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WISDOM Investor Presentation 2022

Mar 7, 2022

52177_rns_2022-03-07_2d424888-0854-49ac-8ce7-f03ff7be1500.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

08 March 2022

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

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
12 74,225,421 36,971,434 49.81% 39,909,814
Total 686,165,180 296,263,878 43.18% 296,402,155

EPS : 11.05

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5

2022財務資訊Monthly Earning

2022 Op. Revenue (USD) Op. Profit (USD) Op. Margin Net Income (USD)
1 69,780,333 33,470,084 47.96% 31,267,019
2 58,246,213 25,670,124 44.07% 23,294,987
Total 128,026,546 59,140,208 46.19% 54,562,006

EPS : 2.03

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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 26
3
1
30
22%		 5
Supramax 25
3
0
28
20%		 2
Handy 33
2
2
37
27%		 7
Small Handy 32
0
3
35
26%		 -
Others
Other		 4
0
0
4
3%		 0
Overall Group 123
8
6
137
100%		 14
  • Average age : 7.2Y (as at 2022/02/28)

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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 30 2 11 0 6
Supramax 28 2 6 0 9
Handy 37 0 0 0 0
Small Handy 35 0 0 0 0
Others 4 4 11 0 11
Total 137 17 44 10 26

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8

同業營收及損益Peer Financial

2021Q1~Q4 Operating
Revenue		 Operating
Profit		 Operating
Margin		 Net Income EPS
(TWD)		 ROE(%)
慧洋
WML		 19,169,397 8,257,532 43% 8,244,741 11.05 26.81
*新興
Sincere Nav.		 4,326,342 - - - - -
*裕民
U-Ming		 14,075,442 - - - - -
*中航
CMT		 3,551,147 - - - - -
*台航
Taiwan Nav.		 3,226,179 - - - - -

*尚未更新Q4財報，為自結數

Unit: 1,000 TWD

Source: MOPS

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9

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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10

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 2021/12/31

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11

指數連結船舶Index-linked

  • Feb-22：Cape(3)+Panamax(15)+Supramax(14)+Handy(12)

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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 7-Jan-22
BPI BSI
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12

自營船隊Self Operation

  • 船數Fleet at Feb-22：18

  • 主要船型Ship Type：Handy+Small Handy

  • • 平均船齡Avg. Age：11Y

2020 Avg. 2021 Avg. Change BHSI Avg. TC 8,001 25,703 221.25%

BHSI

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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 7-Jan-22
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13

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+ 42.66%
◆2 63300 Supramax Mar-21 1Y 12,000+ 44.59%
◆3 82400 Panamax Mar-21 3Y 13,000+ 44.96%
4 38000 Handy Apr-21 1+1Y 11,000+ 45.16%
◆5 82400 Panamax May-21 2Y ※30,000+ 75.23%
6 37000 Handy Jun-21 2Y ※30,000+ 78.98%
7 4740 LPG Jul-21 5+1Y 9,000+ 32.63%
Total 100,000+ 52.03%

◆NOx Tier III

※ index-linked

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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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15

2021 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%
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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16

2022 預計換約情形TC Renewal

No. of Vsl *Avg. Hire Adjustment ※Effect on Revenue
Est. 2022Q1 19 34.25% 4.65%
Est. 2022Q2 29 21.86% 4.17%
Est. 2022Q3 6 113.69% 1.46%
Est. 2022Q4 4 53.39% 0.21%
Total 58 34.27% 10.49%
  • (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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17

產業近況Current Market

• 春節假期後需求回補 Demand recovery after Chinese new year

• 塞港問題

Port congestion

• Omicron

  • 俄烏戰爭 Russia-Ukraine war

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

NB Contracted 2017 2018 2019 2020 2021 yoy
Bulk Carriers 425 461 385 326 468 44%
Containers 151 203 124 119 569 378%
Oil Tankers 321 232 244 190 174 -8%
LPG 34 48 66 51 105 106%
LNG 19 77 61 54 85 57%

