Sincere Navigation Corporation · TWSE:2605
Sincere Navigation — Investor Conference (self-conducted) (November 2024)
19 slides from Sincere Navigation's conference presentation, Nov 21, 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 November 21, 2024
Slide 2: 免責聲明 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 forward-looking 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 statements are subject to risks, uncertainties, and assumptions, some of which are beyond our control. Actual results may differ materially from thos
Slide 3: Main Business and Fleet Portfolio
主要業務及船隊Main Business and Fleet Portfolio Fleet Portfolio 5 - 10 years 10 - 15 years 15 - 20 years 4 3 2 2 1 1 1 1 Kamsarmax Capesize VLOC VLCC 4 Kamsarmax 卡薩姆型、7 Capesize 海岬型、1 VLOC 超大型鐵礦砂船 3 VLCC join Tanker International operation pool and revenue are distributed based on pool points. 3艘超大型原油運
Slide 4: Financial Performance QoQ
財務表現 Financial Performance QoQ Item 3Q 24 2Q 24 3Q 24 / 2Q 24 3Q 23 3Q 24 / 3Q 23 Revenue 營業收入 NT$M 1,100 1,205 91% 1,067 103% Profit After Tax 稅後淨利 NT$M 244 701 35% 108 226% EPS 每股盈餘 NT$ per share 0.42 1.20 35% 0.18 233% Cash on Hand 現金 NT$M 3,005 3,484 86% 3,816 79% ROA % 資產報酬率 % 1.12 3.16 35% 0.4
Slide 5: Financial Performance YoY
財務表現 Financial Performance YoY % Change NT$M YTD Sep 24 YTD Sep 23 FY24 / FY23 Revenue 營業收入 NT$M 3,388 3,098 109% Profit After Tax 稅後淨利 NT$M 1,299 390 333% EPS 每股盈餘 NT$ per share 2.22 0.57 389% Cash on Hand 現金 NT$M 3,005 3,816 79% ROA % 資產報酬率 % 6.13 1.71 358% ROE% 股東權益報酬率 % 7.83 2.17 361% Liability
Slide 6: Profit Before Tax 3Q 24 vs 2Q 24
稅前獲利 Profit Before Tax 3Q 24 vs 2Q 24 Profit Before Tax US$M 3Q 24 2Q 24 3Q 24 vs 2Q 24 22.3 11.7 7.6 4.7 5.0 0.7 2.0 1.5 2.5 1.6 1.0 (1.3) Kamsarmax Capesize VLOC(1.0) VLCC (0.8)Others(1.8) SNC (3.4) (7.0) (14.6) SNC delivered Profit Before Tax US$7.6M in 3Q 24, US$14.6M lower 新興航運公司於2024年第三季度稅前利潤為
Slide 7: Profit Before Tax YTD 3Q 24 vs 3Q 23
稅前獲利 Profit Before Tax YTD 3Q 24 vs 3Q 23 Profit Before Tax US$M YTD 3Q 24 YTD 3Q 23 YTD 3Q 24 vs YTD 3Q 23 41.3 27.6 19.4 18.9 13.8 10.5 10.1 5.4 4.0 5.9 4.7 1.4 0.5 1.2 0.4 0.1 0.6 Kamsarmax Capesize VLOC VLCC Others(0.4) SNC SNC delivered Profit Before Tax US$41.3M YTD 3Q 24, US$27.6M higher 新興航運
Slide 8: Kamsarmax and Capesize Market Rates
散裝日租金 Kamsarmax and Capesize Market Rates Kamsarmax 82,000 dwt, Average Trip Rates Capesize 180,000 dwt, Average Trip Rates 35,000 60,000 30,000 50,000 25,000 40,000 20,000 30,000 15,000 20,000 10,000 5,000 10,000 0 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Se
Slide 9: VLCC Market Rates
超大型油輪日租金 VLCC Market Rates 1 Year Timecharter Rate 310,000 dwt D/H Scrubber- Fitted VLCC 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2021 2022 2023 2024 Source form Clarkson Shipping Intelligence • VLCC remained at higher level continuous
