正德海運股份有限公司 (2641) 2026Q2 法說會簡報
Company Overview
股票代號: 2641 公司名稱: 正德海運股份有限公司 (Franbo Lines Corp.) 法說會日期: May. 29, 2026 版權所有: © 2026 正德海運股份有限公司 著作權所有。Franbo Lines Corp. All rights reserved.
企業願景 (Corporate Vision) 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 (Mission)
- 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) (as of 2026/4/30)
- 正德海運(股)公司 (Franbo Lines Corp.) (成立於1998年)
- New Lucky Lines S.A. (Marshall Islands)
- 30 Subsidiaries
- 18 Ships
- FWF Shipping Ltd. (Marshall Islands)
- 1 Subsidiary
- BCTS Capital Inc. (Marshall Islands)
- Franbo Lines (Singapore) Pte. Ltd. (新設立於2026年1月)
- 8 Subsidiaries
- Franbo Assets Management Corp.
- 3 Subsidiaries
- New Lucky Lines S.A. (Marshall Islands)
免責聲明 (Disclaimer)
- 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。
Financial Highlights
2026年第一季損益表 (Consolidated Statements of Income)
單位: 新台幣千元 (NT$ thousand)
| 項目 (Item) | Q1/26 | Q4/25 | QoQ | Q1/25 | YoY |
|---|---|---|---|---|---|
| 營業收入 Revenues | 606,529 | 597,448 | 2% | 505,562 | 20% |
| 營業成本 Operating Costs | (364,439) | (334,147) | 38% | (331,163) | 10% |
| 營業毛利 Gross Profit | 242,090 | 263,301 | -8% | 174,399 | 39% |
| 營業費用 Operating Expenses | (31,906) | (34,603) | -8% | (39,139) | -18% |
| 營業利益 Operating Income | 210,184 | 228,698 | -8% | 135,260 | 55% |
| 營業外收入及支出 Total Non-Op. Income and Expenses | 32,322 | (64,096) | 150% | (60,230) | 154% |
| 稅前淨利 Income Before Tax | 242,506 | 164,602 | 47% | 75,030 | 223% |
| 所得稅費用 Income Tax Expense | - | 383 | -100% | - | -100% |
| 本期淨利歸屬母公司 Profit Attributable to Owner of the Parent | 234,345 | 151,111 | 55% | 88,086 | 166% |
| 基本每股盈餘(新台幣元) Earnings Per Share (NTD) | 0.71 | 0.46 | 54% | 0.28 | 154% |
| 毛利率 Gross Profit Margin | 39.91% | 44.07% | -4.16% | 34.50% | 5.41% |
| 營業利益率 Operating Profit Margin | 34.65% | 38.28% | -3.63% | 26.75% | 7.90% |
| 淨利率 Net Profit Margin | 39.98% | 27.61% | 13.34% | 14.84% | 21.21% |
2026年第一季資產負債表 (Consolidated Balance Sheets)
單位: 新台幣千元 (NT$ thousand)
| 項目 (Item) | 2026.03.31 | 2025.12.31 | QoQ | 2025.03.31 | YoY |
|---|---|---|---|---|---|
| 現金及約當現金 Cash and Cash Equivalent | 1,277,007 | 1,121,106 | 14% | 533,150 | 140% |
| 存貨 Inventory | 747,560 | 722,383 | 3% | 966,751 | -23% |
| 待出售非流動資產(或處分群組)淨額 Assets Held for Sale | 977,440 | 318,618 | 207% | - | NA |
| 不動產.廠房及設備 Property, Plant and Equipment | 10,478,736 | 11,393,805 | -8% | 11,118,247 | -6% |
| 資產總計 Total assets | 15,572,949 | 15,042,049 | 4% | 14,506,633 | 7% |
| 應付公司債 Bonds payable | 1,202,857 | 1,199,539 | 0% | 588,847 | 104% |
