Sincere Navigation Corporation · TWSE:2605

Sincere Navigation — Yuanta Securities Investor Conference 2022

28 slides from Sincere Navigation's conference presentation, Dec 13, 2022

  1. Slide 1: Sincere Navigation Corporation

    新興航運股份有限公司 Sincere Navigation Corporation 2605.TW Dec 13, 2022

  2. 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 和假設的影響，其中㇐些是我們無法控制的。實際結果可能與這 forward-looking statements are subject to risks, uncertainties, and assumptions, some of which are beyond our control. Actual results 些前瞻性陳述明示或暗示的結果大不相同。由於這些風險、不確 ma

  3. Slide 3: Our Business 業務範圍

    Our Business 業務範圍  散貨 - 運營 3 艘卡姆薩型、8 艘海岬型和 1 艘 超大型礦 砂 船 （ 約 佔 總 收 入 的 74% ） Bulk – operating 3 Kamsarmax, 8 Capesize, 1 VLOC (accounted for 74% YTD Oct 2022 of revenue)  油輪 - 通過 Tanker International Pool 運營 3 艘油輪 （約佔總收入的21%）Tanker – operating 3 tankers through Tanker International Pool (accounted

  4. Slide 4: 船隊規模 Fleet Size

    船隊規模 Fleet Size Type Self Owned JV Total % Tonnage (MT) Tonnage % Kamsarmax 3 0 3 20% 245,383 9% Capesize 7 1 8 53% 1,408,460 50% VLOC 0 1 1 7% 250,327 9% VLCC 2 1 3 20% 894,438 32% Total 12 3 15 100% 2,798,608 100%  新興航運於 2022 年 10 月簽署了價值 2575 萬美元的購買協議，購買㇐艘 2012 年日本建造卡姆薩型散裝貨船，計劃於 2022 年 12 月交付。SNC

  5. Slide 5: 船隊噸位 Tonnage

    船隊噸位 Tonnage 海岬型和超大型油輪分別佔總噸位的50%和32%。 Capesize and VLCC respectively accounted for 50% and 32% of total tonnage. 新興航運積極尋求在合理的時機購入船隻！ SNC is proactively seeking to acquire vessels at reasonable timing! Sincere Navigation Corp 5

  6. Slide 6: 散裝及油輪 Bulk and VLCC Rates

    散裝及油輪 Bulk and VLCC Rates Source form Clerksons Shipping Intelligence Weekly  由於擁堵減少和中國經濟放緩（房地產和基礎設施），2022 年前 3 季度的散貨費率維持在低檔。 Bulk rates are at lower ranges in first 3 quarters 2022 due to less congestion and China’s economy slowdown (Property and Infrastructure ).  2022年前三季超大型油輪費率較低，2022 年8月底費率上漲

  7. Slide 7: 整體財務表現 Overall Financial Performance

    整體財務表現 Overall Financial Performance Year YTD Q3 2022 YTD Q3 2021 2022 vs 2021 Revenue 營業收入 (NT$M) 2,888 2,858 +1.1% Gross Margin 毛利 (NT$M) 360 730 -50.6% Gross Margin % 毛利率 12.5% 25.6% -13.1% Profit After Tax 稅後淨利 (NT$M) 44 552.85 -92.0% PAT% 稅後淨利率 1.5% 19.3% -17.8% EPS 每股盈餘 (NT$ per share) -0.08 0

  8. Slide 8: 業務線收入 Revenue by Business Lines

    業務線收入Revenue by Business Lines US$K Bulk Tanker Acct Description Actual LY vs LY Var % Actual LY vs LY Var % Hiring Days 2,797 2,811 -13 0% 759 765 -6 -1% Hiring % 93% 86% 7% 93% 93% -1% Avg TCE (US$K / day) 20 23 -3 -15% 16 17 -1 -5% Revenue 54,612 64,207 -9,595 -15% 12,478 13,185 -707 -5% Operatin

  9. Slide 9: Unrealized Exchange Losses from Intercompany Loan

    未實現集團公司間融資匯兌虧損 Unrealized Exchange Losses from Intercompany Loan  由於美元兌新台幣從 2021 年 12 月的 27.68 升至 2022 年 9 月的 31.75，新興航運 從子公 司借入的 6000 萬美元公司間貸款用於支付股 息，因此未實現匯兌損失新台幣 2.4 億元。影 響為每股新台幣0.42元。Unrealized exchange losses NT$244M arise from US$60M US dollar intercompany loan that SNC borrowed from subsidiar