Slide 10: Operating Days vs Avg Daily Net Revenue
運務天數 vs 平均日租金 Operating Days vs Avg Daily Net Revenue 1. Sarah was acquired in Sep 23.聖娜輪於2023年9月購入。 1. Heng Shan was disposed in May end 2024.衡山輪於2024年5月底出售。 2. Oceana and Palona had drydocking 32 / 4 days in Q3. 合盛輪和 2. Wah Shan was acquired in May end 2024.華山輪於2024年5月底購得。 寶隆輪於第三季度分別進行了32天和4天的塢修。
Slide 11: Operating Days vs Avg Daily Net Revenue
運務天數 vs 平均日租金 Operating Days vs Avg Daily Net Revenue Tien Shan had drydocking 20 days in 1Q 23. Elbhoff had 11 drydocking days in Q3 2024. 天山輪在2023年第一季度進行了為期20天的乾船塢檢 海福輪2024年第三季度進行了11天的乾船塢檢修。 修。 11
Slide 12: Cash and Loan Status
現金及負債情況 Cash and Loan Status US$M Amount Interest Rate % p.a. As of 30 Sep 2024, SNC has cash and time deposit Cash 29.00 2.0% equivalent to US$188M, NT dollar loan US$104M, and US dollar mortgage loan US$10.5M. US Time Deposit 159.00 4.8% Total 188.00 US$92M time deposit were collateralized for
Slide 13: Kamsarmax Market Outlook Q4 2024 & 2025
市場展望 Kamsarmax Market Outlook Q4 2024 & 2025 Demand 需求: Coal Demand 煤炭需求: Coal demand remains a key driver for Kamsarmax, especially from Australia, Russia, • Grain and Coal Trade 穀物與煤炭貿易: Kamsarmax are used and South Africa. However, economic slowdowns in primarily for carrying grain, coal, and o
Slide 14: Capesize VLOC Market Outlook Q4 2024 & 2025
市場展望 Capesize VLOC Market Outlook Q4 2024 & 2025 Demand 需求: • Coal and Other Bulk Commodities 煤炭及其他小宗散 貨: Declining coal demand will pressure Capesize, • Iron Ore Trade 鐵礦石貿易: Australia (56%) and Brazil (20%) especially in coal-exporting regions. remains key exporters of iron ore, supporting Capesiz
Slide 15: VLCC Market Outlook Q4 2024 & 2025
市場展望 VLCC Market Outlook Q4 2024 & 2025 Demand 需求: Supply 供應: • Oil Demand and Trade Flow 石油需求與貿易流向: Despite • Aging Vessels and Scrapping 老舊船隻與拆解: China’s slowdown, new oil-producing regions like Brazil and Limited newbuild orders and increased scrapping the Middle East will support VLCC demand. wi
Slide 16: Key Market Drivers for 2025
2025年主要市場驅動因素 Key Market Drivers for 2025 Global Economic Conditions 全球經濟狀況: • China’s Economic Slowdown 中國經濟放緩: Reduced coal and iron ore imports will impact Kamsarmax and Capesize demand. 中國經濟放緩將影響煤炭與鐵礦石進口，進而影響 Kamsarmax 和 Capesize 需求。 • US and Europe Growth 美國與歐洲增長: Economic growth in developed r
Slide 17: Q&A
Q&A 17
Slide 18: Appendix 1. Vessel Portfolio
Appendix 1. Vessel Portfolio 18
Slide 19: Fleet Detail
船隊明細 Fleet Detail No Ship Ship Chinese Delivery Date Type DWT Scrubber CII Rating GHG Rating 1 Oceana 合盛輪 2014/9/5 Kamsarmax 81,594 v B B+ 2 Palona 寶隆輪 2014/11/6 Kamsarmax 81,676 v B B+ 3 Rebekah 蕾貝卡輪 2012/3/1 Kamsarmax 82,113 v C C+ 4 Sarah 聖娜輪 2018/11/14 Kamsarmax 81,082 v A C 5 Chin Shan 青山輪 2004
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