Chinese Maritime Transport Ltd. · TWSE:2612
Chinese Maritime Transport — Q2 2024 Earnings Presentation
40 slides from Chinese Maritime Transport's earnings presentation, Jun 27, 2024
Slide 1: Q2 Investor Presentation
Stock Code：2612 TT Q2 Investor Presentation By: Ban-Jen Tarng Company Spokesperson 27th June 2024
Slide 2: Summary of Presentation
Summary of Presentation Capesize Market Outlook Dry Bulk Shipping Market Trends The Company Overview Appendices Jun/2024 Investor Presentation 1
Slide 3: Outlook
Outlook CSCMT BEEBE REA? Chinese Maritime Transport Ltd.
Slide 4: Capesize Market Outlook
Capesize Market Outlook Capesize 5TC averaged US$ 23,371 in first half of 2024; PRC iron ore imports increased by 7.0% YoY during January and May while coal imports increased by 12.6% YoY during the Major Commodities Export Rose in 1H same period 2024 Spot rates are supported in Q2 reflecting he
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 Real Estate De-stocking Higher Import of Bauxite to PRC Volatile FFA Trading Increase of Tonne-miles Vintage Tonnages Delay Exiting Jun/2024 Investor Prese
Slide 6: PRC Key Indicators
PRC Key Indicators • PRC’s gross domestic product in Q1 grew by 5.3% y-o-y, while full year guidance is around 5.0% • PRC’s crude steel production between January and May reached about 439 million tonnes, down by about 1.4% y-o-y; the country exported about 45 million tonnes of steel products betwee
Slide 7: Shipping Market Outlook - Demand
Shipping Market Outlook - Demand Iron Ore Clarksons Platou forecasts Chinese iron ore imports to increase by 1% in 2024 while Brazilian export volume is expected to increase by 5% and Australian export volume to remain the same level; global iron ore demand is projected to grow by 1% in 2024 Coal Cl
Slide 8: Shipping Market Outlook - Supply
Shipping Market Outlook - Supply Newbuildings According to S&P Global, total 56 capesize bulkers were delivered in 2023 with fleet net growth at 2.4%; 40 capesize bulkers are expected to be delivered in 2024 Ship Scrapping Demolition quantity of capesize bulkers reached 9 in 2023 while more vintage
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 - Jun 2024 1,831 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 - Jun 2024 $23,371 2,818 23/May/2022 5000 BCI: 4,602 11/Mar/2024 BCI: 4,314 4000 17/Jan/2024 BCI:1,733 3000 2000 1000 17/Feb/2023 31/Aug/2022 BCI: 271 BC
Slide 12: 2022- 2024 BCI/BPI/BSI/BHSI Rates
2022- 2024 BCI/BPI/BSI/BHSI Rates Spot TCE (US$) 60,000 50,000 Capesize 5TC (180K) 2024/6/21 - $26,059 40,000 Kamsarmax 5TC (82K) 30,000 2024/6/21 - $16,441 Supra/Ultramax 10TC (58K) 20,000 2024/6/21 - $15,382 10,000 Handysize 7TC (38K) 2024/6/21 - $13,548 0 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23
Slide 13: Global Economy and Dry Bulk Trade
Global Economy and Dry Bulk Trade IMF projects global GDP to grow by 3.2% in 2024 Clarksons Platou forecasts dry bulk seaborne trade to increase by 2.2% in 2024 8 6.2 5.8 5.8 5.6 6 4.6 3.8 4 3.5 3.5 3.5 3.4 3.3 3.5 3.4 3.4 3.1 3.1 3.3 3.2 2.8 2.2 1.7 2 0.4 0.4 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 1,557 0.9% Coal 1,326 0.8% Bauxite 179 10.5% Capesize focus cargoes total 3,062 1.4% Grain 540 3.3% Forest Products 337 4.3% Steel Products 382 3.5% Fertilizer 197 3.7% Agribulks 194 1.0% Cement 122 0.8% Scrap 95 2.2% Petroleum
Slide 15: Cape 5TC vs. Fleet Utilization Rate
Cape 5TC vs. Fleet Utilization Rate USD/Day 35,000 89% 30,000 88% 25,000 87% 20,000 86% 15,000 85% 10,000 84% 5,000 0 83% 2014 2016 2018 2020 2022 2024 Baltic Index Cape 5TC Rate Fleet Utilization (%) Source: Marsoft Jun/2024 Investor Presentation 14
Slide 16: Global Iron Ore Exports
Global Iron Ore Exports Clarksons Platou forecasts global iron ore exports increase by 1% in 2024 Iron Ore Million Tonnes 1529 1543 1557 1600 1478 1400 1200 1000 884 894 895 871 800 600 373 392 355 342 400 200 0 2021 2022 2023 2024(f) Brazil Australia Total Source: Clarksons Platou Jun/2024 Investor
Slide 17: Global Coal Exports
Global Coal Exports Clarksons Platou forecasts global coal exports to increase by 1% in 2024 Coal Million Tonnes 1600 1400 1314 1326 1226 1228 1200 1000 800 600 519 524 432 465 366 339 351 362 400 200 0 2021 2022 2023 2024(f) Australia Indonesia Total Source: Clarksons Platou Jun/2024 Investor Prese
Slide 18: Global Bauxite Exports
Global Bauxite Exports 2018 vs 2023 Bauxite Export Share by Vessel Type Global Bauxite Exports 2.77% 0.05% Million Tonnes 7.28% 3.53% 3.61% 200 18.77% 179 180 Capesize 162 Panamax 160 152 145 Handymax 140 140 93.57% Handysize 126 70.43% 120 109 100 85 80 73 73 2023 Global Bauxite Imports from Guinea
