25 slides from T.s. Lines's earnings presentation, Aug 25, 2025
Slide 1: 2025 Interim Results Presentation
2025 Interim Results Presentation 2025.08.25 SAILING ALONG YOUR NEEDS James Chen, Vice Chairman Gavin To, Executive Director and President Russell Huang, Senior Vice President Lewis Chan, Chief Financial Officer Moriz Yu Tsoi, Assistant Manager of Investor Relations 1 SAILING ALONG YOUR NEEDS
Slide 2: Agenda
Agenda Key Operational Financial Outlook Q&A Highlights update review 2 SAILING ALONG YOUR NEEDS
Slide 3: Disclaimer
Disclaimer THIS PRESENTATION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO BE, AND SHALL NOT BE CONSTRUED AS, AN OFFER, INDUCEMENT, INVITATION, SOLICITATION, COMMITMENT OR ADVERTISEMENT WITH RESPECT TO THE PURCHASE, SUBSCRIPTION OR SALE OF ANY SECURITY AND NO PART OF IT SHALL FORM THE BA
Slide 4: Key Highlights
Key Highlights 4 SAILING ALONG YOUR NEEDS
Slide 5: The only certain is uncertainty
The only certain is uncertainty KEY HIGHLIGHTS 1 Tariff • The ever-changing U.S. 2 Seasonality Due to trade tariff in 3 Visibility • Suez Canal will be tariff policy added second quarter of unlikely re-open this uncertainty and this year, the effect year – but when? volatility to global trade of tra
Slide 6: Navigating trade uncertainty by flexible fleet management
Navigating trade uncertainty by flexible fleet management KEY HIGHLIGHTS Transpacific west coast spot rates Container turnover rate* US$ /FEU 9,000 Resumed U.S. routes Trip -0.44 8,000 within 10 days 10 TP freight rate surge due 7,000 to US-China truce in mid- 8 6.45 6.26 6.35 6.01 May 6,000 6 5,000
Slide 7: Resilient performance amid highly volatile market
Resilient performance amid highly volatile market KEY HIGHLIGHTS Volume ‘000 TEU Revenue US$ mm Average revenue/TEU1 US$ 1.6% 18.7% 17.6% 1,000 700 641 900 832 1,000 818 600 541 800 700 800 715 500 600 608 400 600 500 400 300 400 300 200 200 200 100 100 0 0 0 20241H 20251H 20241H 20251H 20241H 20251
Slide 8: Operational update
Operational update 8 SAILING ALONG YOUR NEEDS
Slide 9: Our position
Our position OPERATIONAL UPDATE 49 Long Beach 20th services Independent services : 11 Global Capacity Joint Venture: 24 Ranking* Slot swap/charter: 14 Mexico 22 Countries and regions Greater China, Singapore, Vietnam, 60 ports coverage Thailand, Mexico and more… Major ports in SEA countries are cove
Slide 10: Decide "where to play"
Decide “where to play” OPERATIONAL UPDATE VS 2024 1H VS 2024 1H Geographically breakdown Revenue growth % of total volume Total shipping volume breakdown by region 14% 0% 4% % of total volume 2024 1H 2025 1H Asia – ISC Transpacific Asia Pacific Region 94% 91% More ad-hoc services in India • Continue
Slide 11: Corporate development
Corporate development OPERATIONAL UPDATE Fleet Management Fleet • Decided to order four 5,300 TEU vessels • Ordered 24,000 containers of which 16,300 were delivered in the first half of 2025 Adopt new systems Integrating Cloud Fleet Management (CFM) system and ALLERGO to IT improve our self-owned fl
Slide 12: Progressing our strategy
Progressing our strategy OPERATIONAL Vessel fleet size Container fleet size UPDATE Total capacity Self-owned ratio Net increase Self-owned ratio 140,726 TEU 84 % 2,904 TEU 33 % in 2025 1H, representing a 1.9% decrease YoY as we returned It helps us to further subpress our costs. some chartered-in ve
Slide 13: Preparing for an ever-changing market
