裕民航運股份有限公司 2606TT
U-Ming Marine Trans port Corporation
2026 年第 1 季法人說明會
Q1 2026 Investor Presentation
FTSE4Good Emerging Index FTSE4Good TIP Taiwan ESG Index
2025外資精選台灣100強（Taiwan FINI 100 Companies ）
CFO & 發言人｜張宗良 副總經理
Mar 13, 2026
公司概況及經營 策略 Company Introduction & Business Strategy
2
多元化的船隊配置 船隊噸位與艘數齊升 邁向1,000萬 載重噸大關
Large and Diversified Fleet Profile, Approaching the 10 Million DWT Milestone
Fleet | Current | Target |
No. | 84 | 100 |
mDwt | 9.96 | 10 |
Current (# of vessels) NB Total
12
Fleet DWT (LHS)
Fleet NO
mdwt
120
100+
3
0
20
40
4238
353538
31323033
464546
60
4749
59
80
77
677071 72
84
100
VLOC | 2 | - | - | 2 | 3% | - | 2 | 2% |
Capesize | 20 | - | 3 | 23 | 32% | 4 | 27 | 32% |
Panamax | 14 | 7 | 3 | 24 | 34% | - | 24 | 29% |
Ultramax | 8 | - | - | 8 | 11% | 6 | 14 | 17% |
Others Cement Carrier | 4 | - | - | 4 | 6% | - | 4 | 5% |
Oil Tanker | - | - | 4 | 4 | 6% | - | 4 | 5% |
CTV | 6 | - | - | 6 | 8% | - | 6 | 7% |
CSOV | - | - | - | 0 | 0% | 2 | 2 | 2% |
LNGC | - | - | - | 0 | 0% | 1 | 1 | 1% |
Overall Group | 54 | 7 | 10 | 71 | 100% | 13 | 84 | 100% |
Vessel Type Owned Managed JV Total % No. No. % Dry Bulk
10
8
6
4
Delivery schedule
2026：1 (May：JV LNGC)
2027：6 ( 64K*3 + 181K*2 + CSOV )
2028：6 ( 64K*3 + 180K*2 + CSOV )
2
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2030~
0
2025年營運暨財務概況
2025 annual results highlights
Total Revenue & Operating Income (NT$Bn)
16.3
15.6
14.4
14.2
14.0
NT$m | Year Ended 31 December 2025 2024 | YoY | |
BDI | 1,681 | 1,755 | -4.2% |
營業收入 | 15,566 | 16,343 | -4.8% |
營業毛利 | 4,484 | 5,221 | -14.1% |
營業毛利率 | 28.8% | 31.9% | -9.8% |
營業淨利 | 3,704 | 4,485 | -17.4% |
營業淨利率 | 23.8% | 27.4% | -13.3% |
稅後淨利 | 3,640 | 4,681 | -22.2% |
基本 EPS (NT$) | 4.31 | 5.54 | -22.2% |
2021 2022 2023 2024 2025
Operating Income4.3
4.5
3.8
3.7
2.7
2021 2022 2023 2024 2025
2,943
1,934
1,378
1,755 1,681
2021 2022 2023 2024 2025
4
EPS BDI
5.79
5.21
5.54
4.31
3.24
2021 2022 2023 2024 2025
自有船隊持續汰舊換新轉型優化
Ongoing Fleet Renewal with a Young and Energy-Efficient Profile
Bulkers | U-Ming | Market |
Age (yr) | 7.55 | 12.88 |
Eco % (dwt) | 94% | 40% |
Capesize Panamax Handymax
100%
12.1
7.8
42%
U-Ming
Dry bulk
Age
U-Ming
Dry bulk
Eco' vessels, % dwt
(rhs)
14.00
12.00
10.00
8.00
6.00
4.00
2.00
-
1.0
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
14.00
12.00
10.00
8.00
6.00
4.00
2.00
-
1
12.6
72%
8.7
40%
U-Ming
Dry bulk
Age
U-Ming Dry bulk
Eco' vessels, % dwt
(rhs)
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
14.00
12.00
10.00
8.00
6.00
4.00
2.00
-
5.0
12.6
100%
43%
1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
U-Ming Dry bulk U-Ming Dry bulk
Age Eco' vessels, % dwt
(rhs)
Source: Clarksons WFR as at Feb 2026 | "Eco - Electronic Engine Modern" - a vessel with an electronic injection main engine contracted after 1st January 2012. 5