正德海運股份有限公司 (2641) 2025Q3 法說會簡報
免責聲明
- 本簡報及同時發佈之相關訊息，包括公司策略、財務狀況等內容，係本公司基於內部資料及外部整體經濟發展現況所得之資訊。
- 本簡報所作有關本公司財務上、業務上、Q&A之說明，可能與未來實際結果存有差異。其原因可能來自各種因素，包括但不限於市場需求、各種政策法令與整體經濟現況之改變，及其他本公司無法掌控之風險等因素。
- 本公司不因任何新事件或任何狀況的產生而負有更新或修正本簡報資料內容之責任。
簡報綱要 Agenda
- 公司概況 / Outlook
- 產業概況 / Industry
- 營運策略 / Strategy and Prospect
- Q & A
公司概況 Outlook
企業願景與使命
企業願景 立志成為全球指標性的海運集團，不斷創造產業價值，共同成就更好的航運前景。
使命
- 高技術、高效能、高產值的海運服務
- 高契合、高實踐、高理念的企業精神
- 洞察全球趨勢且掌握先機
- 多元獨特營運與船舶管理
- 厚植多邊競爭力 創造共贏優勢
- 成為最值得信賴的長期策略伙伴
主要關係企業組織圖 Organization Chart
- 正德海運(股)公司 (Franbo Lines Corp.)
- 成立於1998年。
- 主要子公司：
- New Lucky Lines S.A. (Marshall Islands): 29 Subsidiaries, 19 Ships
- FWF Shipping Ltd. (Marshall Islands): 2 Subsidiaries, 2 Ships
- BCTS Capital Inc. (Marshall Islands)
- Franbo Assets Management Corp.: 3 Subsidiaries
船隊現況 Fleet Status (as of 2025/11/30)
- 船數 Fleet Size: 21
- 平均船齡 Avg. Age: 8.61Y
- 總載重噸數 Total Tonnage: 104.10萬噸
- 新造船訂單 On Order: 5
| 船型 Vessel Type | 載重噸數 Deadweight Tonnage | 船舶數量 Fleet size | 航線 Trade route | 載運貨物 Commodity |
|---|---|---|---|---|
| Newcastlemax | Over 170,000 | 1 | WW | Dry bulk cargo including Iron ore, coal and bauxite. etc |
| Kamsarmax (卡姆薩爾型) | 70,000-83,000 | 3 | WW | Different types of ore, cement, phosphate, fertilizer, grain, steel products. etc |
| Ultramax (極限靈便型) | 50,000-70,000 | 4 | WW | Different types of ore, cement, phosphate, fertilizer, grain, steel products. etc |
| Handymax/Handy (大靈便型/輕便型) | 39,000-50,000 | 7 | WW | Include steel products, grain, metal ores, logs, phosphate, cement..etc and other types of break bulk cargo |
| Multi purpose (多功能型) | 16,000-30,000 | 3 | WW | General cargo Including machinery, steel products, break bulk cargo, and dry bulk cargo, grain, metal ores. Containers, Parceling Cargo,. etc |
| General Cargo (雜貨型) | 10,000-15,000 | 3 | Asia | General cargo Including machinery, steel products, break bulk cargo, and dry bulk cargo, grain, metal ores..etc |
2025-2027 換約情形 CP Renewal (as of 2025/11/30)
| 期間 | 船舶數量 No. of Ships | 現船換約數量 Renewal | Note |
|---|---|---|---|
| 2025 Q4 | 21 | - | - |
| 2026 Q1 | 20 | 2 | 出售一艘 Disposal 1 ship |
| 2026 Q2 | 19 | - | 出售一艘 Disposal 1 ship |
| 2026 Q3 | 19 | - | - |
| 2026 Q4 | 19 | - | - |
| 2027 Q1 | 19 | 2 | - |
財務亮點 Financial Highlights
1/損益表 Consolidated Statements of Income (新台幣千元, NT$ thousand)
| 項目 | Q3/25 | Q2/25 | QoQ | Q3/24 | YoY |
|---|---|---|---|---|---|
