Slide 1: Sincere Navigation Corporation
新興航運股份有限公司 Sincere Navigation Corporation 2605.TW 發言人 許志鴻 副總經理 May 23, 2024
Slide 2: 免責聲明 Disclaimer
免責聲明 Disclaimer 本演示文稿包含前瞻性陳述。這些前瞻性陳述受風險、不確定性 This presentation contains forward looking statements. These forward-looking 和假設的影響，其中一些是我們無法控制的。實際結果可能與這 statements are subject to risks, uncertainties, and assumptions, some of which are beyond our control. Actual results may differ materially from thos
Slide 3: 主要業務 Main Business Areas
主要業務Main Business Areas 4 Kamsarmax 卡姆薩型 1Q 24 Net Revenue US$M LBG, 0.9, 3% 7 Capesize 海岬型 Kamsarmax, 1 VLOC 超大型鐵礦砂船 6.6, 19% VLCC, 3 VLCC 超大型油輪: join Tanker International operation 11.9, 35% pool and revenue are distributed based on pool points. Capesize, Finance Lease 融資租賃: SNC purchased 1 VLCC U
Slide 4: 船隊組合 Fleet Portfolio as of 31 Mar 2024
船隊組合 Fleet Portfolio as of 31 Mar 2024 Fleet Mix Tonnage Kamsarmax, 5 - 10 years 10 - 15 years 15 - 20 years 326,465 , 12% 4 VLCC, 3 3 894,438 , 33% 2 Capesize, 1 1 1 1,232,480 , 46% VLOC, 250,327 , 9% Kamsarmax Capesize VLOC VLCC Divided by age group In terms tonnage • 5 – 10 years: 5 vessels 1. Ca
Slide 5: 營運亮點 Operation Highlights
營運亮點 Operation Highlights Vessel Quantity Q1 Q2 Q3 Q4 8 7 7 7 4 4 4 4 3 3 3 3 1 1 1 1 Kamsarmax Capesize VLOC VLCC 1. There were 15 vessels in Q1 2024, including 4 Kamsarmax, 7 Capesize, 1 1. 2024 年第一季度有 15 艘船，包括 4 艘 卡姆薩型 、7 艘海岬型船、 VLOC and 3 VLCC. 1 艘 超大型鐵礦砂船 和 3 艘 超大型油輪 。 2. In Q2 2024, MV Heng Sh
Slide 6: 匯率影響 Exchange Rate Impact
匯率影響 Exchange Rate Impact • Except Sincere Navigation Corporation’s function currency in TWD, all other major subsidiaries’ functional currency are in USD. • With exchange rate of USD against TWD increase, it created impact to Balance Sheet and Income Statement accounts. • 除了新興航運的功能貨幣為新臺幣外， 所有其他主要子公
Slide 7: 財務表現 Financial Performance QoQ
財務表現 Financial Performance QoQ Item 1Q24 4Q23 1Q24 / 4Q23 1Q23 1Q24 / 1Q23 Revenue 營業收入 NT$M 1,140 1,132 101% 1,007 113% Profit After Tax 稅後淨利 NT$M 353 133 266% 125 284% EPS 每股盈餘 NT$ per share 0.60 0.19 316% 0.21 286% Cash on Hand 現金 NT$M 2,531 1,974 128% 4,727 54% ROA % 資產報酬率 % 1.64 0.59 278% 0.57
Slide 8: 稅前獲利 Profit Before Tax 1Q 24 vs 1Q 23
稅前獲利 Profit Before Tax 1Q 24 vs 1Q 23 Profit Before Tax US$M 1Q 24 1Q 23 1Q 24 vs 1Q 23 11.9 8.0 3.7 3.9 3.9 3.0 3.4 2.7 2.4 2.4 1.8 1.5 0.4 0.6 Kamsarmax Capesize (0.3) VLOC VLCC Others (0.2) SNC (0.6) (1.0) SNC delivered Profit Before Tax US$11.9M, US$8.0M higher 新興航運交付了稅前利潤US$11.9M，比1Q 23高出US$8.0
Slide 9: 稅前獲利 Profit Before Tax 1Q 24 vs 4Q 23
稅前獲利 Profit Before Tax 1Q 24 vs 4Q 23 Profit Before Tax US$M 1Q 24 4Q 23 1Q 24 vs 4Q 23 11.9 7.1 4.8 3.9 3.6 3.2 3.4 3.0 2.7 1.8 1.3 0.5 0.4 0.8 0.3 Kamsarmax Capesize VLOC VLCC Others (0.3) SNC (0.5) (0.4) SNC delivered Profit Before Tax US$11.9M, US$7.1M 新興航運交付了稅前利潤US$11.9M，比4Q 23高出US$7.1M， higher
Slide 10: 現金及負債情況 Cash and Loan Status
現金及負債情況 Cash and Loan Status Interest Rate % p.a. As of 31 Mar 2024, SNC has cash and time deposit US$M Principal Amount equivalent to US$157M, NT dollar loan US$96M and US (note 1) dollar mortgage loan US$47.5M. Cash 83 1.00% US$74M time deposit collateralized for NT dollar loan. US Time Deposi
Slide 11: Operating Days vs Avg Daily Net Revenue
運務天數 vs 平均日租金 Operating Days vs Avg Daily Net Revenue Avg Daily Revenue Avg Daily Revenue FY23 Kamsarmax FY24 Kamsarmax FY23 Capesize FY24 Capesize 18.2 18.3 19.3 18.0 15.1 14.0 12.5 13.4 8.2 8.9 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Operating Days Operating Days 717 FY23 Capesize FY24 Capesize 353 FY23 Kamsarmax
