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慧洋-KY 2026Q1 法人說明會
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慧洋-KY 2026Q1 法說會簡報重點與營運摘要

慧洋海運股份有限公司 (2637) 2026Q1 法說會簡報

Company Overview

  • 公司名稱: 慧洋海運股份有限公司 (Wisdom Marine Lines Co., Limited)
  • 股票代號: TWSE: 2637 | LSE: WML
  • 簡報日期: 2026年3月17日
  • 公司網站: http://www.wisdomlines.com.tw
  • 集團名稱: 慧洋海運集團 (WISDOM MARINE GROUP)
  • 核心理念 (Who is Wisdom?):
    • Governance (治理): People (人員), Transparency (透明度)
    • Business (業務): Fleet (船隊), Partners (合作夥伴)
    • Environment (環境): Investment (投資), Vision (願景)

Governance

  • Board Composition (董事會組成):
    • Independence (獨立性): 獨立董事佔比 → 5 out of 9 (9席董事中有5席獨立董事)
    • Diversity (多元性):
      • 專業領域 → Accounting / Finance / Economics / Law etc. (會計/財務/經濟/法律等)
      • 性別 → Female Directors: 2 out of 9 (9席董事中有2席女性董事)
  • Professional Team (專業團隊):
    • International Operation and Partners (國際營運與合作夥伴)
    • Swift Response (快速應變)
  • Transparency (透明度):
    • Monthly Release (每月發布)
    • Regular Conference (定期會議)

Financial Highlights

2025財務資訊 Monthly Earnings (單位: USD)

MonthOp. Revenue (USD)Op. Profit (USD)Op. MarginNet Income (USD)
138,148,6083,879,70510.17%391,931
229,810,028-2,304,425--6,419,791
338,738,2264,515,61611.66%814,786
441,606,2077,261,29217.45%638,848
541,277,1365,991,16414.51%12,540,855
640,076,6507,088,43717.69%1,317,040
745,826,48210,534,36322.99%8,333,587
849,454,72714,359,56629.04%19,706,136
953,206,84618,255,93934.31%21,575,141
1056,120,45520,386,98736.33%27,289,722
1153,518,28519,533,72136.50%22,203,037
1254,173,61020,047,24437.01%18,460,768
Total541,957,260129,549,60923.90%126,852,060
  • EPS (2025): 5.27

2026財務資訊 Monthly Earnings (單位: USD)

MonthOp. Revenue (USD)Op. Profit (USD)Op. MarginNet Income (USD)
142,701,3567,487,43117.53%2,291,336
240,358,49010,108,23125.05%7,305,665
Total83,059,84617,595,66221.18%9,597,001
  • EPS (2026 Q1-Q2): 0.41

同業營收及損益 Peer Financials (單位: 1,000 TWD, Source: MOPS)

2025Q1~Q3

慧洋 WML新興 Sincere Nav.裕民 U-Ming中航 CMT四維 Shih Wei台航 Taiwan Nav.
Operating Revenue11,804,9283,025,47611,344,5163,631,9382,326,5263,124,888
Operating Profit2,172,201276,4162,416,649797,686-157,2851,103,364
Operating Margin18%9%21%22%-35%
Net Income1,822,769284,9392,328,582831,390-54,267985,508
EPS (TWD)2.440.492.764.21-2.36
ROE(%)3.741.656.146.28-5.59

2025Q1~Q4

慧洋 WML新興 Sincere Nav.裕民 U-Ming中航 CMT四維 Shih Wei台航 Taiwan Nav.
Operating Revenue16,896,060-15,565,820---
Operating Profit4,038,839-3,703,725---
Operating Margin24%-23%---
Net Income3,936,032-3,640,394---
EPS (TWD)5.27-4.31---
ROE(%)7.83-9.34---

Business Segments

船隊 Fleet Information (截至2026年2月)