  10. Slide 10: Deleveraging In Interest Rate Increase Cycle

    加息週期去槓桿化 Deleveraging In Interest Rate Increase Cycle  航運業由於其高資本支出投資特性，通常是㇐個高槓桿率的行業。大多數公司的負債/資產比率高達60%，對利率風險較為敏感。 Most companies have liability / asset ratio up to 60% and sensitive to interest rate risk.  3 個月 LIBOR 從 2021 年 9 月的 0.11% 增加到 2022 年 11 月的 4.74% (+4.63%)，顯著增加了貸款的利息成本。3 Months LIBOR i

  11. Slide 11: Market Outlook – Dry Bulk

    市場展望 – 散裝 Market Outlook – Dry Bulk Sincere Navigation Corp 11

  12. Slide 12: 散裝運務需求 Dry Bulk Trade

    散裝運務需求 Dry Bulk Trade 主要由於中國進口減少，2022 年散裝運務 預計持平於 53.8 億噸，而 2021 年為 54.6 億噸，下降 2%。 In 2022, dry bulk seaborne business forecasted flat at 5.38billions tonnes vs 5.46billion tonnes in 2021, 2% decline, mainly due to China’s import reduction. Source form Clerksons Shipping Intelligence Weekly Sincere

  13. Slide 13: 散裝船需求 Dry Bulk Demand

    散裝船需求 Dry Bulk Demand Source: Clarkson Shipping Intelligence Weekly Source: Clarkson Shipping Intelligence Weekly 全球鐵礦石和煤炭分別佔散貨需求的28%和23%，而中國是鐵礦石和煤炭的主要進口國。 因此，中國的經濟狀況是海岬型船收益的關鍵。 Iron Ore and Coal accounted for 28% and 23% of dry bulk demand respectively, and China is the key importer of Iron Ore and

  14. Slide 14: 船隊供給 Fleet Supply

    船隊供給 Fleet Supply Bulk 2020 2021 YTD 2022 YTD 2022 vs 2021 Vessels No No of Vessels 12,368 12,749 13,095 3% Tonnage K DWT 913,043 945,870 970,754 3% Avg DWT 74 74 74 0% Source form Clerksons Shipping Intelligence Weekly 年初至今，2022 年 11 月 25 日，散裝船隊的船舶數量和總噸位比 2021 年增⾧了 3%。 YTD Nov 25, 2022, Bulk Fleet

  15. Slide 15: 船隊訂單 Fleet Orderbook

    船隊訂單 Fleet Orderbook Year End 1-Nov-22 Order Book Delivery Schedule 2018 2019 2020 2021 No M DWT No M DWT Growth% 2022 2023 2024+ Total Capesiez 335.0 348.1 361.2 376.8 1,940.0 388.3 111.0 21.7 5.6% 1.2 12.8 7.7 21.7 Panamax 206.7 217.6 228.7 236.6 3,015.0 244.2 260.0 21.3 8.7% 2.3 11.9 7.0 21.2 Han

  16. Slide 16: 影響因素 Influencing Factors

    影響因素 Influencing Factors 需求方 Demand Side 供應方 Supply Side  中國陷入困境的房地產開工率下降 37%。China’s troubled  2022 年船隊供應增⾧ 3%，未來幾年增⾧ 5.6%。Fleet real estate derailed new-building starts which contracted by supply growth 3% in 2022 and 5.6% in coming years. 37%y/y.  中國港口擁堵常態化。Port congestions in China is  中國持續的

  17. Slide 17: Market Outlook – Tankers

    市場展望 – 油輪 Market Outlook – Tankers Sincere Navigation Corp 17

  18. Slide 18: 原油貿易 Crude Oil Trade

    原油貿易 Crude Oil Trade  到 2022 年，原油海運業務預計將比 2021 年增⾧ 5%，並且由於歐洲對美國 原油的需求預計將在 2023 年繼續增⾧。  In 2022, Crude oil seaborne business forecasted to grow 5% vs 2021, and expect to continue in 2023 due to crude oil demand from US. Source form Clerksons Shipping Intelligence Weekly Sincere Navigation Corp 18

