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 August 23, 2024
Slide 2: 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: Main Business Areas
主要業務Main Business Areas 4 Kamsarmax 卡姆薩型 Fleet Portfolio 5 - 10 years 10 - 15 years 15 - 20 years 7 Capesize 海岬型 3 1 VLOC 超大型鐵礦砂船 1 3 VLCC 超大型油輪: join Tanker International operation pool and revenue are distributed based on pool points. 3 2 Finance Lease 融資租賃: Leaser exercised right to purchase 3 ve
Slide 4: 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 In Q2 2024, 2024年第二季度， 1. MV Heng Shan (Capesize) were disposed at US$21.65M, resulted to gains 1. 衡山輪以2165萬美元出售，為公司帶來了870萬美元的利潤， USS8.7M, representing EPS contribution NT$0.47. 對每股盈餘的貢
Slide 5: Financial Performance QoQ
財務表現 Financial Performance QoQ Item 2Q 24 1Q 24 2Q 24 / 1Q 24 2Q 23 2Q 24 / 2Q 23 Revenue 營業收入 NT$M 1,205 1,140 106% 1,024 118% Profit After Tax 稅後淨利 NT$M 701 353 199% 158 445% EPS 每股盈餘 NT$ per share 1.20 0.60 200% 0.18 667% Cash on Hand 現金 NT$M 3,484 2,531 138% 4,584 76% ROA % 資產報酬率 % 3.16 1.64 193
Slide 6: Financial Performance YoY
財務表現 Financial Performance YoY % Change NT$M FY24 FY23 FY24 / FY23 Revenue 營業收入 NT$M 2,288 2,030 113% Profit After Tax 稅後淨利 NT$M 1,055 282 374% EPS 每股盈餘 NT$ per share 1.80 0.39 462% Cash on Hand 現金 NT$M 3,484 4,584 76% ROA % 資產報酬率 % 4.87 1.27 383% ROE% 股東權益報酬率 % 6.30 1.60 394% Liability / Asset 負債佔資
Slide 7: Kamsarmax and Capesize Market Rates
散裝日租金 Kamsarmax and Capesize Market Rates Kamsarmax 82,000 dwt, Average Trip Rates Capesize 180,000 dwt, Average Trip Rates 35,000 60,000 30,000 50,000 25,000 40,000 20,000 30,000 15,000 20,000 10,000 5,000 10,000 0 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Se
Slide 8: VLCC Market Rates
超大型油輪日租金 VLCC Market Rates 1 Year Timecharter Rate 310,000 dwt D/H Scrubber- Fitted VLCC 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 2024 Source form Clerksons Shipping Intelligence • VLCC remained at higher level continuous fro
Slide 9: Operating Days vs Avg Daily Net Revenue
運務天數 vs 平均日租金 Operating Days vs Avg Daily Net Revenue 1. Sarah was acquired in Sep 23.莎拉輪於2023年9月購置。 1. Huang Shan was disposed in Mar end 2023.黃山輪於2023年3月底出售 2. Rebekah had drydocking 21 / 1 days in Q1 / 2. 蕾貝卡輪在 2. Heng Shan was disposed in May end 2024.衡山輪於2024年5月底出售。 第一季度和第二季度分別進行了21天和1天的乾船塢維 3.