Slide 19: Global Coal Prices
Global Coal Prices Source: MacroMicro Jun/2024 Investor Presentation 18
Slide 20: 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$/MT Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Source: MacroMicro Jun/2024 Investor Presentation 19
Slide 21: PRC Crude Steel Price
PRC Crude Steel Price 180 7500 160 Hot Roll Steel Plate (SPHC), RMB/mt 6700 140 62% FE CFR China, US$/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 Jun/202
Slide 22: World Steel Production Trend
World Steel Production Trend PRC’s y-o-y growth rate in 2023: +0.0%; Full year y-o-y projection for 2024: +2.0% Source: Drewry Maritime Research Jun/2024 Investor Presentation 21
Slide 23: PRC Commodity Seaborne Imports
PRC Commodity Seaborne Imports PRC’s demand for iron ore is projected to increase by 1% in 2024 to 1.171 billion tonnes PRC’s demand for coal imports is estimated to increase by 3% in 2024 to 369 million tonnes Million Tonnes Iron Ore Coal Million Tonnes 1200 77% 400 30% 1180 76% 350 1160 25% 75
Slide 24: 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 Jun/2024 Investor Presentation 23
Slide 25: 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 May 24 Jun/2024 Investor Presentation Iron Ore Stockpiles at PRC Ports 24
Slide 26: PRC Bauxite Imports
PRC Bauxite Imports Chinese Bauxite Seaborne Imports Million Tonnes 160 100% 140 90% 80% 120 70% 100 60% 80 50% 60 40% 30% 40 20% 20 10% 0 0% 2018 2019 2020 2021 2022 2023 2024(f) Chinese Bauxite Import % of global imports 2023 Global Bauxite Imports to China Chinese Aluminium Production Million Ton
Slide 27: Newbuilding Orders are Limited
Newbuilding Orders are Limited Capesize Orderbook for delivery Capesize Supply Development m. DWT No. 30 160 3.76% 4.32% 25 5.00% 140 3.91% 20 120 15 1.79% 2.29% 3.00% 100 10 1.05% 80 5 1.00% 60 0 37 40 25 27 -5 -1.00% 15 17 12 -10 20 2 -15 -3.00% 0 2019 2020 2021 2022 2023 Jan-Jun Delivered Remaini
Slide 28: 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 54 51 57 50 52 47 43 50 38 32 24 23 21 13 10 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: 1,553 Source: S&P Global Jun/2024 Investor Pr
Slide 29: Newbuilding/2nd Hand Sale Prices
Newbuilding/2nd Hand Sale Prices TYPE PRICE (IN US$ MILLION) YEAR 2022 2023 Jun 2024 208,000 DWT NB 66.6 73.7 11% 82.0 11% 180,000 DWT NB 60.5 67.0 11% 74.5 11% 180,000 DWT (ECO) 5-YR 43.0 52.3 22% 64.0 22% 180,000 DWT 10-YR 28.0 31.0 11% 45.0 45% 176,000 DWT 15-YR 18.5 20.5 11% 29.0 41% Source: Cla
Slide 30: The Company Overview
The Company Overview CSCMT BEEBE REA? Chinese Maritime Transport Ltd.
Slide 31: Company Profile
Company Profile AIR SHIPPING TRUCKING TERMINALS & TOURISM Shipping： CMT owns and manages a fleet of 14 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 32: Entities Revenue Ratio for 2024Q1
Entities Revenue Ratio for 2024Q1 Shipping 65% Trucking and 33% Terminals Agency and Travel 2% Jun/2024 Investor Presentation 31
Slide 33: 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 34: 2018-2023 Financial Highlights
2018-2023 Financial Highlights Expressed in millions of New Taiwan Dollars For the three Year 2019 2020 2021 2022 2023 months ended March 31, 2024 Revenue 3,763 3,132 3,554 4,410 4,015 1,016 Net Profit/(Loss) 324 320 1,031 758 324 127 EPS 1.64 1.67 5.27 3.88 1.66 0.65 Cash and cash 3,288 3,221 3,057
Slide 35: 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 2.3 * 150% 2.00 100% 2.18 100%
Slide 36: Appendix 1：Condensed Balance Sheet
Appendix 1：Condensed Balance Sheet Expressed in millions of New Taiwan Dollars Assets March 31, 2024 Dec 31, 2023 March 31, 2023 Current assets 5,265 5,279 5,347 Property, plant and equipment 16,363 15,963 14,813 Intangible assets 5 4 5 Other non current assets 2,303 2,168 1,843 Total assets 23,936
Slide 37: Appendix 2：Condensed Statement of Comprehensive Income
Appendix 2：Condensed Statement of Comprehensive Income Expressed in thousands of New Taiwan Dollars For the three months For the three months ended March 31, 2023 ended March 31, 2024 2023 Operating Revenues 1,015,644 4,014,892 929,368 Operating costs 786,107 3,157,517 710,632 Gross profit 229,537 8
Slide 38: 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 39: 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 40: Thank You!
Thank You!
Chinese Maritime Transport — Q2 2024 Earnings Presentation on 6ix