Slide 1: Q2 2025 Investor Presentation
FRANBO LINES CORP. 2641TT Q2 2025 Investor Presentation Aug. 29, 2025 © 2025 Franbo Lines Corp. All rights reserved. 1
Slide 2: Disclaimer
Disclaimer ⚫ The information contained in this presentation and its accompanying announcements, including content relating to business outlooks, financial operations, is based on information derived from internal corporate data and external economic developments as a whole. ⚫ The company’s finance,
Slide 3: Agenda
簡報綱要 Agenda 1. 公司概況 / Outlook 2. 產業概況 / Industry 3. 營運策略 / Strategy and Prospect 4. Q & A 3
Slide 4: Outlook: Our Vision and Mission
1 公司概況 Outlook 企業願景 Our Vision Become a globally iconic shipping corporation Create a brighter future for ocean shipping through collaboration 使命 Our Mission Deliver shipping services that are high-tech, high-efficiency, and high-productivity Uphold a corporate spirit of strong relations, excellent
Slide 5: Organization Chart
1-1 主要關係企業組織圖 Organization Chart 正德海運(股)公司 Franbo Lines Corp. New Lucky Lines S.A. FWF Shipping Ltd. BCTS Capital Inc. Franbo Assets (Marshall Islands) (Marshall Islands) (Marshall Islands) Management Corp. 24 Subsidiaries 2 Subsidiaries 3 Subsidiaries 20 Ships 2 Ships ■ 正德海運成立於1998年。 Franbo Lines C
Slide 6: 2025 Q2 Financial Statements: Income Statement
1-2.1 2025年第二季財務報表 2025 Q2 Financial Statements 1. 損益表 Consolidated Statements of Income (新台幣千元, NT$ thousand) Q2/25 Q1/25 QoQ Q2/24 YoY 營業收入 Revenues 550,093 505,562 9% 393,885 40% 營業成本 Operating Costs (318,164) (331,163) -4% (209,466) 52% 營業毛利 Gross Profit 231,929 174,399 33% 184,419 26% 營業費用 Oper
Slide 7: 2025 Q2 Financial Statements: Balance Sheets
1-2.2 2025年第二季財務報表 2025 Q2 Financial Statements 2. 資產負債表 Consolidated Balance Sheets (新台幣千元, NT$ thousand) 2025.06.30 2025.3.31 QoQ 2024.06.30 YoY 現金及約當現金 Cash and Cash Equivalent 741,068 533,150 39% 389,563 90% 存貨 Inventory 993,322 966,751 3% 827,802 20% 待出售非流動資產（或處分群組）淨額 695,594 - - 102,023 582% A
Slide 8: Fleet Status
1-3 船隊現況 Fleet Status 船型 Kamsarmax Ultramax Handymax/Handy Multi purpose General Cargo Newcastlemax Vessel Type 卡姆薩爾型 極限靈便型 大靈便型/輕便型 多功能型 雜貨型 載重噸數 70,000- 50,000- 39,000- 16,000- 10,000- Deadweight Over 170,000 83,000 70,000 50,000 30,000 15,000 Tonnage 船舶數量 1 3 4 7 4 3 Fleet size 航線 WW WW WW WW WW
Slide 9: 2025-2026 CP Renewal
1-4 2025-2026 換約情形 CP Renewal 船舶數量 現船換約數量 Note No. of Ships Renewal 出售一艘 2025 Q3 21 Disposal 1 ship 2025 Q4 21 出售一艘 2026 Q1 20 2 Disposal 1 ship 2026 Q2 20 1 2026 Q3 20 2026 Q4 20 *as of 2025/ 8/29 9
Slide 10: Monthly Revenue
1-5 每月營收 Monthly Revenue 單位：新台幣千元(NT$ thousand) 2024/01~2025/07 2025 2024 YOY(%) 2025 2024 1 162,719 133,823 21.59% 200,000 189,172 183,340 2 157,987 124,414 26.98% 3 184,856 131,679 40.38% 152,983 150,000 4 185,278 129,548 43.02% 5 189,172 133,509 41.69% 6 175,643 130,828 34.25% 100,000 7 183,340 1
Slide 11: Peer Financial
1-6 同業營收及損益 Peer Financial 單位：新台幣千元(NT$ thousand) 正德 慧洋 裕民 四維 台航 中航 2025 H1 Franbo WML U-MING Shih Wei Taiwan Nav. CMT 營業收入 1,055,655 7,315,719 7,050,788 1,551,106 2,044,741 2,447,745 Operating Revenue 營業毛利 406,328 924,207 1,474,467 (23,186) 795,314 774,628 Operating Profit 毛利率(%) 38.49% 12.63% 20.9
Slide 12: Industry
2 產業概況 / Industry 12
