中國航運股份有限公司 (2612 TT) 2026年第一季 法說會簡報
Company Overview
- 公司名稱 (Company Name): 中國航運股份有限公司 (Chinese Maritime Transport Ltd.)
- 股票代號 (Stock Code): 2612 TT
- 發言人 (Spokesperson): 唐邦正 協理 (Associate Manager Tang Bang-cheng)
- 公司網站 (Company Website): www.cmt.tw
- 總公司地址 (Head Office Address): 台北市10051濟南路一段15號 (No. 15, Sec. 1, Jinan Rd., Taipei City 10051)
- 聯絡電話 (Contact Tel): +886(0)2 2396 3282
- 投資者關係電話 (Investor Relations Tel): +886(0)2 2397 6670
- 投資者關係電子郵件 (Investor Relations Email): inv.rel@agcmt.com.tw
Financial Highlights
2025年全年財務概況 (2025 Full Year Financial Overview)
單位: 新台幣百萬元 (Unit: NT$ Million)
| 項目 (Item) | 2025 | 2024 | 年增率 (YoY Growth Rate) |
|---|---|---|---|
| 營業收入 (Operating Revenue) | 4,886 | 4,638 | 5.35% |
| 營業成本及費用 (Operating Costs & Expenses) | 3,790 | 3,945 | -3.92% |
| 營業淨利 (Operating Profit) | 1,096 | 693 | 58.15% |
| 營業外收入(支出) (Non-operating Income (Expenses)) | 46 | 362 | -87.29% |
| 本期淨利 (Net Profit for the Period) | 1,077 | 1,010 | 6.63% |
| 每股盈餘 (新台幣元) (EPS (NT$)) | 5.46 | 5.13 | 6.43% |
五年財務概況 (Five-Year Financial Overview)
單位: 新台幣百萬元 (Unit: NT$ Million)
| 項目 (Item) | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| 營業收入 (Operating Revenue) | 3,554 | 4,410 | 4,015 | 4,638 | 4,886 |
| 本期淨利 (Net Profit for the Period) | 1,031 | 758 | 324 | 1,010 | 1,077 |
| 每股盈餘 (新台幣元) (EPS (NT$)) | 5.27 | 3.88 | 1.66 | 5.13 | 5.46 |
| 現金及約當現金 (Cash & Cash Equivalents) | 3,254 | 4,066 | 3,947 | 4,361 | 3,172 |
| 負債總額 (Total Liabilities) | 8,650 | 8,799 | 11,764 | 13,764 | 12,794 |
| 權益總額 (Total Equity) | 10,428 | 11,652 | 11,650 | 13,648 | 13,527 |
| 權益報酬率 (%) (ROE (%)) | 10.23% | 6.95% | 2.83% | 8.03% | 7.94% |
| 資產報酬率 (%) (ROA (%)) | 5.74% | 4.49% | 2.84% | 5.59% | 5.41% |
| 負債占資產比率 (%) (Debt-to-Asset Ratio (%)) | 45.34% | 43.03% | 50.25% | 50.21% | 48.61% |
歷年股利分配 (Historical Dividend Distribution)
| 年份 (Year) | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 現金股利 (新台幣) (Cash Dividend (NT$)) | 0.50 | 0.50 | 1.60 | 0.80 | 1.60 | 2.68 | 2.18 | 1.00 | 2.10 | 2.20 |
| 每股盈餘 (新台幣) (EPS (NT$)) | 0.21 | 0.50 | 2.60 | 1.64 | 1.67 | 5.27 | 3.88 | 1.66 | 5.13 | 5.46 |
Business Segments
中國航運股份有限公司主要經營四大業務板塊：
-
海運業務 (Maritime Shipping Business)
- 中國航運公司的核心經營項目。
- 主要管理自有十二艘海岬型散裝輪船隊。
- 經營國際大宗物資運輸等多元化業務。
- 2025年度營收佔比 (2025 Revenue Contribution): 69%
-
內陸貨櫃運輸 (Inland Container Transport)
- 由偉聯運輸 (Weilian Transport) 負責，是台灣規模最大貨櫃運輸業者之一。
- 提供貨櫃內陸運輸之所有相關作業與服務。
- 2025年度營收佔比 (2025 Revenue Contribution, combined with Logistics): 29%
-
倉儲物流 (Warehousing & Logistics)
- 由中航物流 (CMT Logistics) 負責。
- 在北台灣擁有兩大貨櫃集散站。
- 具有直通南北大港等優越地理位置。
- 提供客戶貨櫃、貨物進出口的快捷服務。