| 營業收入 Revenues | 714,669 | 550,093 | 30% | 426,060 | 68% |
| 營業成本 Operating Costs | (400,021) | (318,164) | 26% | (225,922) | 77% |
| 營業毛利 Gross Profit | 314,648 | 231,929 | 36% | 200,138 | 57% |
| 營業費用 Operating Expenses | (34,920) | (25,071) | 39% | (22,582) | 55% |
| 營業利益 Operating Income | 279,728 | 206,858 | 35% | 177,556 | 58% |
| 營業外收入及支出 Total Non-Op. Income and Expenses | (63,482) | 48,786 | -230% | 21,431 | -396% |
| 稅前淨利 Income Before Tax | 216,246 | 255,644 | -15% | 198,987 | 9% |
| 所得稅費用 Income Tax Expense | (6,492) | (26,892) | -124% | (11,821) | -45% |
| 本期淨利歸屬母公司 Profit Attributable to Owner of the Parent | 201,821 | 205,086 | -2% | 187,148 | 8% |
| 基本每股盈餘 (新台幣元) Earnings Per Share (NTD) | 0.62 | 0.64 | -3% | 0.60 | 3% |
| 毛利率 Gross Profit Margin | 44.03% | 42.16% | 1.87% | 46.97% | -2.95% |
| 營業利益率 Operating Profit Margin | 39.14% | 37.60% | 1.54% | 41.67% | -2.53% |
| 淨利率 Net Profit Margin | 29.35% | 41.58% | -12.23% | 43.93% | -14.58% |
2/資產負債表 Consolidated Balance Sheets (新台幣千元, NT$ thousand)
| 項目 | 2025.09.30 | 2025.6.30 | QoQ | 2024.09.30 | YoY |
|---|---|---|---|---|---|
| 現金及約當現金 Cash and Cash Equivalent | 1,135,251 | 741,068 | 53% | 421,441 | 169% |
| 不動產.廠房及設備 Property, Plant and Equipment | 11,170,942 | 9,936,565 | 12% | 7,617,231 | 47% |
| 資產總計 Total assets | 14,607,992 | 13,783,071 | 6% | 11,105,008 | 32% |
| 長期借款 Long-term Debt Payable | 4,283,408 | 4,205,532 | 2% | 2,346,836 | 83% |
| 負債總計 Total Liabilities | 6,343,639 | 6,262,950 | 1% | 3,819,450 | 66% |
| 權益總計 Total Equity | 8,264,353 | 7,520,121 | 10% | 7,285,558 | 13% |
| 每股淨值 Book Value Per Share | 23.25 | 21.65 | 7% | 22.77 | 2% |
| 負債比 Debt Ratio | 43% | 45% | -4% | 34% | 26% |
1-5 每月營收 Monthly Revenue (新台幣千元, NT$ thousand)
- 2025年1-10月較去年增加43.92%。(43.92 % Sales Growth, Jan-Oct 2025 vs. 2024)
| 月份 | 2025 | 2024 | YOY(%) |
|---|---|---|---|
| 1 | 162,719 | 133,823 | 21.59% |
| 2 | 157,987 | 124,414 | 26.98% |
| 3 | 184,856 | 131,679 | 40.38% |
| 4 | 185,278 | 129,548 | 43.02% |
| 5 | 189,172 | 133,509 | 41.69% |
| 6 | 175,643 | 130,828 | 34.25% |
| 7 | 183,340 | 147,271 | 24.49% |
| 8 | 330,321 | 142,553 | 131.72% |
| 9 | 201,008 | 136,236 | 47.54% |
| 10 | 191,086 | 152,983 | 24.91% |
| Total | 1,961,410 | 1,654,400 | - |
1-6 同業營收及損益 Peer Financial (2025 Q1-Q3, 新台幣千元, NT$ thousand)
| 項目 | 正德 Franbo | 慧洋 WML | 裕民 U-MING | 四維 Shih Wei | 台航 Taiwan Nav. | 中航 CMT |
