Sincere Navigation Corporation · TWSE:2605
Sincere Navigation — Investor Conference (self-conducted) (March 2024)
28 slides from Sincere Navigation's conference presentation, Mar 22, 2024
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 Mar 22, 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 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: Main Business Areas
主要業務Main Business Areas 4 Kamsarmax Revenue US$M for FY23 FY23 7 Capesize Others, 0.7 , 1% LBG, 1.2 , 1% Kamsarmax, 14.2 , 13% 1 VLOC VLCC, 42.7 , 3 VLCC: join Tanker International operation pool and 40% revenue are distributed based on pool points. Capesize, 38.8 , 37% Finance Lease: SNC purchase V
Slide 4: Operation Highlights
營運亮點 Operation Highlights Vessel Qty SNC Taiwan (TW) Kamsarmax Capesize VLOC VLCC 8 7 7 7 Norley (LA) Sky Sea (55%) Victory (55%) Jetwall (80%) Glory Selah 4 4 (MI) (MI) (MI) (55%) (MI) 3 3 3 3 3 3 Ocean Grace Bridge Poiema Everprime (MI) Everwin (MI) (MI) (MI) 1 1 1 1 Tien Shan Heng Shan Maxim LBG
Slide 5: Fleet Portfolio
船隊組合 Fleet Portfolio Fleet Mix Tonnage Kamsarmax, 5 - 10 years 10 - 15 years 15 - 20 years 326,465 , 12% 4 VLCC, 3 3 894,438 , 33% 2 Capesize, 1 1 1 1,232,480 , 46% VLOC, 250,327 , 9% Kamsarmax Capesize VLOC VLCC *As of 31 Dec 2023 In terms tonnage Divided by age group 1. Capesize: 46% (7) • 5 – 10
Slide 6: Financial Performance QoQ
財務表現 Financial Performance QoQ % Change Item 4Q23 3Q23 4Q22 4Q23 / 3Q23 4Q23 / 4Q23 Revenue 營業收入 NT$M 1,132 1,067 1,355 106% 84% Profit After Tax 稅後淨利 NT$M 133 108 287 123% 46% EPS 每股盈餘 NT$ per share 0.19 0.18 0.44 106% 43% Cash on Hand 現金 NT$M 1,974 3,816 3,521 52% 56% ROA % 資產報酬率 % 0.59 0.46 1.31
Slide 7: Profit Before Tax FY23 Q4 vs Q3
稅前獲利 Profit Before Tax FY23 Q4 vs Q3 FY23 Profit Before Tax US$M Q4 Q3 Q4 vs Q3 4.8 3.6 3.3 2.3 1.5 1.3 1.3 0.7 0.7 0.8 0.7 0.5 0.6 0.0 Kamsarmax Capesize VLOC VLCC Others SNC (0.5) (0.4) (1.0) (1.1) SNC delivered Profit Before Tax US$4.8M, US$1.5M higher than 第四季，SNC稅前利潤US$4.8M，較Q3增長US$1.5M，主要原因 Q3
Slide 8: Financial Performance YoY
財務表現 Financial Performance YoY % Change NT$M FY23 FY22 FY23 / FY22 Revenue 營業收入 NT$M 4,230 4,243 100% Profit After Tax 稅後淨利 NT$M 523 332 158% EPS 每股盈餘 NT$ per share 0.76 0.34 224% Cash on Hand 現金 NT$M 1,974 3,521 56% ROA % 資產報酬率 % 2.45 1.97 124% ROE% 股東權益報酬率 % 3.14 1.99 158% Liability / Asset 負債佔資產比
Slide 9: Profit Before Tax FY23 vs FY22
稅前獲利 Profit Before Tax FY23 vs FY22 Profit Before Tax US$M FY23 FY22 FY23 vs FY22 18.5 13.9 10.4 8.6 8.1 7.3 6.5 4.8 3.7 2.0 2.5 0.9 1.1 0.2 Kamsarmax Capesize VLOC VLCC Others SNC (1.8) (2.4) (2.8) (7.5) SNC delivered Profit Before Tax US$18.5M in FY23, US$8.1M SNC在23財年實現了US$18.5M的稅前利潤，比22財年高出 high
Slide 10: Cash and Loan Status
現金及負債情況 Cash and Loan Status As of 31 Dec 2023, SNC has cash and time deposit Interest Rate % p.a. equivalent to US$144M, NT dollar loan US$99M and US$M Principal Amount (note 1) US dollar mortgage loan US$51M. US$65M time deposit collateralized for NT dollar Cash 22 1.00% loan. US Time Deposit
Slide 11: Operating Days vs Avg Daily Net Revenue
運務天數 vs 平均日租金 Operating Days vs Avg Daily Net Revenue Kmax Avg Daily Revenue Capesize Avg Daily Revenue 30.0 FY22 Kmax SNC FY23 Kmax SNC 25.0 FY22 Capesize SNC FY23 Capesize SNC 25.0 20.0 20.0 15.0 15.0 10.0 10.0 5.0 5.0 0.0 0.0 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year 2,754 FY23 Kmax FY22 Kmax 1
Slide 12: Operating Days vs Avg Daily Net Revenue
運務天數 vs 平均日租金 Operating Days vs Avg Daily Net Revenue VLOC Avg Daily Revenue VLCC Avg Daily Revenue FY22 VLOC SNC FY23 VLOC SNC 40.0 80.0 FY22 VLCC SNC FY23 VLCC SNC 30.0 60.0 20.0 40.0 10.0 20.0 0.0 0.0 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year 365 FY23 VLOC FY22 VLOC 341 FY23 VLCC FY22 VLCC 1,03