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18

俄烏戰爭Russia-Ukraine War

• Cargo Export

  • Freight Impact: uncertain factors

  • cargo

  • tonnage mile

  • bunker

  • insurance

  • sanction

% Of Global Seaborne Exports 2021

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20.00%
16.00%
12.00%
8.00%
4.00%
0.00%
Grain Coal Minor Bulk Iron Ore Total
Seaborne
Russia Ukraine Exports
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• Wisdom Response

  • no vessel in the conflict zone

  • sanction check : category A (major sanctioned countries)

  • avoid Russia / Ukraine trade

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19

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 2-Jan-22
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BDI BCI BPI BSI

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-2000

20

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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21

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+)
10.4
10.0		 134
1,658
8.1%
2.4%		 0
3
Panamax
(67-110,000)
11.5
5.6		 252
2,976
8.5%
13.0%		 5
30
Supramax
(40-67,000)
11.4
6.1		 289
3,740
7.7%
10.2%		 2
28
Handy
(25-40,000)
12.1
5.9		 85
2,554
3.3%
12.4%		 7
37

*Source : Maersk Dry Bulk Fleet _ January 2022

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22

船舶市況World Fleet 2018~2022

Order %
(Number of Vessels)
20+yrs(%)
(Number of Vessels)		 Order %
(Number of Vessels)
20+yrs(%)
(Number of Vessels)
Type \ Year
2018
2019
2020
2021
2022		 2018
2019
2020
2021
2022
Cape
(110,000+)
10.0
10.1
6.9
8.0
8.1		 1.6
0.4
1.6
2.1
2.4
Panamax
(67-110,000)
11.9
9.3
5.7
7.8
8.5		 7.5
9.3
10.2
12.8
13.0
Supramax
(40-67,000)
6.6
6.1
5.0
7.4
7.7		 8.0
8.4
8.5
10.1
10.2
Handy
(25-40,000)
5.7
4.8
3.6
2.8
3.3		 10.4
11.3
11.5
12.3
12.4
Total
8.3
7.2
5.1
6.5
6.9		 7.6
8.2
8.7
10.1
10.3

*Source: Maersk Dry Bulk Fleet Status _ January 2022

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23

船舶市況World Fleet 2018~2022

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 2022
Order % 20+yrs(%)
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24

船舶市況World Fleet 2018~2022

Fleet Change (No.) 2018
2019
2020
2021
※2022
Fleet 1st January 11,379
11,614
11,978
12,326
12,700
Changes Deliveries 299
443
489
433
66
Sold for Scrap (56)
(83)
(142)
(57)
(3)
Misc. Additions -
-
1
-
-
Misc. Removals/Losses (3)
(4)
(5)
(2)
-
Net Change during Year 240
356
343
374
63
Fleet End Year 11,619
11,970
12,321
12,700
12,763
yoy 4.5%
3.0%
2.9%
3.0%
0.5%

*Source: Clarksons Shipping Intelligence Weekly_25-Feb-2022

※as of 25-Feb-2022

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25

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
-70%
Panamax (67-
110,000)
8.3
3.6
0.1
0.4
1.0
0.6
-37%
Supramax (40-67,000)
4.3
3.1
0.7
0.8
1.8
0.6
-65%
Handy (10-40,000)
3.2
1.6
0.5
0.8
1.0
0.5
-48%
Total
29.1
14.6
4.4
7.9
15.3
5.2
-66%

*Source: Clarksons Shipping Intelligence Weekly_25-Feb-2022

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

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26

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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27

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
$169
600
$264 $51
400
200
0
Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22
Global 20 Ports -IFO380 Global 20 Ports -VLSFO
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28

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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29

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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30

未來營運策略Strategy

• 強化財務結構 Financial structure

- 償還銀行貸款

2018 2019 2020 2021Q4
Debt ratio 68.4% 66.3% 67.9% 57.9%

Debt reduction

- 等待時機處分舊船

Awaiting SNP momentum

• 新造船訂單 On Order: 14

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

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

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31

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Q＆A
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