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WISDOM Investor Presentation 2021

Dec 9, 2021

52177_rns_2021-12-09_7863e86b-30fc-4234-9a52-db482ff22ff7.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

10 December 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

Who is Wisdom？

Governance Business People Fleet Transparency Partners Environment Investment Vision

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3

Governance

• Board Composition

-Independence: Proportion

  • -Diversity: Specialty, Gender

  • Professional Team

  • -International Operation and Partners

  • -Swift Response

  • Transparency

  • -Monthly Release

  • -Regular Conference

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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
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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5

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
8 61,301,530 28,320,403 46.20% 24,698,417
9 61,655,033 29,075,160 47.16% 48,370,262
10 74,712,447 39,548,255 52.93% 36,955,714
11 73,058,262 39,024,832 53.42% 35,641,629
Total 611,939,759 259,292,444 42.37% 256,492,341

EPS : 9.61

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6

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%
30
20%
44
29%
35
23%
4
2%
151
100%
Panamax 25
3
1
29
22%		 6
Supramax 25
3
0
28
21%		 2
Handy 31
2
2
※35
26%		 9
Small Handy 32
0
3
※35
26%		 -
Others
Other		 4
0
0
4
3%		 0
Overall Group 120
8
6
134
100%		 17
  • Average age : 7.2Y (as at 2021/11/30)

※10 vessels (< 30,000 DWT) has been reclassified from Handy to Small Handy

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7

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 35 0 0 0 0
Small Handy 35 0 0 0 0
Others 4 4 11 0 11
Total 134 17 44 10 26

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8

同業營收及損益Peer Financial

2021Q1~Q3 Operating
Revenue		 Operating
Profit		 Operating
Margin		 Net Income EPS
(TWD)		 ROE(%)
慧洋
WML		 12,982,344 5,054,541 39% 5,128,771 6.87 16.89
新興
Sincere Nav.		 2,857,963 565,044 20% 434,385 0.74 2.79
裕民
U-Ming		 9,942,726 2,267,480 23% 3,155,602 3.73 13.14
中航
CMT		 2,544,707 178,877 7% 782,182 3.96 7.67
台航
Taiwan Nav.		 2,323,587 794,328 34% 900,173 2.16 6.92

Unit: 1,000 TWD Source: MOPS

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9

營收結構Revenue Composition

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73% 25% 1% 1%
租金收入-長約(>1Y) 租金收入-短約(<1Y) 運費收入 船舶管理收入
Hire – long term Hire – short term Freight Management
TC: 固定租金 TC: 固定租金 論程租船
fixed rate fixed rate VC(spot)
TC: 指數連結 航次期租
index linked TCT(spot)
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*as of 2021/09/30

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10

指數連結船舶Index-linked

• Nov-21：Cape(1)+Panamax(14)+Supramax(12)+Handy(7)

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5000
4000
3000
2000
1000
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 7-Oct-21
BPI BSI
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11

自營船隊Self Operation

  • 船數Fleet at Nov-21：9

2020/1~11 2021/1~11 Change Avg. Avg. BHSI Avg. TC 8,001 25,539 219.20% BHSI

  • 主要船型Ship Type：Handy+Small Handy

  • • 平均船齡Avg. Age：11Y

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2400
1800
1200
600
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 7-Oct-21
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12

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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13

2022 新船營運New Vessels

No. DWT Type Delivery TC Hire (USD) Gross Margin
1 37,000 Handy Jan-22 extendable ※26,000 76.04%
◆2 82,400 Panamax Jan-22 extendable ※32,000 76.96%
3 37,000 Handy Feb-22 extendable ※26,000 76.04%
4 37,800 Handy Mar-22 - 24,000 74.26%
◆5 82,300 Panamax Apr-22 - 28,000 73.93%
◆6 82,300 Panamax Jul-22 - 29,000 74.81%
Total 165,000+ 75.34%

◆NOx Tier III

※ index-linked

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14

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%
2021Q3 17 81.54% 6.05%
Est. 2021Q4 14 117.23% 2.75%
Total 69 69.88% 19.53%
  • (Total Hire After Adj. - Total Hire Before Adj.) / Total Hire Before Adj.

※(Hire difference X Remaining operation days) / 2020 Total revenue

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15

2022 預計換約情形TC Renewal

No. of Vsl *Avg. Hire Adjustment ※Effect on Revenue
Est. 2022Q1 17 36.62% 4.10%
Est. 2022Q2 33 10.95% 2.33%
Est. 2022Q3 6 103.91% 1.34%
Est. 2022Q4 4 32.08% 0.11%
Total 60 25.09% 7.88%
  • (Total Hire After Adj. - Total Hire Before Adj.) / Total Hire Before Adj.