|---|---|---|---|---|---|---|
| 營業收入 Operating Revenue | 1,770,324 | 11,804,928 | 11,344,516 | 2,326,526 | 3,124,888 | 3,631,938 |
| 營業毛利 Operating Profit | 720,976 | 2,302,447 | 2,990,874 | 62,775 | 1,251,679 | 1,170,911 |
| 毛利率(%) Gross Profit Margin | 40.73% | 19.50% | 26.36% | 2.70% | 40.06% | 32.24% |
| 本期淨利 Net Income | 513,536 | 1,822,769 | 2,328,582 | (106,377) | 985,508 | 829,715 |
| 淨利率(%) Net Income | 29.01% | 15.44% | 20.53% | (4.57%) | 31.54% | 22.84% |
| 基本每股盈餘 EPS (NTD) | 1.55 | 2.44 | 2.76 | (0.14) | 2.36 | 4.21 |
| 負債比率 Debt Ratio(%) | 43.43% | 42.55% | 56.95% | 49.74% | 33.62% | 49.47% |
產業概況 Industry
2-1 產業近況 Industrial Trend (2022-2025 BDI Index)
波羅的海綜合指數 (BDI Index): 1周開=2295, 高=2560, 低=2295, 收=2560, +285 (+12.53%)
| 年份 | 關鍵事件 |
|---|---|
| 2022年 | 1. 俄烏戰爭爆發。 2. 中國封控與房地產低迷。 3. 全球通膨與美元升息。 |
| 2023年 | 1. 巴拿馬運河乾旱影響。 2. 環保政策CII及EEXI上路。 3. 中國解封後復甦不如預期。 |
| 2024年 | 1. 紅海危機, 增加航程。 2. 全球經濟溫和復甦。 3. 巴拿馬運河持續限航。 4. 美國對中加徵關稅。 |
| 2025年 | 1. 美國(USTR)和中國雙邊的特別港口費暫緩一年。 2. 非洲西芒杜鐵砂礦區將於2025年底量產。 3. 美中貿易, 中國同意進口美國穀物。 |
2-3 期租走勢 Industrial Trend (Average 1/3/5 year TC Market Rate)
- 備註: 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)
- 資料來源: Clarksons Research Shipping Intelligence Weekly 2025/7/4
| 船型 (DWT) | 1年期租 (2025/7/4) | 3年期租 (2025/7/4) | 5年期租 (2025/7/4) |
|---|---|---|---|
| Capesize (Eco) (180,000 dwt) | 21,666 $/day | 19,729 $/day | 19,549 $/day |
| Kamsarmax (82,000 dwt) | 13,511 $/day | 12,830 $/day | 12,782 $/day |
| Ultramax (61,000 dwt) | 13,686 $/day | 13,654 $/day | 13,867 $/day |
| Handysize (38,000 dwt) | 12,293 $/day | 12,574 $/day | 12,649 $/day |
2-4.1 環保法規 Environmental Regulations - IMO & EU
國際海事組織 (IMO) 相關法規
- IMO淨零框架 (IMO Net Zero Framework): 2025年4月通過，目標2050年實施全球航運淨零排放。
- MEPC (海洋環境保護委員會): 2025年10月通過修正案→未如期通過，會議決議延至2026年。2026年10月續行討論修正案。
- 主要法規時程:
- EEDI (2013): 提升新造船舶設計能效。
- DCS (2019): 回報船舶實際油耗及CO2排放量。
- EEXI (2023): 提升現成船舶設計能效。
- CII (2023): 提升船舶實際營運能效。
- GFI (2028): 市場機制建立「溫室氣體定價(WtW)」及「燃料生命週期溫室氣體(Well-to-Wake)」。
2-4.2 環保法規 Environmental Regulations – EU & CII
歐盟排放交易體系 (EU ETS)
範圍 (Scope)
- 50% of emissions from voyages departing from an EU port to non-EU port
- 100% of emissions from voyages between Euport
- 100% of emissions from ships docked at an EU ports
時程 (Schedule)
- 2024: 40%
- 2025: 70%
- 2026: 100%
- 備註: In 2025, the total carbon emissions collected and paid on behalf of ship charterers amounted to 3,740 EUAs.