| 長期借款 Non-current portion of non-current borrowings | 3,719,384 | 4,250,157 | -12% | 4,256,094 | -13% |
| 負債總計 Total Liabilities | 6,367,791 | 6,223,071 | 2% | 6,173,096 | 3% |
| 歸屬於母公司業主之權益 Equity Attributable to Owners of the Parent | 8,287,331 | 8,069,918 | 3% | 7,627,823 | 9% |
| 非控制權益 Non-Controlling Interest | 917,827 | 749,060 | 23% | 705,714 | 30% |
| 權益總計 Total Equity | 9,205,158 | 8,818,978 | 4% | 8,333,537 | 10% |
| 每股淨值 Book Value Per Share | 25.09 | 24.43 | 3% | 24.00 | 5% |
| 負債比 Debt Ratio | 40.89% | 41.37% | -1% | 42.55% | -4% |
Business Segments
船隊現況 (Fleet Status) (as of 2026/04/30)
- 船數 Fleet Size: 18
- 平均船齡 Avg. Age: 8.85Y
- 新造船訂單 On Order: 11
- 總載重噸數 Total Tonnage: 90.73萬噸
| 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
Franbo Lines Corp. [May. 29, 2026] 法說會簡報
Company Overview
股票代號: 2641 公司名稱: 正德海運股份有限公司 (Franbo Lines Corp.) 法說會日期: May. 29, 2026 版權所有: © 2026 正德海運股份有限公司 著作權所有。Franbo Lines Corp. All rights reserved.
企業願景 (Corporate Vision) 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 (Mission)
- 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) (as of 2026/4/30)
- 正德海運(股)公司 (Franbo Lines Corp.) (成立於1998年)
- New Lucky Lines S.A. (Marshall Islands)
- 30 Subsidiaries
- 18 Ships
- FWF Shipping Ltd. (Marshall Islands)
- 1 Subsidiary
- BCTS Capital Inc. (Marshall Islands)
- Franbo Lines (Singapore) Pte. Ltd. (新設立於2026年1月)
- 8 Subsidiaries
- Franbo Assets Management Corp.
- 3 Subsidiaries
- New Lucky Lines S.A. (Marshall Islands)
免責聲明 (Disclaimer)
- 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。
Financial Highlights
2026年第一季損益表 (Consolidated Statements of Income)
單位: 新台幣千元 (NT$ thousand)
| 項目 (Item) | Q1/26 | Q4/25 | QoQ | Q1/25 | YoY |
|---|---|---|---|---|---|
| 營業收入 Revenues | 606,529 | 597,448 | 2% | 505,562 | 20% |
| 營業成本 Operating Costs | (364,439) | (334,147) | 38% | (331,163) | 10% |
| 營業毛利 Gross Profit | 242,090 | 263,301 | -8% | 174,399 | 39% |
| 營業費用 Operating Expenses | (31,906) | (34,603) | -8% | (39,139) | -18% |
| 營業利益 Operating Income | 210,184 | 228,698 | -8% | 135,260 | 55% |
| 營業外收入及支出 Total Non-Op. Income and Expenses | 32,322 | (64,096) | 150% | (60,230) | 154% |
| 稅前淨利 Income Before Tax | 242,506 | 164,602 | 47% | 75,030 | 223% |
| 所得稅費用 Income Tax Expense | - | 383 | -100% | - | -100% |
| 本期淨利歸屬母公司 Profit Attributable to Owner of the Parent | 234,345 | 151,111 | 55% | 88,086 | 166% |
| 基本每股盈餘(新台幣元) Earnings Per Share (NTD) | 0.71 | 0.46 | 54% | 0.28 | 154% |
| 毛利率 Gross Profit Margin | 39.91% | 44.07% | -4.16% | 34.50% | 5.41% |