※(Hire difference X Remaining operation days) / 2021 annualized total revenue

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16

產業近況Current Market

  • 中國限鋼及限電政策 Steel cut and power restriction in China

  • 煤炭價格波動 Coal price fluctuations

  • 塞港問題 Port congestion

• Omicron

  • 新造船訂單增加: 貨櫃船/LPG NB orderbooks increase : container/LPG

Coal price vs Freight index

160%
130%
100%
70%
40%
1-Sep-21
16-Sep-21		 1-Oct-21 16-Oct-21 31-Oct-21 15-Nov-21
BPI BSI Coal (USD/T)
NB Contracted 2017 2018
2019		 **2020 ** *2021 yoy
Bulk Carriers 425 461 384 323 391 37%
Containers 151 203 123 120 510 379%
Oil Tankers 321 232 236 185 162 -1%
LPG 34 48 66 49 95 119%
LNG 19 77 61 51 69 44%
*as of 2021/11/26

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17

產業走勢Industrial Trend

12000

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10000
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8000
6000
4000
2000
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 2-Oct-21
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BDI BCI BPI BSI

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-2000

18

產業走勢Industrial Trend

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6000
5000
4000
3000
2000
1000
0
9-Jan 9-Feb 9-Mar 9-Apr 9-May 9-Jun 9-Jul 9-Aug 9-Sep 9-Oct 9-Nov 9-Dec
BDI_2018 BDI_2019 BDI_2020 BDI_2021
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19

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+)
10.3
10.0		 131
1,646
8.0%
2.1%		 0
3
Panamax
(67-110,000)
11.4
5.6		 230
2,961
7.8%
12.8%		 6
29
Supramax
(40-67,000)
11.4
6.1		 275
3,722
7.4%
10.1%		 2
28
Handy
(25-40,000)
12.0
5.9		 71
2,551
2.8%
12.3%		 9
35

*Source : Maersk Dry Bulk Fleet _November 2021

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20

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
8.0		 2.5
1.6
0.4
1.6
2.1
Panamax
(67-110,000)
8.5
11.9
9.3
5.7
7.8		 6.5
7.5
9.3
10.2
12.8
Supramax
(40-67,000)
4.5
6.6
6.1
5.0
7.4		 7.6
8.0
8.4
8.5
10.1
Handy
(25-40,000)
5.5
5.7
4.8
3.6
2.8		 10.7
10.4
11.3
11.5
12.3
Total
5.8
8.3
7.2
5.1
6.5		 7.3
7.6
8.2
8.7
10.1

*Source: Maersk Dry Bulk Fleet Status _ November 2021

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21

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%
0.00%
2014 2015 2016 2017 2018 2019 2020 2021
Order % 20+yrs(%)
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22

船舶市況World Fleet 2017~2021

Fleet Change (No.) Fleet Change (No.) 2017
2018
2019
2020
※2021
Fleet 1st January 10,881
11,379
11,614
11,978
12,321
Changes Deliveries 459
299
443
489
400
Sold for Scrap (219)
(56)
(83)
(142)
(56)
Misc. Additions -
-
-
1
-
Misc. Removals/Losses (2)
(3)
(4)
(5)
(1)
Net Change during Year 238
240
356
343
343
Fleet End Year 11,119
11,619
11,970
12,321
12,664
yoy -
4.5%
3.0%
2.9%
2.8%

*Source: Clarksons Shipping Intelligence Weekly_26-Nov-2021

※as of 26-Nov-2021

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23

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
3.4
-68%
Panamax (67-110,000)
8.3
3.6
0.1
0.4
1.0
0.6
-33%
Supramax (40-67,000)
4.3
3.1
0.7
0.8
1.8
0.6
-63%
Handy (10-40,000)
3.2
1.6
0.5
0.8
1.0
0.5
-45%
Total
29.1
14.6
4.4
7.9
15.3
5.1
-63%

*Source: Clarksons Shipping Intelligence Weekly_26-Nov-2021

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

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24

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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25

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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700
600
$127
500
$264 $51
400
300
200
100
0
Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21
Global 20 Ports -IFO380 Global 20 Ports -VLSFO
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26

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 (EPL)

  • → Modification (低摩擦係數油漆/風帆/空氣潤滑系統/廢熱回收/岸電)

(Low friction coating/Wind propulsion/Air bubble lubrication/Waste heat recovery/Shore power) 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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27

船舶處分Disposal of Vessels

• 增進船隊營運效率

Improving operating efficiency

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
Timu Small Handy 15.9 2021/Sep
Beagle Ⅱ Small Handy 14.7 2021/Sep
Loss on disposal = USD 2,400,000
Operating cash inflow = USD 23,000,000

▽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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28

未來營運策略Strategy

• 強化財務結構 Financial structure

- 償還銀行貸款

2018 2019 2020 2021Q3
Debt ratio 68.4% 66.3% 67.9% 61.9%

Debt reduction

- 等待時機處分舊船

Awaiting SNP momentum

• 新造船訂單 On Order: 17

符合最新環保法規為主(NOx/CO2/EEDI) Latest regulation

2022 2023 2024
Panamax 3 2 1
Supramax 0 0 2
Handy 3 5 1
Total 6 7 4

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29

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Q＆A
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