Slide 13: Scrubber Installation Status
脫硫器安裝情況 Scrubber Installation Status Scrubber Installation Scrubber 3 2 1 100% 1 100% 50% 14% Kamsarmax VLOC Capesize VLCC • As of Dec 2023, there are 7 vessels with scrubbers. • Planned to install 2 scrubbers for Kamsarmax - Oceana and Palona in Q3 / Q4 2024. • 截至 2023 年 12 月，共有 7 艘船配備脫硫塔。 • 計劃在 20
Slide 14: 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 15: 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 B, 2 A, 2 D : minor inferior E : inferior performance level A, 1 C, 1 D, 1 A, 1 A, 1 B, 1 C, 1 Kamsarmax Capesize VLOC VLCC A vessel rated D for three consecutive years or rated as E, will n
Slide 16: 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。 16
Slide 17: Our GHG Rating D Above
溫室氣體評級D以上 Our GHG Rating D Above GHG Rating • SNC’s fleet rating are all above D. • SNC的船隊評級均在D以上。 C, 3 B+, 2 C+, 2 D+, 2 D+, 2 C, 1 C+, 1 A+, 1 D, 1 Kamsarmax Capesize VLOC VLCC 17
Slide 18: Kamsarmax and Capesize Market Rates
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 Sep Oct
Slide 19: Driving Forces for Capesize and Panamax Rates in Jan and Feb
Driving Forces for Capesize and Panamax Rates in Jan and Feb Source form Arrow Shipbroking Group • Capesize carried cargos were up 260 billions tonne-miles or 13.3% mainly due to Iron Ore shipments. • Panamax carried cargos were up 142 billions tonne-miles or 11.4% mainly due to Grains and Fertilize
Slide 20: China and ex-China
China and ex-China YTD Feb YoY change in tonne-miles Source form Arrow Shipbroking Group • China remained the driving force for dry bulk and key factor to dry bulk demand. • 中國仍然是乾散貨的驅動力，也是乾散貨需求的關鍵因素。 20
Slide 21: Dry Bulk Demand
散貨需求 Dry Bulk Demand Global seaborne dry bulk trade forecast to remain steady growth at rate of 1.2% and 1.4% in 2024 and 2025 respectively. Based on 23 estimate, Iron Ore accounted for 28%, Coal accounted for 23.7%, Grains accounted for 9.5%. Minor bulk accounted for 38.7%, including various kinds
Slide 22: Panama / Suez Canal Impact
巴拿馬/蘇伊士運河影響 Panama / Suez Canal Impact • Based on 2022 info, there were 10.4% of Capesize and 18.1% of Panamax passed through Panama or Suez Canal. • The synchronized snags of Panama and Suez Canal likely to add 4~5% incremental tonne miles. • 根據2022年的資料，有10.4%的Capesize和18.1% 的Panamax通過巴拿馬運河或蘇伊士運河。
Slide 23: Dry Bulk Vessels Supply
散貨船供應 Dry Bulk Vessels Supply Source form Arrow Shipbroking Group • Considering vessel delivery, scrapping and congestion, Capesize and Panamax expected moderate net growth of 1.3% and 2.2% respectively for 2024. • 考慮到船舶交付、報廢和擁堵，好望角型船和巴拿馬型船預計2024年凈增長分別為1.3%和2.2%。 23
Slide 24: Global Seaborne Crude Oil Trade
全球海運原油貿易 Global Seaborne Crude Oil Trade • Global seaborne crude oil trade tonne-miles forecasted to grow at 4% and 2% respectively in FY24 and FY25. • 預計24財年和25財年，全球海運原油貿易噸海 里將分別增長4%和2%。 Source form Clerksons Shipping Intelligence 24
Slide 25: VLCC Demand and Supply
油輪供需 VLCC Demand and Supply Source form Clerksons Shipping Intelligence • VLCC demand forecasted to grow 4% and 4% respectively in FY24 and FY25 and supply will be lower in FY24 and FY25. • 預計 24 財年和 25 財年 VLCC 需求將分別增長 4% 和 4%，24 財年和 25 財年供應量將下降。 25
Slide 26: Q&A
Q&A 26
Slide 27: Appendix
Appendix 27
Slide 28: Fleet Detail
船隊明細 Fleet Detail No Ship Delivery Date Age (Years) Ship Chinese Type Tonnage Scrubber CII Rating GHG Rating 1 Oceana 2014/9/5 9.3 合盛輪(ONA) Kamsarmax 81,594 Q3 2024 B D+ 2 Palona 2014/11/6 9.2 寶隆輪(PNA) Kamsarmax 81,676 Q4 2024 B D+ 3 Rebekah 2012/3/1 11.8 蕾貝卡輪(RKA) Kamsarmax 82,113 v B C+ 4 Sarah 20
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