Chinese Maritime Transport Ltd. · TWSE:2612
Chinese Maritime Transport — Investor Presentation (March 2024)
39 slides from Chinese Maritime Transport's investor presentation, Mar 29, 2024
Slide 1: Q1 Investor Presentation
Stock Code：2612 TT Q1 Investor Presentation By: Ban-Jen Tarng Company Spokesperson 29th March 2024
Slide 2: Summary of Presentation
Summary of Presentation Capesize Market Outlook Dry Bulk Shipping Market Trends The Company Overview Appendices Mar/2024 Investor Presentation 1
Slide 3: Outlook
Outlook CSCMT BERET EA? Chinese Maritime Transport Ltd.
Slide 4: Capesize Market Outlook
Capesize Market Outlook Q1 Average Spot Rate Reached Highest Level Since 2010 Cape 5TC averaged US$ 24,365 in Q1; PRC iron ore imports increased by 8% YoY during January and February while coal imports increased by 30% YoY during the same period Strong freight rates reflect higher Brazilian iron
Slide 5: Market Influencing Factors
Market Influencing Factors Bullish Factors Bearish Factors Low NB Delivery Numbers High Iron Ore Stockpile in PRC Stronger Commodity Exports PRC Economy and Real Estate Higher Demand for Coal in Asia Volatile FFA Trading Increase of Tonne-miles Vintage Tonnages Delay Exiting Mar/2024 Investor Presen
Slide 6: PRC Key Indicators
PRC Key Indicators • PRC’s gross domestic product in 2023 reached about 18 trillion U.S. Dollars or equivalent to growth of about 5.2% y-o-y. The full year target for 2024 is around 5.3% • PRC’s crude steel production between January and February reached about 168 million tonnes, up by about 1.6% y-
Slide 7: Shipping Market Outlook - Demand
Shipping Market Outlook - Demand Iron Ore Coal Clarksons Platou forecasts Chinese iron ore Clarksons Platou forecasts Chinese coal imports to decrease by 1% in 2024 while imports to decrease by 7% in 2024 while Brazilian export volume is expected to Australian export volume is expected to increase b
Slide 8: Shipping Market Outlook - Supply
Shipping Market Outlook - Supply Newbuildings Ship Scrapping According to S&P Global, total 56 capesize Demolition quantity of capesize bulkers bulkers were delivered in 2023 with fleet reached 9 in 2023 while more vintage net growth at 2.4%; 42 capesize bulkers bulkers are to be recycled this year
Slide 9: Dry Bulk Shipping Market Trends
Dry Bulk Shipping Market Trends
Slide 10: BDI 2022-2024
BDI 2022-2024 Baltic Exchange Dry Index BDI Avg. Year 2022 1,934 5000 Year 2023 1,378 Jan - Mar 2024 1,823 23/May/2022 BDI: 3,369 4/Dec/2023 4000 BDI: 3,346 18/Mar/2024 BDI: 2,419 3000 17/Jan/2024 31/Aug/2022 BDI: 1,308 BDI: 965 2000 1000 16/Feb/2023 BDI: 530 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oc
Slide 11: BCI 2022-2024
BCI 2022-2024 Baltic Exchange Capesize Index 7000 5TC Avg. BCI Avg. Year 2022 $16,177 1,951 4/Dec/2023 6000 Year 2023 $16,389 1,976 BCI: 6,582 Jan - Mar 2024 $24,365 2,938 23/May/2022 5000 BCI: 4,602 11/Mar/2024 BCI: 4,314 4000 17/Jan/2024 BCI:1,733 3000 2000 1000 17/Feb/2023 31/Aug/2022 BCI: 271 BC
Slide 12: 2022-2024 BCI/BPI/BSI/BHSI Rates
2022- 2024 BCI/BPI/BSI/BHSI Rates Spot TCE (US$) 90,000 80,000 70,000 Capesize 5TC (180K) 60,000 2024/3/26 - $24,580 50,000 Kamsarmax 5TC (82K) 40,000 2024/3/26 - $18,392 30,000 Supra/Ultramax 10TC (58K) 2024/3/26 - $15,130 20,000 10,000 Handysize 7TC (38K) 2024/3/26 - $14,118 0 Jan-22 Apr-22 Jul-22
Slide 13: Global Economy and Dry Bulk Trade
Global Economy and Dry Bulk Trade IMF projects global GDP to grow by 3.1% in 2024 Clarksons Platou forecasts dry bulk seaborne trade to increase by 1.2% in 2024 8 6.2 5.8 5.8 5.6 6 4.8 3.8 3.7 4 3.5 3.5 3.5 3.4 3.3 3.5 3.3 3.4 3.1 3.1 2.7 2.8 2 1.6 1.2 0.4 0.5 0 2012 2013 2014 2015 2016 2017 201
Slide 14: Dry Bulk Seaborne Trade Forecast
Dry Bulk Seaborne Trade Forecast Million Tonnes YoY Cape Focus Iron Ore 1,546 -0.1% Coal 1,296 -0.5% Bauxite 174 6.1% Capesize focus cargoes total 3,016 0.1% Grain 533 1.9% Forest Products 347 4.5% Steel Products 386 4.6% Fertilizer 192 2.7% Agribulks 189 -0.5% Cement 119 2.6% Scrap 101 2.0% Petrole