- 2025年度營收佔比 (2025 Revenue Contribution, combined with Inland Container Transport): 29%
-
代理空運業務 (Air Freight Agency Business)
- 中國航運公司空運部為沙烏地阿拉伯航空 (Saudi Arabian Airlines) 在台灣地區客運及貨運業務總代理 (GSA)。
- 2025年度營收佔比 (2025 Revenue Contribution, combined with Other Businesses): 2%
Products & Technologies
中航海岬型散裝輪船隊 (CMT Capesize Dry Bulk Fleet)
公司主要經營海岬型散裝輪船隊，用於國際大宗物資運輸。
現有船隊 (Existing Fleet):
| 船名 (Vessel Name) | 船廠 (Shipyard) | 年份 (Year) | 船籍 (Flag) | 船級 (Class) | 載重噸位 (DWT) | 吃水(米) (Draft (m)) |
|---|---|---|---|---|---|---|
| 中華遠景 | Beihai | 2024 | 新加坡 | ABS | 210,270 | 18.50 |
| 中華宏傑 | Beihai | 2024 | 新加坡 | ABS | 210,346 | 18.50 |
| 中華冠軍 | Beihai | 2023 | 新加坡 | ABS | 210,183 | 18.50 |
| 中華興業 | Beihai | 2023 | 新加坡 | ABS | 210,269 | 18.50 |
| 中華名望 | Beihai | 2017 | 香港 | ABS | 179,562 | 18.10 |
| 中華偉業 | SWS | 2017 | 新加坡 | ABS | 207,986 | 18.50 |
| 中華和諧 | Beihai | 2016 | 香港 | ABS | 179,505 | 18.10 |
| 中華偉運 | SWS | 2013 | 新加坡 | ABS | 206,061 | 18.49 |
| 中華先鋒 | SWS | 2012 | 香港 | ABS | 206,079 | 18.49 |
| 中華鴻運 | CSBC | 2012 | 香港 | ABS | 203,028 | 18.10 |
| 中華光輝 | CSBC | 2011 | 香港 | ABS | 203,028 | 18.10 |
| 中華榮耀 | SWS | 2009 | 香港 | ABS | 177,856 | 18.32 |
新船訂單 (Newbuilding Orders):
公司向台船 (CSBC) 以及青島北海 (Qingdao Beihai) 共訂造六艘21萬載重噸散裝貨輪，預計於2026第三季起陸續交付。
| 船名 (Vessel Name) | 船廠 (Shipyard) | 年份 (Year) | 船籍 (Flag) | 船級 (Class) | 載重噸位 (DWT) | 吃水(米) (Draft (m)) |
|---|---|---|---|---|---|---|
| BC210K-88 | Beihai | 2028 | 新加坡 | ABS | 210,000 | 18.50 |
| BC210K-87 | Beihai | 2028 | 新加坡 | ABS | 210,000 | 18.50 |
| H1222 | CSBC | 2027 | 新加坡 | ABS | 210,000 | 18.50 |
| H1221 | CSBC | 2027 | 新加坡 | LR | 210,000 | 18.50 |
| H1220 | CSBC | 2026 | 新加坡 | ABS | 210,000 | 18.50 |
| H1219 | CSBC | 2026 | 新加坡 | LR | 210,000 | 18.50 |
CMT Fleet Average Age: 9.3 years (截至2026年3月)
Recent Performance and Results
2026年第一季市場與公司動態 (Q1 2026 Market and Company Dynamics)
- 現貨日租金 (Spot Daily Charter Rate):
- 今年一至三月海岬型現貨日租金平均達 26,355美元，為15年來最佳。
- 一年遠期運價合約報價 25,000美元/天。
- 中國大陸海運進口量 (China Mainland Seaborne Imports, Jan-Feb 2026):
- 鐵礦砂總進口量約 2.1億噸，年增約 10.0%。
- 煤炭總進口量約 7,700萬噸，年增約 1.5%。
- 鋁礬土總進口量約 3,600萬噸，年增約 18.7%。
- 鐵礦砂價格 (Iron Ore Price): 第一季平均 103美元/噸。
- 中國大陸港口庫存 (China Mainland Port Inventory): 上升至 1.7億噸，創下歷年新高。
- 全球船隊噸位淨成長率 (Global Fleet Tonnage Net Growth Rate, Jan-Mar 2026): 約 0.18% (6艘新船加入，3艘拆解)。
- 中東地區 (Middle East): 中東戰爭持續近一個月，區域衝突加劇導致國際油價飆漲，中東地區乾散貨運輸幾乎停擺。
Outlook & Strategy
市場未來展望與公司近況 (Market Outlook and Company Recent Status)
- 西非西芒杜鐵礦區 (Simandou Iron Ore Mine, West Africa):
- 已於2025年十一月正式投產。
- 預計年出口量於30個月內達到 1.2億噸，將大幅提升海岬型船延噸哩需求。
- 西非即將成為澳洲、巴西之後，全球第三大鐵礦砂出口地區。
- 中長期為市場帶來結構性利多。
- 船隊更新計畫 (Fleet Renewal Program):