Slide 10: Operating Days vs Avg Daily Net Revenue
運務天數 vs 平均日租金 Operating Days vs Avg Daily Net Revenue Tien Shan had drydocking 20 days in 1Q 23. No drydocking days in 1H 2024. 2024年上半年無任何乾船塢修理日。 天山輪在2023年第一季度進行了為期20天的乾船塢檢修。 10
Slide 11: Profit Before Tax 2Q 24 vs 1Q 24
稅前獲利 Profit Before Tax 2Q 24 vs 1Q 24 2024 Q2 vs Q1 PBT US$M 23.2 11.7 11.4 11.8 8.7 5.0 3.9 2.7 3.0 2.5 2.0 1.8 2.0 2.0 0.7 1.1 -0.7 -0.0 Kamsarmax Capesize VLOC VLCC Ohers SNC 2024 Q2 2024 Q1 2024 Q2 vs Q1 SNC delivered Profit Before Tax US$23.2M, US$11.8M higher 2024年第二季度，新興航運公司稅前盈餘達到2,320萬美元，比第
Slide 12: Profit Before Tax 1H 24 vs 1H 23
稅前獲利 Profit Before Tax 1H 24 vs 1H 23 1H 2024 vs 2023 PBT US$M 34.7 24.3 14.7 14.9 10.4 8.9 8.7 4.7 3.8 4.4 3.9 0.9 2.0 1.4 0.4 0.3 0.6 -0.2 Kamsarmax Capesize VLOC VLCC Ohers SNC 2024 Actual 2023 Actual 2024 vs 2023 SNC delivered Profit Before Tax US$34.7M, US$24.3M 新興航運股份有限公司在2024年第二季度的稅前利潤達到了3,47
Slide 13: Cash and Loan Status
現金及負債情況 Cash and Loan Status Interest Rate % p.a. As of 30 June 2024, SNC has cash and time deposit US$M Principal Amount equivalent to US$168.6M, NT dollar loan US$94.7M, (note 1) Revolving loan US$10M, and US dollar mortgage loan Cash 57.0 2.5% US$12.6M. US$74.9M time deposit collateralized fo
Slide 14: 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 15: 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 16: Simandou Iron Ore Project
西芒杜鐵礦項目 Simandou Iron Ore Project Location & Importance: The Simandou project is located in Guinea, West Africa, and is one of the world's largest undeveloped high-grade iron ore deposits. 西芒杜項目位於西非的幾內亞，是全球最大且未開發的高品位 鐵礦床之一。 Key Stakeholders: The project involves Rio Tinto, Chinese SMB-Winning, a
Slide 17: Q&A
Q&A 17
Slide 18: Appendix 1. Vessel Portfolio
Appendix 1. Vessel Portfolio 18
Slide 19: Fleet Detail
船隊明細 Fleet Detail No Ship Delivery Date Age Age Group Ship Chinese Type Tonnage Scrubber CII Rating GHG Rating 1 Oceana 2014/9/5 9.8 5 - 10 years 合盛輪(ONA) Kamsarmax 81,594 Q3 2024 B B+ 2 Palona 2014/11/6 9.7 5 - 10 years 寶隆輪(PNA) Kamsarmax 81,676 Q4 2024 B B+ 3 Rebekah 2012/3/1 12.3 10 - 15 years 蕾貝
Slide 20: Scrubber Installation Status
脫硫器安裝情況 Scrubber Installation Status Scrubber Installation Scrubber Total Vessels % 7 4 3 3 2 2 1 100% 1 100% 50% 29% Kamsarmax Capesize VLOC VLCC • As of 30 June 2024, there are 8 vessels with scrubbers. • Plan to install 2 scrubbers for Kamsarmax - Oceana and Palona in Q3 / Q4 2024. • 截至 2024 年 6
Slide 21: 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 22: All Meet CII Rating C above
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 D : minor inferior B, 2 A, 2 E : inferior performance level C, 1 A, 1 D, 1 A, 1 C, 1 B, 1 A, 1 Kamsarmax Capesize VLOC VLCC A vessel rated D for three consecutive years or rated as E, will n
Slide 23: 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。 23
Slide 24: 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。 D+, 2 B+, 2 C+, 2 D+, 1 A+, 1 C+, 1 D, 1 B, 1 C, 1 Kamsarmax Capesize VLOC VLCC 24
Slide 25: Appendix 2. Common Terminology
Appendix 2. Common Terminology 25
Slide 26: Ownership Days
所有權天數 Ownership Days Ownership days are the total number of calendar days each vessel in the fleet was owned by us for the relevant period, including vessels subject to sale and lease back transactions and finance leases. Ownership days are an indicator of the size of our fleet over a period and
Slide 27: Available Days
可用天數 Available Days • Available days are the number of our ownership days less the aggregate number of days that our vessels are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and the aggregate amount of time that we spend positioning our vessels for
Slide 28: Operating Days and Fleet Utilization
運營天數和船隊利用率 Operating Days and Fleet Utilization Operating days - We define operating days as the number of our total available days in a period less the aggregate number of days that our vessels are off-hire due to unforeseen circumstances. The shipping industry uses operating days to measure the
Slide 29: Time Charter Equivalent
約當日租金 Time Charter Equivalent Time Charter Equivalent (“TCE”). We define TCE rates as our voyage revenues less voyage expenses, charter- hire expenses, and realized gains or losses on fuel hedges, divided by the number of the available days of our owned fleet during the period. TCE rate is a com
Slide 30: Average Daily Revenue
平均日收入Average Daily Revenue Average Daily Revenue. We define Avg Daily Revenue as our recognized voyage revenues less voyage expenses, charter-hire expenses, and realized gains or losses on fuel hedges, divided by the number of the operating days of our owned fleet during the period. TCE = Net Re
Slide 31: Daily Operating Expenses
每日運營費用 Daily Operating Expenses. We define daily vessel operating expenses to include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance (excluding drydocking), the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses.