Orient Overseas (international) Limited · HKEX:316
Orient Overseas (international) — H1 2020 Earnings Presentation
29 slides from Orient Overseas (international)'s earnings presentation, 2020
Slide 1: Orient Overseas (International) Limited 2020 Interim Results
Orient Overseas (International) Limited 東方海外(國際)有限公司 2020 Interim Results 二零二零年中期業績
Slide 2: Disclaimer
DISCLAIMER 免責聲明 The information provided is for reference only and includes data obtained from sources 提供的信息僅供參考，包括從相關信息提供商提供的來源中獲得的數據，如有 provided by the relevant information provider(s) and is subject to change without notice. 更改，恕不另行通知。東方海外（國際）有限公司（“東方海外”）及其關聯 Orient Overseas (International) Limit
Slide 3: Highlights
HIGHLIGHTS 摘要 FINANCIAL BALANCE SHEET Group Revenue Core Business EBIT Core Business Operating Cash Flow Liquid Assets Net Debt to Equity Total Debt 集團收益 核心業務息稅前溢利 EBIT Margin 營運現金流量 速動資產 Ratio 總負債 (US$ B) (US$ M) 核心業務息稅前溢利率 (US$ M) (US$ B) 淨負債與股東權益比率 (US$ B) (%) 465 4.2 4.0 3.5 160 158 500 349 4 2.
Slide 4: 2020 Q2 Operational Update
2020 Q2 OPERATIONAL UPDATE 二零二零年第二季度營運概要 Q2 2020 Q2 2019 Change YTD 1H 2020 YTD 1H 2019 Change 二零二零年第二季 二零一九年第二季 變動 二零二零年上半年 二零一九年上半年 變動 LIFTING (TEU’s) : 載貨量 （標準箱） : Trans-Pacific 太平洋航線 491,526 502,507 - 2.2% 941,316 943,691 - 0.3% Asia / Europe 亞洲／歐洲航線 343,982 366,575 - 6.2% 675,657 691,815 - 2.3%
Slide 5: Group Results Breakdown
GROUP RESULTS BREAKDOWN 集團業績明細 (US$ M) 30 Jun 2020 30 Jun 2019 (百萬美元) 截至二零二零年六月三十日止六個月 截至二零一九年六月三十日止六個月 Container Transportation and Logistics – EBIT 158.0 152.7 貨櫃運輸及物流 - 息稅前溢利 Container Transportation and Logistics – EBIT margin 4.6% 4.6% 貨櫃運輸及物流 -息稅前溢利率 Property and Investments – EBIT 3.0 53.8 其他
Slide 6: Group Balance Sheet Highlights
GROUP BALANCE SHEET HIGHLIGHTS 集團資產負債表摘要 (US$ M) 30 Jun 2020 31 Dec 2019 (百萬美元) 二零二零年六月三十日 二零一九年十二月三十一日 Non-Current Assets 6,562 6,756 非流動資產 Current Assets 3,045 4,446 流動資產 Total Assets 9,607 11,202 總資產 Non-Current Liabilities 2,973 3,504 非流動負債 Current Liabilities 1,792 2,771 流動負債 Total Liabilities
Slide 7: Balance Sheet
BALANCE SHEET 資產負債表 OOIL Net Debt to Equity Continue to 持續保持穩健的資 maintain stronger 產負債表，好於同 0.32 0.42 0.43 0.41 0.25 0.28 than peer average 業平均水平 0.12 0.23 0.20 0.06 balance sheet 2011 2012 2013 2014 2015 2016 2017 2018 2019 1H 2020 Using positive 使用正營運現金流 operating cash flow 和現金資源，債務 and cash resou
Slide 8: Total Liquid Assets
TOTAL LIQUID ASSETS 總流動資產 (US$ M) 30 Jun 2020 31 Dec 2019 (百萬美元) 二零二零年六月三十日 二零一九年十二月三十一日 Cash and Bank Balances 2,110 2,515 現金及銀行結餘 Portfolio Investments, Equities and Bonds 311 344 債券及證券之組合投資 Total 2,421 2,859 合計 8
Slide 9: Net Debt
NET DEBT 淨負債 (US$ M) 30 Jun 2020 31 Dec 2019 (百萬美元) 二零二零年六月三十日 二零一九年十二月三十一日 Liquid Assets 2,421 2,859 速動資產 Debt 3,410 3,991 負債 Net Debt 989 1,132 淨負債 9
Slide 10: Container Transport (Excluding Logistics)
CONTAINER TRANSPORT (EXCLUDING LOGISTICS) 貨櫃運輸（不包括物流） 30 Jun 2020 30 Jun 2019 二零二零年六月三十日 二零一九年六月三十日 Liftings ('000 TEU) 3,286 3,374 載貨量（千個標準箱） Freight Revenue (US$ M) 3,124 3,027 運費收益（百萬美元） Freight Revenue Per TEU (US$) 951 897 每個標準箱平均運費收益（美元） Load Factor (%) 82.9 81.6 運載率（%） Net Operating Capacity
Slide 11: Market Situation
MARKET SITUATION 市場狀況 US$ Shanghai Container Freight Index Freight Revenue per TEU (US$) 美元 上海出口集裝箱運價指數 每個標準箱運費收益（美元） 1,350 1,000 902 951 861 890 773 1074 1,150 942 500 827 833 811 950 724 0 2016 2017 2018 2019 1H 2020 650 750 550 350 Jul-14 Oct-14 Jul-15 Oct-15 Jul-16 Oct-16 Jul-17 Oct-17 Jul-18 Oc
Slide 12: Covid-19
Covid-19 新冠疫情 Direct impact on container shipping 對集裝箱航運的直接影響 ▪ Shutdowns worldwide ▪ 全球主要經濟體陷入封鎖 ▪ Material reduction in growth expectations ▪ 大幅降低預期增長 ▪ Calibrate network supply levels to adapt to customer demand ▪ 調整網絡供應水平以適應客戶需求 ▪ 成本管理，吸取2009年和2016年的教訓 ▪ Manage costs, lessons learned in 2009 and
Slide 13: US – China Trade Negotiations
US – China Trade Negotiations 中美貿易談判 Stage 1 deal in place 第一階段貿易協議達成 ▪ Progress being made ▪ 正在取得進展 Need to wait to see future direction of the talks 需要觀察談判的未來方向 ▪ Managing Covid-19 consumes government time ▪ 政府集中精力抗擊疫情 Outlook 展望 ▪ China remains at the heart of global manufacturing ▪ 中國仍然是全球製造業的核心
Slide 14: Supply and Demand
SUPPLY AND DEMAND 供應與需求 Any analysis of demand side is dominated by Covid-19 新冠疫情對需求產生重要影響 All previous forecasts are irrelevant 之前所有的預測均無從參考 Dire expectations, but outcome is better than 預料情況嚴峻，但結果好於預期 expected Supply side growth manageable 供應方面增長可控 Low orderbook 新船訂單少 Retrofits 加裝脫硫塔 Economic unce
Slide 15: Gross New Building Deliveries
GROSS NEW BUILDING DELIVERIES 新造船交付總量 MILLION TEU 9.2% < 7,500 TEU ships 7,500 - 15,199 (NPX) TEU ships > 15,200 TEU ships 1.8 1.73 8.5% 1.6 1.47 6.2% 1.4 5.9% 0.81 1.30 1.19 4.7% 1.2 4.9% 0.60 4.6% 1.06 3.4% 1.04 1.0 0.94 0.59 0.94 0.66 0.8 0.43 0.25 0.55 0.48 1.8% 0.6 0.55 0.70 0.45 0.51 0.32 0.52
Slide 16: New Vessel Orders
NEW VESSEL ORDERS 新船訂單 Size Number Total TEU 船舶尺寸 數量 合計標準箱數量 13K TEU or above 達一萬三千個標準箱或以上 7 143,560 Below 13K TEU 1H 2020 一萬三千個標準箱以下 12 19,072 Total 合計 19 162,632 13K TEU or above 達一萬三千個標準箱或以上 34 635,136 Below 13K TEU 2019 一萬三千個標準箱以下 63 148,765 Total 合計 97 783,901 13K TEU or above 達一萬三千個標準箱或以上 35 6
Slide 17: Orderbook-to-Fleet Ratio
ORDERBOOK-TO-FLEET RATIO 訂單對現有船隊比率 Source: Alphaliner Monthly Monitor (July 2020) 17
Slide 18: Scrapping
SCRAPPING 報廢船舶 Source: Alphaliner Monthly Monitor (July 2020) 18
Slide 19: Diversified Revenue Base
DIVERSIFIED REVENUE BASE 多元化的收益基礎 1H 2020 二零二零上半年 1H 2019 二零一九上半年 Revenue by Services (US$’000) 航線收益 (美元千元) Revenue by Services (US$’000) 航線收益 (美元千元) $990,375 $937,690 32% 31% $1,181,659 Trans-Pacific 太平洋航線 $1,180,734 38% 39% Asia / Europe 亞洲／歐洲航線 Trans-Atlantic 大西洋航線 $289,168 Intra Asia / Australas
Slide 20: Industry Trade Volume 1H 2020
INDUSTRY TRADE VOLUME 1H 2020 二零二零上半年行業載貨量 Trade Route 1H 2020 vs 1H 2019 1H 2019 vs 1H 2018 1H 2018 vs 1H 2017 航線 Trans-Pacific EB (8.7%) 0.3% 7.3% 太平洋東行航線 Asia-Europe WB (12.3%) 5.2% 1.8% 亞洲／歐洲西行航線 Intra-Asia (2.7%) 1.2% 4.5% 亞洲區內航線 Trans-Atlantic WB (7.3%) 5.8% 4.8% 大西洋西行航線 Sources: Datamyne and
Slide 21: Industry Trade Volume 1H 2020
INDUSTRY TRADE VOLUME 1H 2020 二零二零上半年行業載貨量 Trans-Pacific EB Asia / Europe WB Intra-Asia Trans-Atlantic WB 太平洋東行航線 亞洲／歐洲西行航線 亞洲區內航線 大西洋西行航線 2020 2019 2018 2020 2019 2018 2020 2019 2018 2020 2019 2018 JAN 一月 (0.3%) 6.4% 7.5% (4.1%) 9.7% 1.2% (5.8%) 2.4% 10.0% (7.6%) 17.1% 1.6% FEB 二月 (8.8%) (5.2%) 18.
