%
10%
0%
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3

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
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
10	38,597,787	9,886,868	25.62%	3,869,546
11	36,250,045	8,721,170	24.06%	6,876,363
12	37,119,646	9,016,400	24.29%	3,929,069
Total	447,510,914	110,245,838	24.64%	71,123,928

EPS : 3.38

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4

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
Total	255,311,369	22,781,985	8.92%	-11,383,637

EPS : -0.47

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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% 32 22% 28 19% 47 32% 32 22% 6 3% 148 100%
Panamax	24 3 1 28 21%	4
Supramax	23 3 0 26 19%	2
Handy	38 1 1 40 30%	7
Small Handy	30 0 2 32 24%	-
Others Other	3 1 2 6 4%	-
Overall Group	121 8 6 135 100%	13

• Average age : 7.0Y (as at 2020/08/31)

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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	28	2	11	0	6
Supramax	26	2	6	0	9
Handy	40	0	0	0	0
Small Handy	32	0	0	0	0
Others	6	4	11	0	11
Total	135	17	44	10	26

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7

同業營收及損益Peer Financial

2020Q1~Q2	Operating Revenue	Operating Profit	Operating Margin	Net Income	EPS (TWD)	ROE(%)
慧洋 WML	5,516,471	345,741	6%	-431,730	-0.61	-1.49
新興 Sincere Nav.	2,241,564	301,377	14%	214,993	0.37	1.47
裕民 U-Ming	3,519,021	-178,139	-5%	-283,710	-0.34	-1.07
中航 CMT	1,552,550	92,338	6%	135,085	0.68	1.37
台航 Taiwan Nav.	1,209,552	185,073	16%	273,571	0.66	2.67

Unit: 1,000 TWD Source: MOPS

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8

2020 新船營運New Vessels

No.	DWT	Type	Delivery	TC	Hire (USD)	Gross Margin
*1	61000	Supramax	Jan-20	1Y	※10,000+	36.05%
2	82400	Panamax	Mar-20	1+1Y	13,000+	48.44%
*3	61000	Supramax	Mar-20	7~10 months	9,000+	27.48%
4	63000	Supramax	Apr-20	1+1Y	12,000+	47.46%
5	37800	Handy	Jun-20	5~7 months	8,000+	31.30%
6	82400	Panamax	Jun-20	1Y	11,000+	38.68%
7	37800	Handy	Sep-20	1+1Y	9,000+	35.69%
8	63300	Supramax	Nov-20	1Y	11,000+	40.75%
		Total			83,000+	38.23%

• scrubber-equipped

※ index-linked

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9

2019 換約情形TC Renewal

	No. of	Vsl	*Avg. Hire Adjustment	Effect on Revenue
2019Q1	21		3.00%	0.41%
2019Q2	15		0.91%	0.06%
2019Q3	11		3.17%	0.09%
2019Q4	13		9.42%	0.08%
Total	60		3.96%	0.64%

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

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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%
Est. 2020Q3	10	-2.02%	-0.10%
Est. 2020Q4	14	3.82%	0.06%
Total	47	-4.59%	-1.48%

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

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自營船隊Self Operation

• 平均船數 Avg. Fleet：32

• 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

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Handy Small Handy
10000 18 7000 30
15
8000 12 6000 20
9
6000 6 5000 10
3
4000 0 4000 0
Dec-19 Apr-20 Aug-20 Dec-19 Apr-20 Aug-20
No. TCE No. TCE
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指數連結船舶Index-linked

Panamax

Supramax

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15000 6 12000 18
15
12000
9000
4 12
9000
6000 9
6000
2 6
3000
3000 3
0 0 0 0
Dec-19 Apr-20 Aug-20 Dec-19 Apr-20 Aug-20
No. BPI Avg. TC Avg. Hire No. BSI Avg. TC Avg. Hire
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Handy

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12000 6
9000
4
6000
2
3000
0 0
Dec-19 Apr-20 Aug-20
No. BHSI Avg. TC Avg. Hire
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• 船數 Fleet at Aug-20 : 26