Slide 15: Dry Bulk Seaborne Trade vs. Fleet Growth
Dry Bulk Seaborne Trade vs. Fleet Growth 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024(f) -1.0% -2.0% -3.0% -4.0% Seaborne Trade Growth (YoY) Dry Bulk Fleet Growth (YoY) Source: Clarksons Platou Mar/2024 Investor Presentation 14
Slide 16: Global Iron Ore Exports
Global Iron Ore Exports Clarksons Platou forecasts global iron ore exports remain the same level in 2024 Iron Ore Million Tonnes 1600 1528 1547 1546 1478 1400 1200 1000 884 894 902 871 800 600 355 373 379 400 342 200 0 2021 2022 2023 2024(f) Brazil Australia Total Source: Clarksons Platou Mar/2024 I
Slide 17: Global Coal Exports
Global Coal Exports Clarksons Platou forecasts global coal exports to reduce by 1% in 2024 Coal Million Tonnes 1600 1400 1303 1295 1226 1228 1200 1000 800 600 517 498 432 465 366 339 353 359 400 200 0 2021 2022 2023 2024(f) Australia Indonesia Total Source: Clarksons Platou Mar/2024 Investor Present
Slide 18: Global Coal Prices
Global Coal Prices Source: MacroMicro Mar/2024 Investor Presentation 17
Slide 19: Iron Ore Price Trend
Iron Ore Price Trend 240 220 May 2021 200 US$ 233.10/MT 180 160 140 120 100 80 60 40 December 2015 20 US$ 37.00/MT 0 62% FE CFR China, US$/MT Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Source: MacroMicro Mar/2024 Investor Presentation 18
Slide 20: PRC Crude Steel Price
PRC Crude Steel Price 180 7500 160 Hot Roll Steel Plate (SPHC), RMB/mt 6700 140 62% FE CFR China, US$/mt 120 5900 100 80 5100 60 40 4300 20 0 3500 1-Jan-2022 1-Jun-2022 1-Nov-2022 1-Apr-2023 1-Sep-2023 1-Feb-2024 62% FE CFR China, US$/mt Hot Roll Steel Plate (SPHC), RMB/mt Source: MacroMicro Mar/202
Slide 21: World Steel Production Trend
World Steel Production Trend PRC’s y-o-y growth rate in 2023: +2.0%; Full year y-o-y projection for 2024: +2.0% Source: Drewry Maritime Research Mar/2024 Investor Presentation 20
Slide 22: PRC Commodity Seaborne Imports
PRC Commodity Seaborne Imports PRC’s demand for iron ore is projected to decrease by 1% in 2024 to 1.147 billion tonnes PRC’s demand for coal imports is estimated to decrease by 7% in 2024 to 336 million tonnes Million Tonnes Iron Ore Coal Million Tonnes 1180 77% 400 30% 1160 76% 350 25% 1140 75
Slide 23: PRC Iron Ore Imports
PRC Iron Ore Imports Million Tonnes 120 110 100 90 80 70 60 50 40 30 20 10 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 2024 Source: Clarksons Platou Mar/2024 Investor Presentation 22
Slide 24: Iron Ore Stockpiles at PRC Ports
Million tonnes 100 113 126 139 152 165 Jan 21 Mar 21 Source: MacroMicro May 21 Jul 21 Sep 21 Nov 21 Jan 22 Mar 22 May 22 Jul 22 Sep 22 Nov 22 Jan 23 Mar 23 May 23 Jul 23 Sep 23 Nov 23 Jan 24 Mar 24 Mar/2024 Investor Presentation Iron Ore Stockpiles at PRC Ports 23
Slide 25: Newbuilding Orders are Limited
Newbuilding Orders are Limited Capesize Orderbook for delivery Capesize Supply Development m. DWT No. 160 30 3.76% 4.32% 140 25 5.00% 3.91% 20 120 15 1.79% 2.29% 3.00% 100 10 80 0.54% 5 1.00% 60 39 0 40 28 21 -5 -1.00% 14 11 20 -10 0 -15 -3.00% Delivered in Remaining 2025 2026 2027 2019 2020 2021 20
Slide 26: Capesize Age Profile
Capesize Age Profile No. Capesize Age Profile (170,000 - 220,000 DWT) 200 187 173 150 143 100 90 83 79 71 73 71 63 55 51 57 50 52 47 43 50 38 32 24 23 13 10 14 2 3 0 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 Years Total Vessels: 1,547 Source: S&P Global Mar/2024 Investor Pr
Slide 27: CII Regulation
CII Regulation It is expected that half bulkers will fall into CII - D&E rating in 2026 Source: Clarksons Platou Mar/2024 Investor Presentation 26
Slide 28: Newbuilding/2nd Hand Sale Prices
Newbuilding/2nd Hand Sale Prices TYPE PRICE (IN US$ MILLION) YEAR 2022 2023 Mar 2024 208,000 DWT NB 67.0 74.0 10% 75.0 1% 180,000 DWT NB 60.5 67.0 11% 68.0 1% 180,000 DWT (ECO) 5-YR 43.0 52.3 22% 62.0 19% 180,000 DWT 10-YR 28.0 31.0 11% 43.0 39% 176,000 DWT 15-YR 18.5 20.5 11% 29.0 41% Source: Clark
Slide 29: The Company Overview
The Company Overview CSCMT BERET EA? Chinese Maritime Transport Ltd.
