Taiwan Navigation Co., Ltd. · TWSE:2617

Taiwan Navigation — Investor Presentation (September 2018)

16 slides from Taiwan Navigation's investor presentation, Sep 25, 2018

  1. Slide 1: Taiwan Navigation Co., Ltd. (2617)

    台灣航業股份有限公司 Taiwan Navigation Co., Ltd. (2617) 25th Sep, 2018 1

  2. Slide 2: 大綱 Agenda

    大綱 Agenda  業務簡介 Business Introduction  產業現況 Market Review  展望與策略 Prospect & Actions 2

  3. Slide 3: 業務範疇 Business Scope

    業務範疇 Business Scope 散裝 (Dry Bulk) 租賃及其他 1.6% 代營 5.9% 貨櫃 (Cross Strait Feeder) 港勤 3.9% 客運 3.4% 客運 (Ro-Ro/Ferry) 散裝 70.6% 貨櫃 14.6% 港勤 ( Harbour Tug ) 代營 (Ship Management) 租賃及其他 (Lease & Others) Revenue Jan-Jun/2018 3

  4. Slide 4: 現有船隊 Fleet

    現有船隊 Fleet  乾散貨船 Dry Bulker 18’ 17’ 16’  77K ~ 84K x 7 (Avg. 6.4 yrs) 10 6 6  51K ~ 62K x 11 (Avg. 7.9 yrs) 11 13 10  NB (64K) x 2  港勤拖輪 Harbour Tug x 4 (Avg. 12 yrs)  客貨輪 Ro-Ro/Ferry x 1 (29 yrs)  貨櫃輪 1800 Teu x 1  油輪 MR Tanker x 5  港勤拖輪 Harbour Tug x 5 4

  5. Slide 5: 資產 Assets (~ 30 June 2018)

    資產 Assets (~ 30 June 2018) 新台幣百萬元 mn-NT$ 資產總計 15,267 Total Assets 船舶 Owned Fleet 12,065 投資性不動產* Investment Property 1,098 自用房地 Property 238 其他資產 Other Assets 1,866 * 土地 Lands 18,712㎡ 建物 Buildings 11,192㎡ 5

  6. Slide 6: 營業收入 Revenue vs. Dry Market

    營業收入 Revenue vs. Dry Market 新台幣百萬元 1 mn-NT$ 日租金 USD / Day 3500 20000 3,167 18000 3000 2,898 2,773 2,818 2,682 16000 2,458 2500 14000 營收 Revenue 12000 2000 1,634 10000 PANAMAX 4TC AVERAGE 1500 8000 SUPRAMAX 6TC AVERAGE 1000 6000 4000 500 2000 0 0 2012 2013 2014 2015 2016 2017 2018H1 6

  7. Slide 7: 歷年損益 Financial Performance

    歷年損益 Financial Performance 2013 2014 2015 2016 2017 18H1 營收 Revenue 2,773 2,898 2,682 2,458 2,818 1,634 (mn-NT$) 稅後淨利(損) Net Profit(Loss) 542 306 94 (91) 466 405 (mn-NT$) 每股盈餘 EPS 1.30 0.73 0.22 (0.22) 1.12 0.97 (NT$) 負債比率 Debt Ratio 24 22 22 30 38 36 (%) 7

  8. Slide 8: 乾散貨船市場 Dry Bulk Market Review

    乾散貨船市場 Dry Bulk Market Review 2000 7/24 12/12 1800 1774 1743 1600 9/24 3/29 1434 12/21 1400 1338 8/5 11/18 1430 1200 1222 1257 2018 BDI 1/2 1230 2017 1000 2016 1/3 4/6 12/21 948 2015 800 953 926 1/2 2/14 600 771 685 2/18 12/24 400 1/4 509 2/10 478 473 200 290 Jan Feb Mar Apr May Jun Jul Aug Sep Oct

  9. Slide 9: 短期展望 Short-Term Prospect

    短期展望 Short-Term Prospect  短期供需趨衡 Supply-Demand Balancing 景氣續溫 Global Economy on Track 新造船節制 Disciplined NB Order Spree  拆船急冷 Scraping Freezing  游資充斥 Easy Cheap Money  科技高速發展 Technology Rocketing 9

  10. Slide 10: 經濟指標 Economic Indicators

    經濟指標 Economic Indicators Growth Rate (%, y-o-y) 16’ 17’ 18’ 19’ 20’ World Trade Vol 2.2 5.1 4.8 4.5 - Advanced Economy 2.2 4.2 4.3 4.0 - Developing Economy 2.2 6.7 5.7 5.4 Global Import Growth 2.1 3.3 2.2 2.0 1.8 Dry Bulker Demand 1.3 3.7 3.1 3.0 Fleet Growth 2.1 3.3 2.2 2.0 1.8 IMF Jul/18’, MARSOFT

  11. Slide 11: 船噸變化 Fleet Development

    船噸變化 Fleet Development Dry Bulk Fleet Update Status as of September 01 2018, Maersk Broker 11

  12. Slide 12: Fearnleys, Aug-2018

    50000 % asooo : 40000 3 35000 = 30000 = S 25000 2 = 20000 3 \ 3 coe wi, I } oc SAY OAD ae ad — 5000 oa o 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Capesize Panamax Supramax 1 yr TC USD/day End 2017 Current End 2018* Mid 2019* End 2019* Capesize 17,250 22,000 25,000 25,000 30,000 Panamax 11,6

  13. Slide 13: 挑戰/機會 Challenges or Opportunities?

    挑戰/機會 Challenges or Opportunities?  保護主義 Protectionism Prevailing  中美貿易戰 Trade War China vs. US  國際貿易紛擾 Global Trade Conflicts  新興市場騷動 Wobbles in Emerging Market  環保法規 Environmental Compliance Pressure  壓艙水處理 BWT  氮氧化物排放 NOx Tier-III Engine  低硫燃油使用 SOx 0.5% Sulphur Cap  下一個？ What’s Next ? 1

  14. Slide 14: 減速有何用 Merits of Reducing Speed

    減速有何用 Merits of Reducing Speed Daily Hire ($/d) 9,500 10,000 11,000 12,000 13,000 14,000 15,000 400 18.9 18.0 16.3 15.0 13.8 12.8 12.0 Fuel Price ($/mt) 500 23.6 22.5 20.4 18.7 17.3 16.0 15.0 600 28.4 26.9 24.5 22.5 20.7 19.2 18.0 全速 減速 差異 航行天(d) 70 81 (+)11 南中國 - 印尼 – 印度 – 南美 – 南中國 用油(mt) 2,063 1,6

  15. Slide 15: 行動作為 Actions

    行動作為 Actions  持續現有業務 Ongoing Current Business  提升營運效益 A to A+  船舶管理 Skilled Management  成本控制 Controlled Cost  資訊化 Digitalized Data Usage  拓展新業務 Diversifying Business Scope  伺機優化船隊規模 Optimizing Fleet Scale 15

  16. Slide 16: Thank you !

    Ros h& BR Thank you ! SPREE RAR” TAIWAN NAVIGATION CO., LTD.

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