- 公司向台船 (CSBC) 以及青島北海 (Qingdao Beihai) 共訂造六艘 21萬載重噸 散裝貨輪，預計於2026第三季起陸續交付。
- 公司將持續汰舊換新計畫，提升船隊競爭力。
市場未來關鍵影響因素 (Key Influencing Factors for Future Market)
利多因素 (Positive Factors):
- 新船供給量仍低 (New vessel supply remains low)
- 西芒杜礦區實質投產 (Simandou mine substantially commenced production)
- 非洲鋁礬土出口續強 (African bauxite exports remain strong)
- 煤炭需求短期大增 (Short-term coal demand surges)
利空因素 (Negative Factors):
- 美伊戰爭迫使油價飆升 (US-Iran conflict forces oil prices to soar)
- 大陸鋼鐵需求仍弱 (China's steel demand remains weak)
- 全球經濟放緩疑慮 (Global economic slowdown concerns)
- 西非傳出原物料出口受限 (Reports of raw material export restrictions from West Africa)
全球乾散貨海運量預估 (Global Dry Bulk Seaborne Volume Forecast)
- IMF預估2026年全球GDP增長3.3%。
- 全球乾散貨海運量在2026年預計成長0.6%。
- 2026(E) Total Dry Bulk: 5,957 Million Tonnes, 0.6% YoY。
- Capesize Focus Cargoes (2026E):
- Iron Ore: 1,637 Million Tonnes, 0.1% YoY
- Coal: 1,290 Million Tonnes, -3.1% YoY
- Bauxite: 240 Million Tonnes, 4.3% YoY
- Capesize focus cargoes total: 3,167 Million Tonnes, -0.9% YoY
中國大陸原物料海運進口量預估 (China Mainland Raw Material Seaborne Imports Forecast)
- Iron Ore 2026 (f): 1.23 Billion Tonnes, ↓-1%
- Coal 2026 (f): 344 Million Tonnes, ↓-6%
Additional Data
BDI波羅的海乾散貨運價指數 (BDI Baltic Exchange Dry Index)
- BDI Avg.:
- Year 2024: 1,755
- Year 2025: 1,681
- Jan-Mar 2026: 1,951
- 關鍵時點BDI (Key BDI Points):
- 18/Mar/2024: 2,419
- 3/Dec/2025: 2,845
- 3/Mar/2026: 2,242
- 15/Jan/2026: 1,532
- 19/Dec/2024: 976
- 7/Mar/2025: 715
BCI波羅的海海岬型運價指數 (BCI Baltic Exchange Capesize Index)
- 5TC Avg. | BCI Avg.:
- Year 2024: $22,592 | 2,724
- Year 2025: $21,297 | 2,568
- Jan-Mar 2026: $26,355 | 2,906
- 關鍵時點BCI (Key BCI Points):
- 11/Mar/2024: 4,314
- 3/Dec/2025: 5,387
- 30/Jan/2026: 3,507
- 19/Dec/2024: 1,079
- 15/Jan/2026: 2,175
- 12/Feb/2025: 711
2024-2026年各型散裝輪運費變化 (2024-2026 Dry Bulk Vessel Freight Rate Changes)
Spot TCE (US$) as of 2026/3/24:
- Capesize 5TC (182K): $25,795
- Panamax 5TC (82K): $16,552
- Supramax 11TC (63K): $15,364
- Handysize 7TC (38K): $13,163
全球鐵礦砂出口量趨勢 (Global Iron Ore Export Trends)
- 2024: 1.60 Billion Tonnes, Y-O-Y +4%
- 2025: 1.64 Billion Tonnes, Y-O-Y +3%
- 2026 (f): 1.64 Billion Tonnes, Y-O-Y +0.1%
國際鐵礦砂價格趨勢 (International Iron Ore Price Trends)
- 歷史高點: May 2021 US$233.10/MT (62% FE CFR China)
- 歷史低點: December 2015 US$37.00/MT (62% FE CFR China)
全球鋁礬土出口量預測 (Global Bauxite Export Volume Forecast)
- 2019 vs 2025 Bauxite Export Share by Vessel Type:
- 2019: Capesize 7.43%, Panamax 2.31%, Handymax 19.55%, Handysize 70.71%
- 2025: Capesize 5.76%, Panamax 4.13%, Handymax 90.05% (Note: Handysize not explicitly labeled for 2025 in the chart legend, but implied in the 2019 breakdown.)