Slide 12: Operating Days vs Avg Daily Net Revenue
運務天數 vs 平均日租金 Operating Days vs Avg Daily Net Revenue Avg Daily Revenue Avg Daily Revenue 36.0 FY23 VLOC FY24 VLOC FY23 VLCC FY24 VLCC 47.3 27.5 28.3 45.6 22.7 43.6 42.2 15.2 39.9 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Operating Days Operating Days 273 271 FY23 VLOC FY24 VLOC FY23 VLCC FY24 VLCC 256 240 92 92 91 9
Slide 13: 脫硫器安裝情況 Scrubber Installation Status
脫硫器安裝情況 Scrubber Installation Status Scrubber Installation Scrubber Total Vessels % 7 4 3 3 2 1 1 100% 1 100% 50% 14% Kamsarmax Capesize VLOC VLCC • As of Mar 2024, there are 7 vessels with scrubbers. • Plan to install 2 scrubbers for Kamsarmax - Oceana and Palona in Q3 / Q4 2024. • 截至 2024 年 3 月，共有
Slide 14: 碳強度指標 Carbon Intensity Indicator
碳強度指標 Carbon Intensity Indicator The CII (Carbon Intensity Indicator) measures how efficiently a vessel above 5,000 GT transports goods or passengers and is given in grams of CO2 emitted per cargo-carrying capacity and nautical mile. CII（碳強度指標）衡量超過5,000 GT的船舶運輸貨物或乘客的效率，以每載貨能力和海裡排放的二氧化碳克數為單 位。 Ca
Slide 15: 全部滿足碳強度評級 C 以上
全部滿足碳強度評級 C 以上 All Meet CII Rating C above CII Rating A : major superior C, 4 B : minor superior C : moderate B, 2 A, 2 D : minor inferior E : inferior performance level A, 1 C, 1 D, 1 A, 1 A, 1 B, 1 C, 1 Kamsarmax Capesize VLOC VLCC A vessel rated D for three consecutive years or rated as E, will n
Slide 16: 溫室氣體評級 2.0 GHG Rating 2.0
溫室氣體評級 2.0 GHG Rating 2.0 • Rightship launched GHG 2.0 on 13 Sep 2023, which merged from A to G into A to E. • Rightship 於 2023 年 9 月 13 日推出了 GHG 2.0， 從 A 到 G 合併為 A 到 E。 16
Slide 17: 溫室氣體評級D以上 Our GHG Rating D Above
溫室氣體評級D以上 Our GHG Rating D Above GHG Rating C, 3 • SNC’s fleet rating are all above D. • SNC的船隊評級均在D以上。 B+, 2 D+, 2 C+, 2 D+, 2 C, 1 C+, 1 A+, 1 D, 1 Kamsarmax Capesize VLOC VLCC 17
Slide 18: 散裝日租金 Kamsarmax and Capesize Market Rates
散裝日租金 Kamsarmax and Capesize Market Rates Kamsarmax 82,000 dwt, Average Trip Rates Capesize 180,000 dwt, Average Trip Rates 35,000 60,000 30,000 50,000 25,000 40,000 20,000 30,000 15,000 20,000 10,000 5,000 10,000 0 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Se
Slide 19: 超大型油輪日租金 VLCC Market Rates
超大型油輪日租金 VLCC Market Rates 1 Year Timecharter Rate 310,000 dwt D/H Scrubber-Fitted VLCC 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 2024 Source form Clerksons Shipping Intelligence • VLCC remained at higher level continuous from
Slide 20: Dry Bulk Market Overview & Outlook
散貨市場概要與展望 Dry Bulk Market Overview & Outlook 供應預計在2024年增長2.5%，在2025年增長2.0%。由 於交付量減少，供應增長正在放緩。 根據國際貨幣基金組織（IMF）的預測，2024年和2025 船隊預計在2023年底至2025年底之間增長4.9%。這是自 年全球GDP均增長3.2%。通貨膨脹已降溫，這可能會使 2016年以來的最慢增長。 利率逐步放鬆。 需求預計在2024年增長3.0%，在2025年保持穩定。由 鐵礦石運輸量預計在2023年至2025年間增長2.5%。中 船舶回收預計保持低水平。然而，由於市場較弱，可能在 於繞開紅海和巴拿馬
Slide 21: Tanker Shipping Market Overview & Outlook
油輪航運市場概要與展望 Tanker Shipping Market Overview & Outlook 原油油輪艦隊預計在2024年增長0.6%，在2025年增 根據國際貨幣基金組織（IMF）的估計，2024年全球經 原油油輪市場的供需平衡預計在2024年和 長1.1%，因為訂單量保持較小。 濟將增長3.1%，2025年將增長3.2%。美國、中國和印 2025年間收緊，因為艦隊增長緩慢。 度等主要國家的經濟增長放緩。 成品油輪市場的供需平衡預計在2024年收 國際能源署（IEA）估計2024年原油供應將增加每天 成品油輪艦隊的增長預計在2024年為1.8%，但在 緊，但在2025年因艦隊供
Slide 22: Q&A
Q&A 22
Slide 23: Appendix 1. Vessel Portfolio
Appendix 1. Vessel Portfolio 23
Slide 24: 船隊明細 Fleet Detail
船隊明細 Fleet Detail No Ship Delivery Date Age Type Tonnage Scrubber CII Rating GHG Rating 1 Oceana 2014/9/5 9.6 Kamsarmax 81,594 Q3 2024 B D+ 2 Palona 2014/11/6 9.4 Kamsarmax 81,676 Q4 2024 B D+ 3 Rebekah 2012/3/1 12.1 Kamsarmax 82,113 v B C+ 4 Sarah 2018/11/14 5.4 Kamsarmax 81,082 v B D 5 Chin Shan 2