  • 平均船齡: 9.3年
  • BBHP (Bareboat Hire Purchase) 包含在內
Vessel Type※OwnedManagedTotal%NB (Newbuilding)Total (Current + NB)%
Dry Bulk
Panamax3323528%23727%
Supramax2722923%02920%
Handy3623828%94734%
Small Handy2032319%-2317%
Others
Other3032%032%
Overall Group1199128100%11139100%

同業船型 Peer Fleet (總計128艘)

慧洋 WML新興 Sincere Nav.裕民 U-Ming中航 CMT四維 Shih Wei台航 Taiwan Nav.
Cape07231300
Panamax35424039
Supramax29080510
Handy38000172
Small Handy2300010
Others34160115
Total1281571132736

營收結構 Revenue Composition (截至2025年12月31日)

  • 租金收入-長約 (>1Y): 87%
    • TC: 固定租金 (fixed rate)
    • TC: 指數連結 (index linked)
  • 租金收入-短約 (<1Y): 12%
    • TC: 固定租金 (fixed rate)
    • 航次期租 (TCT(spot))
  • 運費收入 (<1%)
    • 論程租船 (VC(spot))
  • 船舶管理收入 (<1%)
    • Management

指數連結船舶 Index-linked (截至2026年2月)

  • 船隊組成: Panamax(28)+Supramax(25)+Handy(27)+Small Handy(1) = 共計81艘
  • 平均期租費率 (Avg. TC) (截至2026年2月27日):
2025Q1 Avg.*2026Q1 Avg.Change
BPI Avg. TC9,59114,62052.43%
BSI Avg. TC10,35513,70932.39%

自營船隊 Wisdom Operation (截至2026年2月)

  • 船數: 12艘
  • 主要船型: Small Handy
  • 平均船齡: 13.2年
  • 營運模式: VC+TCT
  • BHSI 平均期租費率 (Avg. TC) (截至2026年2月27日):
2025Q1 Avg.*2026Q1 Avg.Change
BHSI Avg. TC9,05811,61528.23%

Products & Technologies

船舶處分 Disposal of Vessels

  • 目的: 增進船隊營運效率 (Improving operating efficiency)
  • 2025年處分船舶數量:
    • Cape: 1艘
    • Supramax: 1艘
    • Handy: 3艘
    • Small Handy: 5艘
    • Other: -
  • 處分收益 (2025):
    • Gain / loss on disposal (USD): 44,000,000+
    • Operating cash flow (USD): 100,000,000+

Outlook & Strategy

2025 新船營運 New Vessels

  • 2025年交付新船: 1艘
No.DWTTypeDeliveryTCHire (USD)Gross Margin
140000HandyOct-25Index-linked17,000+56.40%
Total

2026 新船營運 New Vessels

  • 2026年預計交付新船: 8艘
No.DWTTypeDeliveryTCHire (USD)Gross Margin
140000HandyJan-26Index-linked17,000+55.99%
240000HandyMar-26Index-linked17,000+55.99%
340000HandyApr-26Index-linked15,500+52.43%
440000HandyMay-26Index-linked15,000+52.14%
540000HandyJun-26Index-linked15,500+52.37%
640000HandySep-26Index-linked15,000+50.81%
740000HandySep-26Index-linked15,000+50.64%
840000HandyNov-26Index-linked15,000+50.59%
Total125,000+52.62%

2026 換約情形 TC Renewal

  • Fixed TC to Fixed TC:
No. of Vsl*Avg. Hire Adjustment※Effect on Revenue
Est. 2026Q167.21%0.26%
Est. 2026Q285.87%0.24%
Est. 2026Q336.10%0.04%
Total176.34%0.54%
  • *Avg. Hire Adjustment = (Total hire after adj. - Total hire before adj.) / Total hire before adj.
  • ※Effect on Revenue = (Hire difference X Remaining operation days) / 2025 total revenue