- 2025 Global Bauxite Imports from Guinea:
- China: 90.69%
- India: 2.94%
- Ireland: 1.95%
- Others: 4.42%
國際鋁價歷年走勢 (International Aluminum Price Historical Trend)
- 歷史高點: Mar 2022 US$3,498.37/MT (LME)
- 歷史低點: Apr 2020 US$1,459.93/MT (LME)
全球煤炭出口量預測 (Global Coal Export Volume Forecast)
- 2024: 1.39 Billion Tonnes, Y-O-Y +4%
- 2025: 1.33 Billion Tonnes, Y-O-Y -4%
- 2026 (f): 1.29 Billion Tonnes, Y-O-Y -3%
全球鋼鐵產量現況 (Global Steel Production Status)
- Global steel production in 2026 (Jan-Feb): 298.2 mln t (-1.5% y/y)
- Top-10 steel-producing countries in January-February, mln t:
- China: 160.3 (-3.6% y/y)
- India: 28.9 (+9.7%)
- USA: 13.7 (+4.9%)
- Japan: 13.1 (-0.3%)
- Russia: 10.5 (-9%)
- South Korea: 10.4 (+2.5%)
- Türkiye: 6.4 (+4.7%)
- Germany: 5.9 (+9.9%)
- Brazil: 5.3 (-3.4%)
- Iran: 4.3 (+7.9%)
- Ukraine: 1.03 (-13.2%)
海岬型散裝輪新船訂單 (Capesize Dry Bulk Newbuilding Orders)
- Capesize Orderbook for Delivery (No. of vessels):
- Delivered Remaining in 2026: 6
- 2027: 48
- 2028: 88
- 2029: 80
- 2030: 22
- 2031: 7
- 2032: 2
- Capesize Supply Development (Net Fleet Growth %):
- 2020: 3.76%
- 2021: 4.32%
- 2022: 2.02%
- 2023: 2.52%
- 2024: 1.73%
- 2025: 1.47%
- Jan-Mar 2026: 0.20%
- Fleet Characteristics (as of MAR 2026):
| Vessel Type | Orderbook as % of Existing Fleet | Average Age | Over 15 Years Old | Scrapping as % of Existing Fleet |
|---|---|---|---|---|
| Handysize (10,000 - 40,000 dwt) | 9% | 13.7 | 37% | 0.08% |
| Handymax (incl. Supramax & Ultramax) (40,000 - 65,000 dwt) | 12% | 12.6 | 32% | 0.08% |
| Panamax (incl. Kamsarmax) (65,000 - 100,000 dwt) | 15% | 12.6 | 31% | 0.04% |
| Capesize (100,000 + dwt) | 12% | 12.1 | 29% | 0.00% |
| Total Dry Bulk > 10,000 dwt | 12% | 12.9 | 31% | 0.05% |
海岬型散裝輪年齡分布 (Capesize Dry Bulk Vessel Age Distribution)
- Capesize Age Profile (170,000 - 220,000 DWT):
- Total Vessels: 1,606
- 44% of the fleet is 14 years old or younger.