Slide 30: Company Profile
Company Profile AIR SHIPPING TRUCKING TERMINALS & TOURISM Shipping： CMT owns and manages a fleet of 12 capesize bulkers to offer dedicated services to customers for transportation of dry bulk commodities around the globe Trucking： Associated Transport Inc. is one of Taiwan’s largest intermodal conta
Slide 31: Entities Revenue Ratio for 2023
Entities Revenue Ratio for 2023 Shipping 59% Trucking and 39% Terminals Agency and Travel 2% Mar/2024 Investor Presentation 30
Slide 32: CMT Capesize Fleet
CMT Capesize Fleet China Peace China Progress China Pride China Triumph China Prosperity China Pioneer China Fortune 中華和平輪 中華富進輪 中華榮耀輪 中華光輝輪 中華鴻運輪 中華先鋒輪 中華偉運輪 174,413 DWT 174,322 DWT 177,856 DWT 203,028 DWT 203,028 DWT 206,079 DWT 206,061 DWT 2005 2006 2009 2011 2012 2012 2013 2024 2024 2023 2023 20
Slide 33: 2019-2023 Financial Highlights
2019-2023 Financial Highlights Expressed in millions of New Taiwan Dollars Year 2019 2020 2021 2022 2023 Revenue 3,763 3,132 3,554 4,410 4,015 Net Profit/(Loss) 324 320 1,031 758 324 EPS 1.64 1.67 5.27 3.88 1.66 Cash and cash 3,288 3,221 3,057 3,989 3,947 equivalents Total liabilities 10,022 9,735 8
Slide 34: Dividends Distribution
Dividends Distribution Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Cash dividends/ Capital 1.30 2.50 * 0.50 0.50 1.60 0.80 1.60 2.68 2.18 1.00 Reduction (NT$) EPS (NT$) 1.30 1.30 0.21 0.50 2.60 1.64 1.67 5.27 3.88 1.66 3.50 238% 250% 3.00 192% 200% 2.50 2.68 2.30* 150% 2.00 2.18 100% 1.50
Slide 35: Appendix 1：Condensed Balance Sheet
Appendix 1：Condensed Balance Sheet Expressed in millions of New Taiwan Dollars Assets Dec 31, 2023 Dec 31, 2022 Current assets 5,279 4,974 Property, plant and equipment 15,963 13,875 Intangible assets 4 5 Other non current assets 2,168 1,597 Total assets 23,414 20,451 Liabilities and Equity Current
Slide 36: Appendix 2：Condensed Statement of Comprehensive Income
Appendix 2：Condensed Statement of Comprehensive Income Expressed in thousands of New Taiwan Dollars 2023 2022 Operating Revenues 4,014,892 4,409,999 Operating costs 3,157,517 3,024,721 Gross profit 857,375 1,385,278 Operating expenses 483,101 456,075 Net operating income 374,274 929,203 Non operatin
Slide 37: Appendix 3：Corporate Bonds Issuance
Appendix 3：Corporate Bonds Issuance 2020-the first 2020-the first 2020-the first 2020-the first Tranche secured secured secured secured -A -B -C -D Amount 10 5 5 5 (NT$ 100M) Tenor 5 Years 5 Years 5 Years 5 Years Due Date 28-Aug-2025 28-Aug-2025 28-Aug-2025 28-Aug-2025 Interest Rate 0.64% 0.64% 0.66
Slide 38: Disclaimer
Disclaimer The information and opinions in this report were prepared by CMT. Though the information herein is believed to be reliable and has been obtained from market sources believed to be reliable, CMT makes no representation as to its accuracy or completeness. The material and the information co
Slide 39: Thank You!
Thank You!
Chinese Maritime Transport — Investor Presentation (March 2024) on 6ix