Preparing for an ever-changing market OPERATIONAL UPDATE Upgrading our fleet Size Place of build Delivery • Ordered new vessels in a prudent a manner 7,000TEU China APR-26 • Newly ordered vessels are expected to deliver in 2028, empowering us to 7,000TEU China OCT-26 meet the stricter emission regul
Slide 14: Financial review
Financial review 14 SAILING ALONG YOUR NEEDS
Slide 15: Continued to grow amid tariff standoff
Continued to grow amid tariff standoff FINANCIAL REVIEW Revenue US$ mm Cost of sales US$ mm 18.7% 4.2% 700 641.4 600 600 540.5 514.3 493.4 500 500 400 400 300 300 200 200 100 100 0 0 20241H 20251H 20241H 20251H • The revenue increase was primarily driven by a Cost of sales increased to US$514 millio
Slide 16: Well-controlled costs
Well-controlled costs FINANCIAL Bunker US$ mm Depreciation of owned PP&E US$ mm Charter hire US$ mm REVIEW 11.8% 20.6% 27.6% 120 60 60 100 94.0 47.7 49.6 50 50 82.9 80 39.5 40 40 35.9 60 30 30 40 20 20 20 10 10 0 0 0 20241H 20251H 20241H 20251H 20241H 20251H With a reduced number of operating Deprec
Slide 17: Constantly improving our margin
Constantly improving our margin FINANCIAL Gross profit GPM REVIEW US$ mm 170.1% 11bps 140 127.1 25.0% 120 19.8% 20.0% 100 80 15.0% 60 47.1 10.0% 8.7% 40 5.0% 20 0 0.0% 20241H 20251H 2024 1H 2025 1H Gross profit surged by 170.1% YoY in 2025 1H. GPM expanded 11 bps to 20% in 2025 1H from 9% in 2024 1H
Slide 18: Enhancing profitability
Enhancing profitability FINANCIAL Net profit US$ mm NPM REVIEW 222% 18.6bps Strong profit growth partly supported by our 188.7 35% strategic fleet management 200 180 29.4% Benefitted by the strong charter rate during the period, 30% 160 we generated revenue from charter hire of US$59 140 25% million
Slide 19: Strong cash position continues to support investment
Strong cash position continues to support investment FINANCIAL REVIEW US$ mm Cash flow bridge 300.0 264.8 250.0 -21.0 8.6 200.0 -48.6 163.1 -40.7 150.0 100.0 50.0 0.0 Net cash flow CAPEX for CAPEX for Other cash flow raising Net cash used in Net increase from operation New vessel New container from
Slide 20: Healthy balance sheet
Healthy balance sheet FINANCIAL REVIEW US$ mm 2024 FY 2025 1H Key metrics 2024 FY 2025 1H Current ratio 2.5x 1.8x Non-current assets 1,737.5 1,779.8 Quick ratio 2.4x 1.7x Current assets 584.2 733.4 CAPEX for vessels US$ mm 350 Total Assets 2,321.7 2,513.2 300 293.8 Total: US$849 mm Current liabiliti
Slide 21: Outlook
Outlook 21 SAILING ALONG YOUR NEEDS
Slide 22: Opportunities remain for nimble and disciplined players
Opportunities remain for nimble and disciplined players OUTLOOK Market’s concern... What we see… Bull Neutral Bear Bull Neutral Bear Red Sea is unlikely to re-open this year Sluggish economic and Red Sea re- We believe that it may add support to open may drag the freight rates in the Freight rate fr
Slide 23: Small vessels are telling a different story
Small vessels are telling a different story OUTLOOK Overaged Cellular Fleet Capacity Profile New supply is insignificant Only around 5% of the newbuilding is <5,000 TEU, while mega vessels are still the majority Orderbook Breakdown 18,000 - 24.000 15,200 - 17,999 13% 12,500 - 15,199 10,000 - 12,499
Slide 24: Continue to seize profitable opportunities
Continue to seize profitable opportunities OUTLOOK Trade activities among China and SEA countries Our long-term strategy helps us navigate unstable remain robust and low growth environment • China’s imports and exports to most of SEA countries kept strong • Middle-east market may help us weather the
Slide 25: Q&A Thank You
Q&A Thank You Contact us: E-mail: ir@tslines.com.hk Tel: (852) 3413 2000 25 SAILING ALONG YOUR NEEDS