  19. Slide 19: 油輪需求 Tanker Demand

    油輪需求 Tanker Demand Source form Clerksons Shipping Intelligence Weekly Source: Clarkson Shipping Intelligence Weekly 超大型油輪 需求預計 2022 年增⾧ 12%，預計 2023 年上半年將繼續維持。 VLCC demand projected 12% growth in 2022 forecast and expect to maintain at higher level in H1 2023. Sincere Navigation Corp 19

  20. Slide 20: 油輪船隊供給 Tanker Fleet Supply

    油輪船隊供給Tanker Fleet Supply Tanker Fleet 2020 2021 YTD 2022 Var % Vessels No No of Vessels 7,174 7,247 7,409 2.2% Tonnage K DWT 641,469 652,639 674,086 3.3% Avg DWT K DWT 89 90 91 1.0% Tankers over than 10,000 MTs are included into this analysis. Source form Clerksons Shipping Intelligence Weekly 年初至

  21. Slide 21: 船隊訂單 Fleet Orderbook

    船隊訂單Fleet Orderbook Year End 1-Nov-22 Order Book Delivery Schedule 2018 2019 2020 2021 No M DWT No M DWT Growth% 2022 2023 2024+ Total VLCC 227.7 247.4 256.2 261.9 880.0 271.3 32.0 9.7 3.6% 2.1 7.0 0.6 9.7 Source form Clerksons Shipping Intelligence Weekly 預計未來幾年將有另外32艘超大型油輪交付，增⾧3.6%。 Additional 32

  22. Slide 22: 影響因素 Influencing Factors

    影響因素 Influencing Factors 需求方 Demand Side 供應方 Supply Side  超大型油輪需求預測在2022年增⾧12% VLCC  2022年供應增⾧3.3% Supply growth 3.3% in 2022 Demand forecast grow 12% in 2022  港口壅塞（供應減少）Port congestion (lower supply)  從新冠肺炎疫情中恢復 Recovery from Covid 19  碳排放要求導致速度放緩（供應量降低）Carbon  中國封鎖 China lockdowns emission r

  23. Slide 23: Vessel Strategy

    船舶策略 Vessel Strategy Sincere Navigation Corp 23

  24. Slide 24: 船舶策略 Vessel Strategy

    船舶策略 Vessel Strategy  短期焦點（2023 年）- “置換策略”週期中資產價格較高，因此僅購買以置換舊噸位。Short term focus (in 2023) – “Replacement strategy” – asset prices higher in the cycle therefore only purchase to replace older tonnage.  中期重點（從 2023 年到 2025 年）- 尋求增⾧和探索其他細分市場。Medium term focus (from 2023 to 2025) – look to grow and e

  25. Slide 25: Vessel Life Cycle

    船舶生命週期 Vessel Life Cycle 船舶租賃 與㇐級的租家維護密切關係 並在營運期間有效的搭配現 鑑定 貨市場及⾧期租約。 進塢維修 有效的進塢維修管理能增 船隻類型和新造船的 進航舶資產價值 細分市場 出場機制 造船廠 船隻交付 賣船為重要的價值提升方 案，賣船的時機點如果對 良好的造船廠關係，著 交付並進入營運 的話，可以最大化資產的 重高質量的船舶資產。 投報率。 Sincere Navigation Corp 25

  26. Slide 26: Residual Value Management

    剩餘價值管理 Residual Value Management 船舶佔航運公司總資產的主要部分（截至 2022 年 9 月為 66%），殘值是船舶資產的關鍵部分。 因此，必須確保船舶處於良好狀態並具有良好的 轉售/報廢價值。 Vessel accounts for a major portion (66% as of Sep 2022) of total assets in a shipping company and residual value is key part of vessel asset. Thus, it is imperative to ensure vessels ar

  27. Slide 27: 策略 Strategy

    策略 Strategy 在較低風險下，為股東提供穩定的股息和回報。Provide stable dividends and return to shareholders at lower risks. 在加息週期繼續去槓桿化或尋求低利率貸款融資。Continue deleveraging during interest rate increase cycle or financing lower interest rate loans. 遵循資產組合戰略，通過收購二手船來更新現有船隊，從潛在商業領域擴大船隊，並擴展到具有⾧期租賃的新建船舶。 Follow asset portfolio str

  28. Slide 28: Richard Hsu, VP Finance / Spokesperson

    2605.TW http://www.snc.com.tw 許志鴻, 副總經理 財務及發言人 Richard Hsu, VP Finance / Spokesperson ad@snc.com.tw +886 2 2704-6255 Sincere Navigation Corp 28

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