Sincere Navigation Corporation · TWSE:2605
Sincere Navigation — Investor Conference by MasterLink Securities (September 2022)
26 slides from Sincere Navigation's conference presentation, Sep 8, 2022
Slide 1: Sincere Navigation Corporation
新興航運股份有限公司 Sincere Navigation Corporation 2605.TW Sep 2022
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 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: Company Profile
公司簡介 Company Profile 成立於1968年，從事散裝輪和油輪業務，在台北、香港、溫哥華和 上海設有辦公室。 Established in 1968, engage in bulk and tanker business and have offices in Taipei, Hong Kong, Vancouver and Shanghai. 在多代的航運專業知識及家族傳承下，新興航運的血統可以追溯至 許廷佐及1922年下水的第一艘“舟山輪”。 With multiple generations of shipping expertise and family heritage
Slide 4: Fleet Size
船隊規模 Fleet Size Type Self Owned JV Total % Tonnage (MT) Tonnage % Kamsarmax 2 2 14% 163,270 6% Capesize 6 2 8 57% 1,408,460 52% VLOC 1 1 7% 250,327 9% VLCC 2 1 3 21% 894,438 33% Overall 11 3 14 100% 2,716,495 100% 1. 截至 2022 年 6 月 30 日，平均船齡 10.4年。 Average age 10.4 years as of June 30, 2022 2. 除此之外，有
Slide 5: Fleet Tonnage
船隊噸位 Tonnage Vessels Size Vessels Tonnage Kamsarmax, 2, Kamsarmax, 14% 163,270 , 6% VLCC, 3, 22% VLCC, 894,438 , 33% VLOC, 1, 7% Capesize, 1,408,460 , 52% VLOC, 250,327 , 9% Capesize, 8, 57% 新興航運積極尋求在合理的時機購入船隻！ SNC is proactively seeking to acquire vessels at reasonable timing! Sincere Navigation Co
Slide 6: Financial Performance
財務表現 Financial Performance Year H1 2022 H1 2021 2022 vs 2021 Revenue 營業收入 (NT$M) 1,867 1,761 +6.0% Gross Margin 毛利 (NT$M) 306 425 -28.1% Gross Margin % 毛利率 16.4% 24.1% -7.8% Profit After Tax 稅後淨利 (NT$M) 110 335 -67.2% PAT% 稅後淨利率 5.9% 19.0% -13.1% EPS 每股盈餘 (NT$ per share) 0.09 0.45 -80.0% Cash on Han
Slide 7: Capesize and VLCC Rates
散裝及油輪 Capesize and VLCC Rates Capesize 180,000 dwt, Average Trip Rates 1 Year Timecharter Rate 310,000 dwt D/H VLCC 100,000 35,000 90,000 30,000 80,000 70,000 25,000 60,000 20,000 50,000 40,000 15,000 30,000 10,000 20,000 5,000 10,000 - 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar A
Slide 8: Unrealized Exchange Losses from Interco Loan
未實現母子公司間借款匯兌損益 Unrealized Exchange Losses from Interco Loan 新興航運向子公司借款6000萬美元用於 支付股息的未實現匯兌損失新臺幣1.31億。 USD:TWD 2020 2021 2022 31 借款人和貸款人都是SNC集團公司，係 30.5 集團內資金融資交易。 30 影響為每股新臺幣0.22元。 29.5 Unrealized exchange losses NT$131M 29 from US$60M US dollar intercompany 28.5 loan from subsidiaries to SN
Slide 9: Revenue by Business Lines
按業務線劃分的收入 Revenue by Business Lines NT$M H1 2022 H1 2021 2022 vs 2021 Bulk 1,691 1,416 +19.4% Tanker 165 335 -50.6% Ship Management 10 10 +1.5% Total 1,867 1,761 +6.0% Bulk% 91% 80% +10.2% Tanker% 9% 19% -10.2% Ship Management% 1% 1% -0.0% 散裝輪收入增加，油輪營收減少，從而導致2022年上半年大宗收入佔比重增加。Bulk revenue increased
Slide 10: Deleveraging In Interest Rate Increase Cycle
加息週期去槓桿化 Deleveraging In Interest Rate Increase Cycle Debt / Asset LIBOR 3M % 80.0% 3.5000 70.0% 3.0000 60.0% 2.5000 50.0% 40.0% 2.0000 30.0% 1.5000 20.0% 1.0000 10.0% 0.0% 0.5000 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22Q2 - SNC Debt/Asset UMG Debt/Asset WDM Debt/Asset Jan 20 Apr 20 Jul 20 Oct 2
Slide 11: Market Outlook – Dry Bulk
市場展望 – 散裝 Market Outlook – Dry Bulk Sincere Navigation Corp 11
Slide 12: Dry Bulk Trade
散裝運務需求 Dry Bulk Trade • 2022年，散裝海運業務預計持平，為 54.6億噸，而2021年為54.6億噸。 • In 2022, dry bulk seaborne business forecasted flat at 5.46billions tonnes vs 5.46billion tonnes in 2021. Source form Clerksons Shipping Intelligence Weekly Sincere Navigation Corp 12
Slide 13: Dry Bulk Demand