Slide 13: Industrial Trend (2022-2025 BDI Index)
2-1 產業近況 Industrial Trend (2022-2025 BDI Index) In 2024 1.Red Sea crisis extended voyage distances 2.Global economy in mild recovery 3.Panama Canal transit limits remain In 2022 In 2023 4.U.S. imposed additional tariffs on China 1.Russia–Ukraine war 1.Panama Canal drought impact 2.China lockdown & p
Slide 14: Industrial Trend (2025 Baltic Exchange)
2-2 BDI 月平均及趨勢 Industrial Trend (2025 Baltic Exchange) 2025 Baltic Exchange Monthly Average 3300 3239 BDI BCI BPI BSI BHSI 2800 2300 2277 2111 1980 1961 2003 1800 1818 1659 1501 1500 1489 1386 1380 1418 1300 1262 1268 1229 1063 1119 988 957 951 1012 874 895 800 800 735 614 635 678 603 547 564 601 30
Slide 15: Industrial Trend (Average 1/3/5 year TC Market Rate)
2-3 期租走勢 Industrial Trend (Average 1/3/5 year TC Market Rate) (1年) (3年) (5年) Rates are for non-scrubber fitted ships up to c.10yrs old unless otherwise specified. Kamsarmax, Ultramax and Handysize 38k dwt rates basis ‘eco’ ship.*Basis Pacific Delivery (Majority of Fixture Activity) Source : Clarkson
Slide 16: Environmental Regulations - IMO & EU
2-4.1 環保法規 Environmental Regulations - IMO & EU EU member ships visiting EU ports and non-EU member ships WtW GHG Pricing Under Market Mechanisms 2028 GFI Well-to-Wake GHG Emissions 2025/4/18 Source：CR CLASSIFICATION SOCIETY – Apr 2025: IMO adopted the Net-Zero Framework, targeting net-zero GHG emis
Slide 17: Environmental Regulations – EU & CII
2-4.2 環保法規 Environmental Regulations – EU & CII ■ 歐盟排放交易體系(EU ETS) ■ Carbon Intensity indicator(CII) 範圍 (Scope) 時程 (Schedule) : from 2023/1/1 - 50% of emissions from voyages departing from an EU port to non-EU port The CII rating of FRANBO fleet - 100% of emissions from voyages between Euport Rating
Slide 18: Strategy & Prospect
3 營運策略 / Strategy & Prospect 18
Slide 19: Impact and Response: Exchange Rates & Tariffs
3-1 匯率及關稅影響因應 Impact and Response: Exchange Rates & Tariffs ■ 2023~2025H1匯兌損益 Foreign exchange gain / loss from 2023 to 2025H1 單位：新台幣千元(NT$ thousand) 項目/年度 2023 2024 2025H1 兌換利益(損失) Exchange gain (loss) (A) (5,565) (21,536) 36,844 營業收入淨額 Revenues (B) 1,337,660 1,654,400 1,055,655 營業利益 Operating Inco
Slide 20: Continued Investment in New Vessels
3-2 持續建造新船 Continued Investment in New Vessels Delivery Date 2023.03 2023.04 2023.09 2023.11 2024.06 2024.09 船舶名稱 Norvic Norvic Franbo ACE Merganser Franbo Brave Franbo Bravo Vessel Name Houston Singapore 載重噸數 DWT 39,953 39,971 39,755 39,738 40,090 40,090 船型 TYPE Handy Handy Handy Handy Handy Handy
Slide 21: Fundraising Implementation and Impact
3-3.1 募資執行與效益 Fundraising Implementation and Impact 單位：新台幣百萬元 (Unit: NT$ million) 2021~2025H1 募資執行情形 新造船 Newbuilding 2,000 償還借款 Repayment of loans 充實營運資金 Working capital 1,500 70 1,000 38 340 1,450 18 400 500 789 630 601 426 0 募資總金額 1,008 1,520 826 619 789 4,762 Total Capital Raised 船舶(Ship) 2021 20
Slide 22: Fundraising Implementation and Impact
3-3.2 募資執行與效益 Fundraising Implementation and Impact 2021/01~2025/07 單位：新台幣千元 (Unit: NT$ thousand) 200,000 季營業毛利 400,000 Quarterly Gross Profit 183,340 月營收 Monthly Revenue 150,000 300,000 231,929 100,000 200,000 75,639 113,550 50,000 100,000 0 0 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24
Slide 23: Q&A
Q&A me GE) Ee 4 1 7K