四維航業股份有限公司 (TWSE 5608) 2026年第一季法人說明會簡報
Company Overview
- Company Name: 四維航業股份有限公司 (Shih Wei Navigation Co., Ltd.)
- Company Code: TWSE 5608
- Event: 2026年第一季法人說明會 (Q1 2026 Investor Relationship Presentation)
- Date: 2026/03/20
Existing Vessels
The company's existing fleet composition is as follows:
- 輕便型 (Handy): 16 vessels (其中2艘為節能船 - 2 of which are eco-friendly vessels)
- ULTRAMAX: 4 vessels (皆為節能船 - all are eco-friendly vessels)
- 巴拿馬極限型 (Panamax)/KAMSARMAX: 3 vessels
- 客輪 (Other): 1 vessel
Financial Highlights
合併綜合損益表 (Consolidated Statement of Comprehensive Income)
(Unit: NTD'000, except EPS in NTD)
| Metric | 2024年 | 2025年 |
|---|---|---|
| 營業收入 (Operating Revenue) | 3,492,772 | 3,183,906 |
| 營業淨利(損) (Operating Income (Loss)) | 16,398 | -94,869 |
| 淨利(損)歸屬於本公司業主 (Net Income (Loss) Attributable To Owners of the Corporation) | -269,253 | -49,519 |
| 每股盈餘(虧損) (EPS (NTD)) | -0.69 | -0.13 |
Outlook & Strategy
全球經濟 (World Economic Outlook)
(Source: IMF, World Economic Outlook Update, January 2026) (Real GDP Growth, Percent Change)
| Region | 2025 estimates | 2026 projections | 2027 projections |
|---|---|---|---|
| WORLD | 3.3 | 3.3 | 3.2 |
| UNITED STATES | 2.1 | 2.4 | 2.0 |
| EURO AREA | 1.4 | 1.3 | 1.4 |
| MIDDLE EAST AND CENTRAL ASIA | 3.7 | 3.9 | 4.0 |
| EMERGING AND DEVELOPING ASIA | 5.4 | 5.0 | 4.8 |
| LATIN AMERICA AND THE CARIBBEAN | 2.4 | 2.2 | 2.7 |
| SUB-SAHARAN AFRICA | 4.4 | 4.6 | 4.6 |
Additional Data
BDI走勢 (BDI Trend)
- The chart illustrates the Baltic Dry Index (BDI) trend for 2025 and 2026.
- As of 18/Mar 2026, the BDI value is highlighted on the chart.
FFA (Forward Freight Agreement)
(Source: Baltic Exchange, Clarksons Dry Bulk Market Outlook (Feb. 2026))
| Vessel Type | 2026 YTD (USD/day) | Change from 2025 | 2025 (USD/day) |
|---|---|---|---|
| Baltic Capesize 5 TC Average (182k) | $26,336 | +109% | $24,800 |
| Baltic Panamax 5 TC Average (82k) | $14,480 | +69% | $13,361 |
| Baltic Supramax 11 TC Average (63k) | $13,557 | +44% | $14,275 |
| Baltic Handysize 7 TC Average (38k) | $11,501 | +39% | $11,911 |
- Legend: -----avg. 2023-2025, 2024, 2025, 2026
散裝船運力 (Drybulk Fleet Growth)
(Source: Clarksons Dry Bulk Market Outlook (Feb. 2026))
Dry Bulk Fleet Effective Annual Growth
- The chart shows the effective annual growth of the dry bulk fleet from 2007 to 2027f, broken down by Total Dry Fleet, Capesize, and Sub Cape.
No of Ships in Fleet on Jan 2026 and Growth Projections
| Vessel Type | No of Ships in Fleet on Jan 2026 (mdwt) | 2025 | 2026f | 2027f | 2028f | 2029f |
|---|---|---|---|---|---|---|
| Capesize (100k DWT+) | 2057 (407) | 1.5% | 1.9% | 2.7% | 2.6% | 2.6% |
| Panamax (70-99k DWT) | 3538 (283) | 2.9% | 4.4% | 3.7% | 3.4% | 3.2% |
| Supramax (45-69k DWT) | 4197 (239) | 4.8% | 4.7% | 4.4% | 3.6% | 3.5% |
| Handysize (10-44k DWT) | 4671 (131) | 4.6% | 4.0% | 3.3% | 2.5% | 2.9% |
| Sub Cape | 12406 (653) | 3.9% | 4.4% | 3.9% | 3.3% | 3.3% |
| Total Fleet | 14463 (1060) | 2.9% | 3.4% | 3.4% | 3.0% | 3.0% |
- Note (1): No. of Ships in Fleet include domestic fleet
- Note (2): Growth rate basis effective fleet (effective fleet = average fleet size - domestic
新造船價格 (Newbuilding Prices)
(Source: Clarksons Research, Clarksons Dry Bulk Market Outlook (Feb 2026))
Capesize Asset Values (million USD)
- Lines represent: NB (176-180k dwt), Resale (210k dwt), 5yr old Eco (180k dwt), 15yr old (170k dwt), 20yr old (180k dwt), Recycle Price.
- -----NB (205-210k dwt), 5yr old (180k dwt)*, 10yr old (180k dwt).
- Note: Cape 5yr old (180k dwt) discontinued Dec 2022.
Pmax/Kmax Asset Values (million USD)
- Lines represent: Resale (80-82k dwt), 5yr old (82k dwt), 15yr old (73k dwt), Recycle Price.
- …………….. NB (80-82k dwt), 5yr old (76k dwt), 10yr old (76k-82k dwt) ** , 20yr old (69k dwt).
- Note: Pmax 72k dwt to Jan 2021, 82k dwt thereafter.
Smax/Ultra Asset Values (million USD)
- Lines represent: NB (61-63k dwt), 5yr old (58k dwt) ***, 10yr old (56k dwt), 20yr old (52k dwt), Resale (63k dwt), 5yr old Ultra (60-61k dwt), 15yr old (56k dwt), Recycle Price.
- Note: Smax 58k dwt discontinued Dec 2022.
Disclaimers
- 對於經由本簡報內連結之其他網站而取得之資訊或建議,不擔保其為完全正確無誤。四維航業股份有限公司對於本簡報所提供之資訊或建議有權隨時修改或刪除的權利。 (There is no guarantee that the information or suggestions obtained through other websites linked in this newsletter are completely correct. Shih Wei Navigation Co., Ltd. has the right to modify or delete the information or suggestions provided in this newsletter at any time.)
- 若因任何資料之不正確或疏漏所衍生之損害或損失,四維航業股份有限公司將不負法律責任。是否經由本簡報使用下載或取得任何資料,應由您自行考量且自負風險,因任何資料之下載而導致您電腦系統之任何損壞或資料流失,您應負完全責任。 (Shih Wei Navigation Co., Ltd. will not be liable for any damages or losses resulting from incorrect or omission of any information. Whether to download or obtain any information through the use of this presentation is your own consideration and at your own risk. Any damage to your computer system or loss of data caused by the download of any information should be fully responsible for you.)
- 本簡報所用的資料、商標、標誌、圖像、短片、聲音檔案、連結及其他資料等(以下簡稱「資料」),只供參考之用。 (The materials, trademarks, logos, images, short videos, sound files, links and other materials used in this presentation (hereinafter referred to as "data") are for reference only.)
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Investor Relations Contact
- 發言人 (Spokesperson): 許綱倫先生 (Mr. Hsu Kang-Lun)
- 電話 (Tel): +886(02)8712-1888
- 電子郵件 (Email): investor@swnav.com.tw