Sincere Navigation Corporation · TWSE:2605
Sincere Navigation — Investor Conference (self-conducted) (November 2023)
24 slides from Sincere Navigation's conference presentation, Nov 17, 2023
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 November 17, 2023
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，其中一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
Slide 3: Our Business
業務 Our Business Sincere Navigation Corp 3
Slide 4: 主要業務 Main Business Areas
主要業務Main Business Areas Dry Bulk (12) 散裝 Tanker(3) 油輪 Own and operate 4 Kamsarmax, 7 Capesize, and Own 3 VLCCs and join Tanker International 1 VLOC. operation pool and revenue are distributed based on pool points. Finance Lease 融資租賃 Vessel Management 船舶管理 SNC purchase VLCC US$62M and lease back to S
Slide 5: 船隊狀態 Fleet Status
船隊狀態 Fleet Status 15 vessels 2.7millions MT • 4 Kamsarmax – mainly carry various kinds of products including Barley (大麥), Sorghum (高粱), Grain(糧食), Soybean, Corn, Coal, Muriate of Potash （氯化鉀）and Woodchips • 7 Capesize mainly carry coal / iron ore from Australia, Brazil, and West Africa to China and
Slide 6: 更新船隊組合 Renew Fleet Portfolio
更新船隊組合Renew Fleet Portfolio • There are 15 vessels with average ages of 12.1 years as of Sep 2023. • Company is seeking to renew fleet through used vessels or new build when prices are reasonable. Sincere Navigation Corp 6
Slide 7: 脫硫器安裝情況 Scrubber Installation Status
脫硫器安裝情況 Scrubber Installation Status Ship Delivery Date Age Type Scrubber Oceana 2014/9/5 Kamsarmax Q3 2024 9.1 Palona 2014/11/6 Kamsarmax Q4 2023 8.9 Tai Shan 2011/8/31 Capesize Q4 2023 12.1 • As of Sep 2023, there are 6 vessels with scrubbers and planned to install 3 in Q4 2023 / 2024. Sincere Nav
Slide 8: 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. Carbon Intensity Indicator (“CII”) measurement of operational
Slide 9: 全部滿足碳強度評級 C 以上 All Meet CII Rating C above
全部滿足碳強度評級 C 以上 All Meet CII Rating C above A : major superior B : minor superior C : moderate D : minor inferior E : inferior performance level A vessel rated D for three consecutive years or rated as E, will need to develop a plan of corrective actions. Sincere Navigation Corp 9
Slide 10: 溫室氣體評級E以上 Our GHG Rating E Above
溫室氣體評級E以上 Our GHG Rating E Above Sincere Navigation Corp 10
Slide 11: Market and Financial
市場及財務資訊 Market and Financial Sincere Navigation Corp 11
Slide 12: Market Kamsarmax and Capesize Rates
市場散裝運價 Market Kamsarmax and Capesize Rates Source form Clerksons Shipping Intelligence Weekly Source form Clerksons Shipping Intelligence Weekly Both Kamsarmax and Capesize Time Charter Equivalent (“TCE”) rates decreased in H2 2022 during China Covid 19 lockdown and remained soft after Covid 19 unlo
Slide 13: 市場油輪運價 Market VLCC Rates
市場油輪運價Market VLCC Rates Source form Clerksons Shipping Intelligence Weekly Source form Clerksons Shipping Intelligence Weekly VLCC rates increased from Q3 in 2022 and remained at high level in H1 2023. This trend expects to continue in FY23 and 24 due to Russia Ukraine War and Middle East Conflict.