產業近況 Industry Overview

  • 全球經濟與地緣政治因素:
    • 美國經濟政策變化 (Trumponomics)
    • 中國經濟前景 (China's economic prospect)
    • 軍事衝突: 美伊、俄烏 (US-Iran, Russia-Ukraine Conflicts)
  • 航運市場因素:
    • 新造船投資減緩 (Sluggish newbuilding activity)
  • VLSFO (Global 20 Ports Average) 價格趨勢:
    • 2025年1月至2026年3月，VLSFO價格呈現波動，自2025年11月起顯著上漲。
    • Source: shipandbunker.com
  • NB Contracted (新造船訂單數量):
2023202420252026yoy
Bulk Carriers70579946332-56%
Containers217481655102-2%
Oil Tankers430525307110127%
LPG1211615819107%
LNG68936326161%
  • Source: Clarksons Shipping Intelligence Weekly_27-Feb-2026

產業走勢 Industry Trend

  • BDI、BCI、BPI、BSI 指數在2023年1月至2026年1月期間呈現波動，2023年末和2025年末出現高峰。
  • BDI 2026年開年表現強勁，高於往年同期水平。

船舶市況 World Fleet & Wisdom (Source: Maersk Dry Bulk Fleet_Jan 2026)

平均船齡 (Avg. Age (yrs))

TypeWorld FleetWisdom
Cape (110,000+)12.7-
Panamax (67-110,000)13.48.4
Supramax (40-67,000)13.38.9
Handy (25-40,000)13.87.5

船舶數量 (Number of Vessels)

TypeWorld Fleet OrderWorld Fleet CurrentWorld Fleet Order(%)World Fleet 20+yrs(%)Wisdom OrderWisdom Current
Cape (110,000+)2452,06111.9%7.0%00
Panamax (67-110,000)4913,29414.9%16.9%235
Supramax (40-67,000)4554,33710.5%14.8%029
Handy (25-40,000)2713,0139.0%15.2%938

船舶市況 World Fleet 2022~2026 (Source: Maersk Dry Bulk Fleet Status _ Jan 2026)

Order % (Number of Vessels)

Type \ Year20222023202420252026
Cape (110,000+)6.85.45.69.711.9
Panamax (67-110,000)8.010.313.014.114.9
Supramax (40-67,000)9.19.711.310.610.5
Handy (25-40,000)3.69.99.79.09.0
Total7.29.210.411.011.5

20+yrs(%) (Number of Vessels)

Type \ Year20222023202420252026
Cape (110,000+)2.73.34.66.67.0
Panamax (67-110,000)13.913.414.816.516.9
Supramax (40-67,000)11.312.413.214.714.8
Handy (25-40,000)13.213.714.415.115.2
Total11.211.711.212.512.7

船舶市況 World Fleet (Total Orderbook & 20+yr Ratio)

  • 新船訂單佔比 (Order %) 在2015年至2020年下降後開始回升。
  • 船齡20年以上船舶佔比 (20+yrs(%)) 在此期間穩步上升。

船舶市況 World Fleet 2022~2026 (Fleet Change (No.)) (Source: Clarksons Shipping Intelligence Weekly_27-Feb-2026)

2022202320242025*2026
Fleet 1st January12,76413,23313,75314,19914,618
Deliveries451492491516101
Sold for Scrap-48-91-66-91-17
Misc. Additions---1-
Misc. Removals/Losses-5-3-6-7-1
Net Change during Year39839841941983
Fleet End Year13,16213,63114,17214,61814,701
yoy3.1%3.0%3.0%3.0%0.6%

拆船市況 Scrapping Market (單位: m dwt) (Source: Clarksons Shipping Intelligence Weekly_27-Feb-2026)

  • ※ The % change is based on annualized figures for this year against last year
Type / Year (m dwt)20192020202120222023202420252026%※
Cape (110,000+)5.911.43.42.91.00.81.50.2-32%
Panamax (67-110,000)0.41.00.60.82.31.51.60.1-46%
Supramax (40-67,000)0.81.80.60.41.60.81.50.2-7%
Handy (10-40,000)0.81.00.50.30.50.50.80.263%
Total7.915.35.24.35.43.75.30.8-16%

