Sincere Navigation Corporation · TWSE:2605
Sincere Navigation — 2018 Investor Summit by Waterland Securities
18 slides from Sincere Navigation's conference presentation, May 2018
Slide 1: 2018 Shipping Market
2018 Shipping Market Sincere Navigation Corp. (2605) Speaker：Lee Yih-Ren 1
Slide 2: 2018 Bulk Shipping – Positive Factors
2018 Bulk Shipping – Positive Factors • New Building delivery reduction on 2018 • Power Generation in China & India have grown significantly. • International Convention Regulation (Ballast Water Convention) • 2020 Sulphur Cap Limit for sulphur in fuel oil used on board ships of 0.5% m/m (mass by mas
Slide 3: 2018 Bulk Shipping – Negative Factors
2018 Bulk Shipping – Negative Factors • Trade protectionism • Higher interest rate • Over age vessels available for demolition to be reduced. • PRC temporary ban on coal imports
Slide 4: Charter Hire for Bulk Vessel
Charter Hire for Bulk Vessel Bulkcarrier Spot Earnings ($,000's/Day) 30 eum Capesize Average Spot | eee Panamax Average Spot 25 e=mss=e Supramax Tripcharter Apr Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar 16 ‘16 ‘16 ‘16 ‘17 ‘17 ‘17 ‘17 ‘17 "17 618 «6118
Slide 5: Charter Hire for Tanker
Charter Hire for Tanker Crude Tanker Spot Earnings ($,000's/day) VLCC Suezmax Aframax Apr Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar —™6@ "6G “16 "16 %j%"—F “if “SF "tr "lt “Se SS 6S
Slide 6: Capesize Vessel Freight/Hire
Capesize Vessel Freight/Hire
Slide 7: Capesize Vessel Freight/Hire – 2nd May 2018
Capesize Vessel Freight/Hire – 2nd May 2018
Slide 8: Panamax Vessel Freight/Hire
Panamax Vessel Freight/Hire
Slide 9: Panamax Vessel Freight/Hire – 2nd May 2018
Panamax Vessel Freight/Hire – 2nd May 2018
Slide 10: VLCC WS & Hire
VLCC WS & Hire VLCC Single WS 2018 Average earnings $ per day Voyage... Apr 20 Apr27| 2018 2016 = 2017, =Ss 2048 =| Apr20 23/280,000t Gulf - Europe 20 20 21 38,677 11,205 += 3,063 -| 1,224 23/280,000t Gulf - US Gulf- * 18 18 19 44802 13414 794 | -2,512 23/265,000t Gulf - Japan * 38 38 40 41,455 20,6
Slide 11: New Building & Demolition Summary
New Building & Demolition Summary
Slide 12: SNC Fleet List
SNC Fleet List •Bulk Carriers: 圖表標題 •VLOC: 1 •Capesize: 9 VLOC 6% •Kamsarmax: 2 17% Capesize 12% Kamsarmax •Handymax: 2 53% 12% Handymax Tanker (VLCC) •Tanker: 3
Slide 13: a RE tA ie as 3E SE ty
4 a RE tA ie as 7 3E 2 SE ty BE NS Bey 1 53.390 S&S FA ie $212 BI Be 2007 #2 As pe es 1 53.383 pa latices 2008 pe pay 1 81.594 |A Bee RAS 2014 ia pay 1 81.676 AL 7) ik HR AS 2014 es pes 1 172.424 |4% A” 2! Hk BR As 2003 uw pay 1 175.980 |45 A #4 Ba RAG 2003 uw id 1 175,569 |4% % Hk ¥E AS 2004 ub Bes
Slide 14: Consolidated Statement of Comprehensive Income
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Expressed in thousands of New Taiwan Dollars, except earnings per share) ITEMS YEAR 2016 YEAR 2017 1Q of 2018 Operating revenue 3,489,617 3,331,863 713,251 Operating costs (2,526,065) (2,460,991) (696,941) Net operating margin 963,552 870,872 16,310 Op
Slide 15: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (Expressed in thousands of New Taiwan Dollars, except net worth per share) ITEMS Dec. 31, 2016 Dec. 31, 2017 Mar. 31, 2018 Current assets 5,942,916 4,769,643 4,856,945 Property, plant and equipment 19,630,667 19,118,693 19,376,961 Other non-current assets 13,353 13,358 21
Slide 16: Earnings and Dividends in Past Ten Years
EARNINGS AND DIVIDENDS IN PAST TEN YEARS (Expressed in thousands of New Taiwan Dollars, except earnings and dividends per share) ITEMS YEAR 2008 YEAR 2009 YEAR 2010 YEAR 2011 YEAR 2012 Net income 2,891,791 3,080,856 2,103,471 1,759,319 1,625,252 Earning per share 5.09 5.42 3.70 3.10 2.86 Cash divide
Slide 17: Questions & Answers
Questions & Answers
Slide 18: The End – Thanks for Listening
§ The End § Thanks for Listening.
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