Slide 14: 財務表現 Financial Performance QoQ
財務表現 Financial Performance QoQ Line Eng Line Chn Unit Q3FY23 Q2FY23 Q3 vs Q2 Revenue 營業收入 (NT$M) 1,067 1,024 +4.3% Gross Margin 毛利 (NT$M) 140 297 -52.9% Gross Margin % 毛利率 13.1% 29.0% -15.9% Profit After Tax 稅後淨利 (NT$M) 108 158 -31.3% PAT% 稅後淨利率 10.1% 15.4% -5.2% EPS 每股盈餘 (NT$ per share) 0.18 0.21 -
Slide 15: 財務表現 Financial Performance YoY
財務表現 Financial Performance YoY Line Eng Line Chn Unit YTD Sep FY23 YTD Sep FY22 2023 vs 2022 Revenue 營業收入 (NT$M) 3,098 2,888 +7.3% Gross Margin 毛利 (NT$M) 534 360 +48.3% Gross Margin % 毛利率 17.3% 12.5% +4.8% Profit After Tax 稅後淨利 (NT$M) 390 44 +777.6% PAT% 稅後淨利率 12.6% 1.5% +11.1% EPS 每股盈餘 (NT$ per sha
Slide 16: Operating Days vs Avg Net Revenue
運務天數 vs 平均日租金 Operating Days vs Avg Net Revenue • Sarah (Kamsarmax) delivered to SNC on Sep 11, 2023. Thus, Q3 Operating Days were higher. • Huang Shan (Capesize) disposed in Q1 and Operating Days decreased in Q2/3. • Tien Shan (VLOC) had DD 49 days in Q1. • Kondor had DD 13.6 days + 54 days in Q1 /
Slide 17: Avg Daily Operating Costs
平均營運成本 Avg Daily Operating Costs • Kamsarmax, Capesize and VLOC’s daily Operating Cost decreased from Q1. Sincere Navigation Corp 17
Slide 18: 降低負債比 Deleverage
降低負債比 Deleverage Avg Interest Rate Amount (US$M) p.a. Cash 23 1.93% Time Deposit 164 5.17% Sub Total 187 4.77% USD loan 52 6.95% NTD loan 94 1.84% Sub Total 146 3.65% As of Sep 2023, SNC lowered Debt to Asset Ratio to 22% through repayment mortgage loan. Through repayment of loan, SNC reduced in
Slide 19: Market Outlook
市場展望 Market Outlook Sincere Navigation Corp 19
Slide 20: 散裝船需求 Dry Bulk Demand
散裝船需求 Dry Bulk Demand Source form Clerksons Shipping Intelligence Weekly 1. Global dry bulk trade forecasted at 5,499 Millions MT in FY23, 2.9% growth from prior year, including 28% Iron Ore, 23% Coal and 49% Others. 2. Importation of Iron Ore (20.5%) and Coal (5.2%) to China account for 25.7% total
Slide 21: 油輪供需 Tanker Demand and Supply
油輪供需 Tanker Demand and Supply Source form Clerksons Shipping Intelligence Weekly • FY23 forecasted 2% seaborn crude oil trade increase from FY22. • VLCCs to China accounted for 13% of total seaborn crude oil trade. Sincere Navigation Corp 21
Slide 22: 少數股權買回 Minority Shares Buyout
少數股權買回 Minority Shares Buyout Current Structure New Structure SNC SNC Taiwan (TW) Taiwan (TW) Norley (LA) Norley (LA) Sky Sea (55%) Victory (55%) Jetwall (80%) Glory Selah Sky Sea Victory (100%) Jetwall (100%) Glory Selah (MI) (MI) (MI) (55%) (MI) (100%) (MI) (MI) (MI) (100%) (MI) Ocean Grace Bridge
Slide 23: 策略 Strategy
策略 Strategy Provide stable dividends and return to shareholders at lower risks. Continue deleveraging during interest rate increase cycle or financing lower interest rate loans. Proactively seek to expand fleet size from new building and 2nd hand vessels. Comply with IMO and other authorities’ requi
Slide 24: Q&A
Q&A Sincere Navigation Corp 24
Sincere Navigation — Investor Conference (self-conducted) (November 2023) on 6ix