Carbon Intensity indicator (CII)
時程 (Schedule): from 2023/1/1
The CII rating of FRANBO fleet
| Rating | % | Accumulate % |
|---|---|---|
| Level A | 43% | 43% |
| Level B | 43% | 86% |
| Level C | 7% | 93% |
| Level D(Note) | 7% | 100% |
Note: Newly built ships entering operation in August 2025 are expected to have their ratings raised to Level C or higher as their operational time increases, given the relatively short base period for calculating the CII system.
營運策略與展望 Strategy and Prospect
3-1 持續建造新船 Continued Investment in New Vessels
已交付新船 (2023.03 ~ 2024.09)
| Delivery Date | 船舶名稱 Vessel Name | 載重噸數 DWT | 船型 TYPE | 租期 Period | 毛利率 Gross Margin |
|---|---|---|---|---|---|
| 2023.03 | Franbo ACE | 39,953 | Handy | Long Term | 40~45%以上 |
| 2023.04 | Merganser | 39,971 | Handy | Long Term | 50%以上 |
| 2023.09 | Norvic Houston | 39,755 | Handy | Long Term | 45%~50% |
| 2023.11 | Norvic Singapore | 39,738 | Handy | Long Term | 45%~50% |
| 2024.06 | Franbo Brave | 40,090 | Handy | Long Term | 45%~50% |
| 2024.09 | Franbo Bravo | 40,090 | Handy | Long Term | 45%~50% |
即將交付新船 (2025.01 ~ 2025.08)
| Delivery Date | 船舶名稱 Vessel Name | 載重噸數 DWT | 船型 TYPE | 租期 Period | 毛利率 Gross Margin |
|---|---|---|---|---|---|
| 2025.01 | Wealth Athena | 63,500 | Ultramax | Long Term | 約35%~40%* |
| 2025.04 | MFM JAZZ | 63,500 | Ultramax | Long Term | 約30%~35%* |
| 2025.08 | HG HOUSTON | 63,500 | Ultramax | Long Term | 約30%~35%* |
新造船訂單 On Order: 5
- 2027~2028: 2025.8.13 董事會通過新造 Five 17,500噸*5艘多用途(雜貨/貨櫃)船 (Multipurpose Vessels (General Cargo/Container)).
- * 預估數值 estimated figures
3-2 新船加入營運效益 New ships contribute to operational benefits
船舶異動 (2021~2025 Q1-Q3)
| 項目 | 2021 | 2022 | 2023 | 2024 | 2025 Q1-Q3 | Total |
|---|---|---|---|---|---|---|
| Newbuilding (新造船) | - | - | 4 | 2 | 4 | 10 |
| Purchase (購入) | 2 | 1 | 1 | 1 | 2 | 7 |
| Disposal (處分) | 1 | 5 | 1 | 3 | 3 | 13 |
關鍵圖表與數據
2024~2025 Baltic Exchange Monthly (Page 14)
- BDI (2025/11): 2560
- BHSI (輕便型) (2025/11): 4481
季營業毛利 Quarterly Gross Profit & 月營收 Monthly Revenue (2021/01~2025/10) (Page 20)
- 2025 Q3 季營業毛利 Quarterly Gross Profit: 314,648 (NT$ thousand)
- 2025/08 月營收 Monthly Revenue: 330,321 (NT$ thousand)
- 2025/10 月營收 Monthly Revenue: 191,086 (NT$ thousand)