| 營業利益率 Operating Profit Margin | 34.65% | 38.28% | -3.63% | 26.75% | 7.90% |
| 淨利率 Net Profit Margin | 39.98% | 27.61% | 13.34% | 14.84% | 21.21% |
2026年第一季資產負債表 (Consolidated Balance Sheets)
單位: 新台幣千元 (NT$ thousand)
| 項目 (Item) | 2026.03.31 | 2025.12.31 | QoQ | 2025.03.31 | YoY |
|---|---|---|---|---|---|
| 現金及約當現金 Cash and Cash Equivalent | 1,277,007 | 1,121,106 | 14% | 533,150 | 140% |
| 存貨 Inventory | 747,560 | 722,383 | 3% | 966,751 | -23% |
| 待出售非流動資產(或處分群組)淨額 Assets Held for Sale | 977,440 | 318,618 | 207% | - | NA |
| 不動產.廠房及設備 Property, Plant and Equipment | 10,478,736 | 11,393,805 | -8% | 11,118,247 | -6% |
| 資產總計 Total assets | 15,572,949 | 15,042,049 | 4% | 14,506,633 | 7% |
| 應付公司債 Bonds payable | 1,202,857 | 1,199,539 | 0% | 588,847 | 104% |
| 長期借款 Non-current portion of non-current borrowings | 3,719,384 | 4,250,157 | -12% | 4,256,094 | -13% |
| 負債總計 Total Liabilities | 6,367,791 | 6,223,071 | 2% | 6,173,096 | 3% |
| 歸屬於母公司業主之權益 Equity Attributable to Owners of the Parent | 8,287,331 | 8,069,918 | 3% | 7,627,823 | 9% |
| 非控制權益 Non-Controlling Interest | 917,827 | 749,060 | 23% | 705,714 | 30% |
| 權益總計 Total Equity | 9,205,158 | 8,818,978 | 4% | 8,333,537 | 10% |
| 每股淨值 Book Value Per Share | 25.09 | 24.43 | 3% | 24.00 | 5% |
| 負債比 Debt Ratio | 40.89% | 41.37% | -1% | 42.55% | -4% |
每月營收 (Monthly Revenue)
單位: 新台幣千元 (NT$ thousand)
| 月份 (Month) | 2026 | 2025 | YOY(%) |
|---|---|---|---|
| 1 | 217,124 | 162,719 | 33.43% |
| 2 | 183,429 | 157,987 | 16.10% |
| 3 | 205,976 | 184,856 | 11.43% |
| 4 | 197,955 | 185,278 | 6.84% |
| 5 | 189,172 | ||
| 6 | 175,643 | ||
| 7 | 183,340 | ||
| 8 | 330,321 | ||
| 9 | 201,008 | ||
| 10 | 191,086 | ||
| 11 | 196,667 | ||
| 12 | 209,695 | ||
| Total | 804,484 | 2,367,772 |
備註: 2026年1-4月較去年增加16.45%。(16.45 % Sales Growth, Jan-Apr 2026 vs. 2025)
同業營收及損益 (Peer Financial)
單位: 新台幣千元 (NT$ thousand)
| 項目 (Item) | 2026 Q1 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 | 606,529 | 4,338,022 | 3,891,765 | 768,625 | 1,083,585 | 1,239,781 |
| 營業毛利 Gross Profit | 242,090 | 1,244,039 | 1,243,986 | 88,536 | 454,984 | 413,974 |
| 毛利率(%) Gross Profit Margin | 39.91% | 28.68% | 31.96% | 11.52% | 41.99% | 33.39% |
| 本期淨利 Net Income | 242,506 | 1,195,201 | 987,731 | (66,203) | 298,044 | 244,418 |
| 淨利率(%) Net Income | 39.98% | 27.55% | 25.38% | (8.61%) | 27.51% | 19.71% |
| 基本每股盈餘 EPS (NTD) | 0.71 | 1.60 | 1.17 | (0.11) | 0.71 | 1.24 |
| 負債比率 Debt Ratio(%) | 40.89% | 40.19% | 54.72% | 45.00% | 31.13% | 49.21% |
Recent Performance and Results
2026-2027 換約情形 (CP Renewal) (as of 2026/4/30)