• 至8月底已有18艘船舶鎖定固定租金 18 vessels' rate had been fixed

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13

新冠肺炎疫情COVID-19

對散裝航運之影響

Impact On Dry Bulk Market

公司應對措施 Our Responses

• 工廠產能受限、原物料需求減少

• 提前安排船舶進塢

Reduced global demand

Early dry docking

• 自營船舶收入減少、指數連結船舶租金下滑 Impact on spot market & index-linked hire

• 港口及邊境封鎖Port & border lockdown

• 現金增資、向銀行申請寬緩以穩定現金流 New share issuance & deferred loan repayments

• 港務作業延遲、船員換班困難

• Delay in port operation, crew change

• 二手船舶、拆船市況不佳

Sluggish S&P Market

• 公司處分船舶計畫延後

Delay in vessel disposal

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14

產業走勢Industrial Trend

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6000
5000
4000
6-July
1956
3000
14-May
393
2000
1000
0
2-Jan-19 2-Mar-19 2-May-19 2-Jul-19 2-Sep-19 2-Nov-19 2-Jan-20 2-Mar-20 2-May-20 2-Jul-20 2-Sep-20
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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+) 9.3 8.7	125 1,564 8.0% 1.3%	0 3
Panamax (67-110,000) 10.6 4.7	186 2,850 6.5% 9.9%	4 28
Supramax (40-67,000) 10.5 5.3	185 3,582 5.2% 8.7%	2 26
Handy (25-40,000) 11.0 6.5	109 2,515 4.3% 11.7%	7 40

*Source : Maersk Dry Bulk Fleet _August 2020

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船舶市況World Fleet 2016~2020

Order % (Number of Vessels) 20+yrs(%) (Number of Vessels)	Order % (Number of Vessels) 20+yrs(%) (Number of Vessels)
Type \ Year 2016 2017 2018 2019 2020	2016 2017 2018 2019 2020
Cape (110,000+) 3.0% 4.5% 8.4% 11.6% 8.0%	3.8% 2.5% 1.6% 1.6% 1.3%
Panamax (67-110,000) 6.9% 7.9% 11.7% 10.5% 6.5%	8.5% 6.5% 7.5% 9.0% 9.9%
Supramax (40-67,000) 8.5% 4.7% 6.6% 6.6% 5.2%	9.3% 7.6% 8.0% 8.5% 8.7%
Handy (25-40,000) 8.2% 5.7% 5.8% 5.1% 4.3%	12.9% 10.7% 10.4% 11.4% 11.7%

*Source: Maersk Dry Bulk Fleet Status _ August 2020

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船舶市況World Fleet 2016~2020

Fleet Change (No.)		2016 2017 2018 2019 ※2020
Fleet 1st January		10,710 10,878 11,379 11,612 11,963
Changes	Delvieries	564 456 299 438 345
	Sold for Scrap	(404) (217) (56) (83) (86)
	Misc. Additions	- - - - -
	Misc. Removals/Losses	(6) (2) (3) (4) (2)
Net Change during	Year	154 237 240 351 257
Fleet End Year		10,864 11,115 11,619 11,963 12,220

*Source: Clarkson Shipping Intelligence Weekly_04-September-2020

※as of 04-September-2020

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拆船市況Scrapping

Type \ Year (m dwt) 2016 2017 2018 2019*	※2020 %
Cape (110,000+) 13.3 6.4 3.1 5.9 7.1 73%
Panamax (67-110,000) 8.3 3.6 0.1 0.4 0.5 77%
Supramax (40-67,000) 4.3 3.1 0.7 0.8 1.2 128%
Handy (10-40,000) 3.2 1.6 0.5 0.8 0.5 -1%
Total 29.1 14.6 4.4 7.9 9.3 72%

*Source : Clarkson Shipping Intelligence Weekly_04-September-2020 The % change is based on annualized figures for this year against last year.

※ as of 04-September-2020

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19

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

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Price $/mt
800
600
400
200
0
Nov-19 Feb-20 May-20 Aug-20
Global 20 Ports -IFO380 Global 20 Ports -VLSFO
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未來營運策略Strategy

• 新造船訂單On Order: 13

• 船舶處分Disposal of Vessels

• -以節能船為主Mainly Eco-ship

• -以老舊船舶為主

• -油耗表現Consumption Saving

Prioritize sale of vessels over 10 years old

老舊船舶 Fleet over 10 years old

	2020	2021	2022
Panamax	0	2	2
Supramax	1	1	0
Handy	1	3	3
Total	2	6	5

	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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21

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Q＆A
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