散裝船需求 Dry Bulk Demand Source: Clarkson Shipping Intelligence Weekly Source form Clerksons Shipping Intelligence Weekly 全球24.5%之散裝船運載鐵礦及煤炭至中國。24.5% dry bulk are for iron ore and coal to China. Sincere Navigation Corp 13
Slide 14: Fleet Supply
船隊供給 Fleet Supply Bulk 2020 2021 YTD 2022 YTD 2022vs2021 Vessels No No of Vessels 12,357 12,738 12,980 1.9% Tonnage K DWT 912,802 945,631 963,902 1.9% Avg DWT 74 74 74 0.0% Source form Clerksons Shipping Intelligence Weekly 年初至 2022年8月1日，散裝輪船隊總噸位增長1.9%。 YTD Aug 1, 2022, Bulk Fleet size grew 1.9% in
Slide 15: Fleet Orderbook
船隊訂單 Fleet Orderbook Year End 1-Aug-22 Order Book Delivery Schedule 2018 2019 2020 2021 No M DWT No M DWT Growth% 2022 2023 2024+ Total Capesiez 335.0 348.1 361.2 376.8 1,934.0 382.1 115.0 22.4 5.9% 4.5 11.2 6.7 22.4 Panamax 206.7 217.6 228.7 236.6 2,985.0 241.6 269.0 22.1 9.1% 5.4 10.9 5.8 22.1 Han
Slide 16: Influencing Factors
影響因素 Influencing Factors 需求方 Demand Side 供應方 Supply Side 2022年需求預測持平 Demand forecast is flat in 2022 2022年船隊供應增長1.9% Fleet supply growth 1.9% in 2022 從新冠肺炎疫情中恢復 Recovery from Covid 19 港口壅塞（供應減少）Port congestion (lower supply) 中國封鎖 China lockdowns 碳排放要求導致速度放緩（供應量降低）Carbon 中國經濟展望 China ec
Slide 17: Market Outlook – Tankers
市場展望 – 油輪 Market Outlook – Tankers Sincere Navigation Corp 17
Slide 18: Crude Oil Trade
原油貿易 Crude Oil Trade • 2022年，原油海運業務預計將比2021年 增長4%。 In 2022, Crude oil seaborne business forecasted to grow 4% vs 2021. Source form Clerksons Shipping Intelligence Weekly Sincere Navigation Corp 18
Slide 19: Tanker Demand
油輪需求 Tanker Demand Source form Clerksons Shipping Intelligence Weekly Sincere Navigation Corp 19
Slide 20: Fleet Supply
船隊供給Fleet Supply Tanker 2020 2021 YTD 2022 Var % Vessels No No of Vessels 7,174 7,246 7,353 1.5% Tonnage K DWT 641,405 652,701 666,831 2.2% Avg DWT K DWT 89 90 91 0.7% Source form Clerksons Shipping Intelligence Weekly 年初至 2022年8月1日，油輪船隊總噸位增長2.2%。 YTD Aug 1, 2022, Tanker Fleet size grew 2.2% in term
Slide 21: Fleet Orderbook
船隊訂單Fleet Orderbook Year End 1-Aug-22 Order Book Delivery Schedule 2018 2019 2020 2021 No M DWT No M DWT Growth% 2022 2023 2024+ Total VLCC 227.7 247.4 256.2 261.6 870.0 268.3 40.0 12.1 4.5% 6.0 6.1 - 12.1 Source form Clerksons Shipping Intelligence Weekly 預計未來幾年將有另外40個VLCC交付，增長4.5%。 Additional 40 V
Slide 22: Influencing Factors
影響因素 Influencing Factors 需求方 Demand Side 供應方 Supply Side VLCC需求預測在2022年增長12% VLCC Demand 2022年供應增長2.2% Supply growth 2.2% in 2022 forecast grow 12% in 2022 港口壅塞（供應減少）Port congestion (lower supply) 從新冠肺炎疫情中恢復 Recovery from Covid 19 碳排放要求導致速度放緩（供應量降低）Carbon 中國封鎖 China lockdowns emission re
Slide 23: Vessel Life Cycle
船舶生命週期 Vessel Life Cycle 船舶租賃 與一級的租家維護密切關係 並在營運期間有效的搭配現 鑑定 貨市場及長期租約。 進塢維修 有效的進塢維修管理能增 船隻類型和新造船的 進航舶資產價值 細分市場 出場機制 造船廠 船隻交付 賣船為重要的價值提升方 案，賣船的時機點如果對 良好的造船廠關係，著 交付並進入營運 的話，可以最大化資產的 重高質量的船舶資產。 投報率。 Sincere Navigation Corp 23
Slide 24: Residual Value Management
剩餘價值管理 Residual Value Management 船舶價值佔總資產價值的65%，如果不包括現金，則 為83%。 剩餘價值約佔船舶價值的30%（基於每噸345美元）。 因此，必須確保船舶處於良好狀態並具有良好的轉售/ 廢料價值。 Vessel values account for 65% of total asset value or 83% if excluding cash. Residual value represent around 30% of vessel value (based on US$345 per tonnes). Thus, i
Slide 25: Strategy
策略 Strategy 為股東提供穩定的股息和回報。Provide stable dividends and return to shareholders. 在加息週期繼續去槓桿化或尋求低利率貸款融資。Continue deleveraging during interest rate increase cycle or financing lower interest rate loans. 積極尋求從新船和二手船擴大船隊規模。Proactively seek to expand fleet size from new building and 2nd hand vessels. 遵守 IM
Slide 26: Q&A 2605.TW
2605.TW Q&A http://www.snc.com.tw ad@snc.com.tw +886 2 2704-6255 Sincere Navigation Corp 26
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