Slide 22: Industry Trade Volume 1H 2020
INDUSTRY TRADE VOLUME 1H 2020 二零二零上半年行業載貨量 Source: Datamyne Source: CTS 22
Slide 23: Major Commodities for Transpacific EB 1H 2020
MAJOR COMMODITIES FOR TRANSPACIFIC EB 1H 2020 二零二零上半年太平洋東行航線主要商品 Top 9 commoditites with largest yoy growth for TPT EB Market in Jun20 Top 10 commoditites with largest yoy drop for TPT EB Market in Jun20 Vol. Vol. Vol. Trend Vol. yoy Vol. Vol. Trend Vol. Vol. yoy Vol. Rank Commodity Vol. Vol. yoy YT
Slide 24: Face Masks, Hand Sanitizers, Medical and Disposable Supplies
FACE MASKS, HAND SANITIZERS, MEDICAL AND DISPOSABLE SUPPLIES 口罩，搓手液，醫療及一次性用品 Face Masks Hand Sanitizer 7,000 14,000 6,000 12,000 5,000 10,000 4,000 8,000 TEU TEU 3,000 6,000 2,000 4,000 1,000 2,000 0 0 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2019 2020 2019 2020 Medical Related Disposables Related 7,
Slide 25: Operating Costs 1H 2020
OPERATING COSTS 1H 2020 二零二零上半年營運成本 Per TEU 1H 2020 / 1H 2019 Change 1H 2020 Proportion 每個標準箱 二零二零上半年/ 佔二零二零上半年比例 二零一九年上半年之變動 Total Cost 7% 100% 總成本 Cargo Costs 7% 50% 貨物處理成本 Equipment and Repositioning Costs 9% 14% 貨櫃成本及空箱回流費用 Vessel and Voyage Costs (Excluding Bunker Costs) 16% 23% 船舶及航程費用（除燃油成本外）
Slide 26: Bunker Costs 1H 2020
BUNKER COSTS 1H 2020 二零二零上半年燃油成本 1H 2020 1H 2019 Change 二零二零上半年 二零一九年上半年 變動 Total Bunker Costs (US$ M) 361 407 -11% 總燃油成本（美元百萬） Average Bunker Price (US$ per TON) 424 441 -4% 平均燃油單價（美元每噸） Total Bunker Consumption (‘000 TON) 851 922 -8% 總燃料消耗量（千噸） Net Operating Capacity (‘000 TEU) 742 709 +5% 淨運力（千個標
Slide 27: IMO 2020
IMO 2020 國際海事組織2020 Rules limiting sulphur content of fuel 限制燃料中硫含量的規定 過去幾年的討論焦點 Huge discussion point for several years 價格差距收窄 Much smaller price gap than expected ▪ 低硫燃油和高硫燃油最初的價格差距較大，超過每公 ▪ VLSFO vs HSFO initially large price gap, >$300 pmt 噸300美元 ▪ Gap now steady at $60-$80 pmt ▪ 價格差距目前穩定在每公噸60-
Slide 28: Conclusion
Conclusion 結論 Solid results in an extraordinary context 在特殊的環境下取得好成績 Continue to be cautious 繼續保持謹慎 ▪ Unknown trajectory of Covid-19, and of responses ▪ 未知的疫情的發展軌跡及應對情況 to Covid-19 ▪ 中美貿易談判 ▪ US China Trade negotiations 對我們的表現能力充滿信心 Confident in our ability to outperform ▪ 整個集團將持續雙品牌策略的優勢 ▪ Strength
Slide 29: Diolch
Diolch Multumesc Paldies! Faleminderit
Orient Overseas (International) — H1 2020 Earnings Presentation on 6ix