新造船/二手船價格 (Newbuilding/Secondhand Vessel Prices)
PRICE (IN US$ MILLION):
| TYPE | YEAR | 2024 | 2025 | Mar-26 |
|---|---|---|---|---|
| 208,000 DWT | NB | 83.6 | 82.5 (-1%) | 82.5 (0%) |
| 182,000 DWT | NB | 76.0 | 75.0 (-1%) | 75.0 (0%) |
| 182,000 DWT | 5-YR | 62.0 | 66.0 (6%) | 68.5 (4%) |
| 182,000 DWT | 10-YR | 43.0 | 50.5 (17%) | 52.5 (4%) |
| 180,000 DWT | 15-YR | 26.5 | 31.5 (19%) | 34.5 (10%) |
Appendix
附錄一: 簡明資產負債表 (Appendix 1: Condensed Balance Sheet)
單位: 新台幣百萬元 (Unit: NT$ Million)
| 項目 (Item) | 2025.12.31 | 2024.12.31 |
|---|---|---|
| 資產 (Assets) | ||
| 流動資產 (Current Assets) | 3,947 | 5,121 |
| 不動產、廠房及設備 (Property, Plant & Equipment) | 20,001 | 19,385 |
| 無形資產 (Intangible Assets) | 10 | 11 |
| 其他資產 (Other Assets) | 2,363 | 2,895 |
| 資產總額 (Total Assets) | 26,321 | 27,412 |
| 負債及權益 (Liabilities & Equity) | ||
| 流動負債 (Current Liabilities) | 2,854 | 6,837 |
| 非流動負債 (Non-current Liabilities) | 9,940 | 6,927 |
| 負債總額 (Total Liabilities) | 12,794 | 13,764 |
| 屬母公司業主之權益 (Equity Attributable to Owners of Parent) | ||
| 股本 (Share Capital) | 1,975 | 1,975 |
| 資本公積 (Capital Surplus) | 53 | 53 |
| 保留盈餘 (Retained Earnings) | 11,450 | 10,549 |
| 其他權益 (Other Equity) | 30 | 1,051 |
| 非控制權益 (Non-controlling Interests) | 19 | 20 |
| 權益總額 (Total Equity) | 13,527 | 13,648 |
| 負債及權益總額 (Total Liabilities & Equity) | 26,321 | 27,412 |
附錄二: 簡明綜合損益表 (Appendix 2: Condensed Statement of Comprehensive Income)
單位: 新台幣仟元 (Unit: NT$ Thousand)
| 項目 (Item) | 114年度 (Year 114 / 2025) | 113年度 (Year 113 / 2024) |
|---|---|---|
| 營業收入 (Operating Revenue) | 4,886,282 | 4,637,832 |
| 營業成本 (Operating Costs) | 3,287,464 | 3,453,210 |
| 營業毛利 (Gross Profit) | 1,598,818 | 1,184,622 |
| 營業費用 (Operating Expenses) | 502,525 | 491,534 |
| 營業淨利 (Operating Profit) | 1,096,293 | 693,088 |
| 營業外收入(支出) (Non-operating Income (Expenses)) | 45,399 | 361,793 |
| 稅前淨利 (Profit Before Tax) | 1,141,692 | 1,054,881 |
| 減:所得稅費用 (Less: Income Tax Expense) | 64,685 | 44,460 |
| 本期淨利 (Net Profit for the Period) | 1,077,007 | 1,010,421 |
| 本期其他綜合損益(稅後淨額) (Other Comprehensive Income (Net of Tax) for the Period) | -782,684 | 1,228,251 |
| 本期綜合損益總額 (Total Comprehensive Income for the Period) | 294,323 | 2,238,672 |
| 每股盈餘 (新台幣元) (EPS (NT$)) | 5.46 | 5.13 |
附錄三: 公司債明細 (Appendix 3: Corporate Bond Details)
| 項目 (Item) | 114年第一次-甲券 (1st 2025 - Class A) | 114年第一次-乙券 (1st 2025 - Class B) | 114年第一次-丙券 (1st 2025 - Class C) | 114年第一次-丁券 (1st 2025 - Class D) |
|---|---|---|---|---|
| 發行總額 (新台幣 億) (Total Issue Amount (NT$ Billion)) | 3 | 15 | 10 | 12 |
| 發行期間 (Issue Period) | 3年期 (3 Years) | 3年期 (3 Years) | 5年期 (5 Years) | 5年期 (5 Years) |
| 到期日 (Maturity Date) | 2028/5/14 | 2028/5/14 | 2030/5/14 | 2030/5/14 |
| 年利率 (Annual Interest Rate) | 2.04% | 2.03% | 2.07% | 2.06% |
| 付息方式 (Payment Method) | 年付息一次 (Annual Payment) | 年付息一次 (Annual Payment) | 年付息一次 (Annual Payment) | 年付息一次 (Annual Payment) |
| 保證銀行 (Guarantor Bank) | 遠東國際商業銀行 (Far Eastern International Bank) | 華南商業銀行 (Hua Nan Commercial Bank) | 上海商業儲蓄銀行 (Shanghai Commercial & Savings Bank) | 兆豐國際商業銀行 (Mega International Commercial Bank) |
Disclaimer
The information and opinions in this report were prepared by CMT. Though the information herein is believed to be reliable and has been obtained from market sources believed to be reliable, CMT makes no representation as to its accuracy or completeness.
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We undertake no obligation to publicly update or revise any forward looking statement contained in this presentation, whether as a result of new information, future events or otherwise, except as required by law. In light of the risks, uncertainties and assumptions, the forward looking events discussed in this presentation might not occur, and our actual results could differ materially from those anticipated in these forward-looking statements.