法規要求 Regulatory Challenges

  • 氮氧化物排放 Nitrogen Oxides(NOx)
    • MARPOL Annex VI Tier III regulation (2016/1/1~)
  • 壓艙水處理系統 Ballast Water Treatment System
    • International Convention for the BWM (2019/9/8~)
  • 硫化物排放 Sulphur Oxides (SOx)
    • Sulphur cap (2020/1/1~)
  • 碳排放 Carbon Emission(CO2)
    • EEXI & CII (2023/1/1~)
    • EU ETS (2024/1/1~)
    • Fuel EU (2025/1/1~)

碳排放 Carbon Emission

  • Energy Efficiency Existing Ship Index (EEXI)
    • EEDI → EEXI ♦ Design
    • 時程 Schedule: from 2023/1/1
    • EEXI不符合標準值之解決方式 Solutions to non-compliance:
      • Engine power limitation (EPL)
      • Modification (低摩擦係數油漆/風帆/空氣潤滑系統/廢熱回收/岸電)
        • (Low friction coating/Wind propulsion/Air bubble lubrication/Waste heat recovery/Shore power)
    • Wisdom Owned Fleet: Total 119
      • Vessel speed reduction status | No.
      • :-------------------------- | :--- |
      • 0% (No effect) | 65 |
      • <5% | 37 |
      • 5%~10% | 15 |

      • 10% | 2 |

  • Carbon Intensity Indicator (CII)
    • EEOI → DCS → CII ♦ Operating
    • 時程 Schedule: from 2023/1/1
    • CII不符合標準值之解決方式 Solutions to non-compliance:
      • 提出改善計畫 Submit a corrective action plan

歐盟碳稅 EU ETS

  • 時程 Schedule:
    • 2024: 40%
    • 2025: 70%
    • 2026~: 100%
  • 範圍 Scope:
    • 50% of emissions from voyages departing from an EU port to non-EU port
    • 100% of emissions from voyages between EU ports
    • 100% of emissions from ships docked at an EU ports
  • 影響 Effect on Expense:
    • Spot price (2026/02) of EUA = USD70
    • Spot price (2026/02) of VLSFO = USD545
    • 3 EUAs are required for each ton of fuel consumed → USD545+210 = USD 755(+39%)

Fuel EU Maritime

  • 目的 Purpose: encourage alternative fuel (鼓勵替代燃料)
  • 不符合規定 Non-Compliance: GHG intensity exceeds 89.34 gCO2eq/MJ (as of 2025/1/1)
  • 罰款計算 Penalty Calculation: energy consumed (well-to-wake basis) (能源消耗量 (從油井到船舶))
  • 補救措施 Remedy: alternative fuel/pooling (替代燃料/船隊共享)
  • 責任 Liabilities: payable by charterer under BIMCO Fuel EU Maritime Clause (根據BIMCO Fuel EU Maritime條款由承租人支付)
  • 影響 (罰款) Impact (penalty): additional USD65 for VLSFO per ton → USD545+65=USD610(+12%) (每噸VLSFO額外增加65美元)

未來營運策略 Strategy

  • 強化財務結構 Financial structure
    • 平衡利率/匯率風險 (Interest rate/ exchange rate risk)
    • 處分舊船 (Disposal of vessels)
    • Debt ratio (負債比率):
      • 2021: 57.9%
      • 2022: 49.9%
      • 2023: 48.8%
      • 2024: 42.6%
      • 2025: 40.7%
  • 新造船訂單 On Order: 11艘
    • 符合最新環保法規為主(NOx/EEDI/CO2) (Latest regulation)
    • 依船型及交付年度分類:
202620272028
Panamax020
Supramax000
Handy621
Total641

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