| 期間 (Period) | 船舶數量 No. of Ships | 現船換約數量 Renewal | 備註 (Note) |
|---|---|---|---|
| 2026Q1 | 19 | 出售一艘 Disposal 1 ship | |
| 2026 Q2 | 18 | 出售一艘 Disposal 1 ship | |
| 2026 Q3 | 18 | ||
| 2026 Q4 | 18 | ||
| 2027 Q1 | 18 | 2 | |
| 2027 Q2 | 18 | 1 | |
| 2027 Q3 | 20 | 1 |
Outlook & Strategy
產業近況 (Industrial Trend) (2025-2026 BDI Index)
資料來源: Baltic Dry Index 圖表- Investing.com
2025年趨勢:
- 環保法規落實強制減速
- 西非鋁土礦出口爆發
- 地緣政治影響,貨物航行變長
2026年趨勢:
- 繞航消化新船增量
- 印度能源與鋼鐵需求激增
- 南美糧食提早豐收
BDI 月平均及趨勢 (Industrial Trend) (2025-2026 Baltic Exchange Monthly Average)
- 顯示BDI、BCI (海岬型)、BPI (巴拿馬極限)、BSI (輕便極限)、BHSI (輕便型) 各指數的月平均趨勢。
期租走勢 (Industrial Trend) (Average 1/3/5 year TC Market Rate)
資料來源: Clarksons Research Shipping Intelligence Weekly 2026/04/17. 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)
一年期租 (One Year Timecharter) (平均費率 $/天)
| 船型 Vessel Type (DWT) | 2023 | 2024 | 2025 | 2026 Apr 17 | 2026 Mar 27 | 2026 Feb 20 | 2026 Jan 30 | 2025 Nov 21 | 2025 Oct 10 | 2025 Sep 12 | 2025 Aug 8 | 2025 Jul 18 | 2025 Jun 13 | 2025 May 9 | 2025 Apr 4 | 2025 Mar 7 | 2025 Feb 14 | 2025 Jan 3 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Capesize (182,000) | 16,764 | 23,926 | 22,013 | 29,161 | 32,600 | 29,200 | 33,050 | 29,700 | 26,000 | 24,400 | 24,500 | 24,100 | 22,700 | 20,000 | 20,900 | 19,500 | 23,000 | 20,000 |
| Capesize (Non-Eco) (180,000) | 15,264 | 22,464 | 20,994 | 26,745 | 29,100 | 25,700 | 29,800 | 30,950 | 27,350 | 25,750 | 26,100 | 25,500 | 24,200 | 21,200 | 22,200 | 20,500 | 24,000 | 21,500 |
| ...with Scrubber (180,000) | 18,236 | 25,386 | 23,918 | 29,089 | 30,900 | 29,600 | 31,900 | 28,700 | 25,000 | 23,400 | 23,500 | 23,100 | 21,700 | 19,000 | 19,900 | 18,500 | 22,000 | 18,500 |
| Kamsarmax (82,000) | 14,674 | 16,157 | 13,639 | 16,719 | 17,750 | 17,000 | 17,750 | 16,250 | 16,500 | 14,250 | 14,500 | 13,500 | 14,000 | 13,000 | 13,000 | 13,250 | 12,750 | 12,750 |
| Panamax (76,000) | 13,305 | 14,636 | 12,659 | 15,641 | 16,500 | 16,000 | 16,500 | 15,000 | 15,500 | 13,250 | 13,500 | 12,500 | 13,000 | 12,500 | 12,000 | 12,250 | 11,750 | 11,500 |
| Ultramax (61,000) | 14,411 | 16,188 | 13,822 | 15,906 | 17,250 | 16,250 | 16,250 | 15,000 | 15,500 | 14,500 | 15,000 | 13,750 | 13,750 | 13,000 | 13,250 | 13,750 | 13,500 | 13,000 |
| Supramax (58,000) | 12,526 | 14,570 | 12,341 | 14,328 | 15,250 | 14,250 | 15,000 | 13,500 | 13,750 | 13,000 | 13,500 | 12,750 | 12,000 | 11,500 | 11,500 | 12,750 | 12,250 | 11,000 |
| Handysize (38,000) | 11,981 | 13,897 | 12,370 | 13,438 | 14,750 | 13,500 | 13,250 | 13,000 | 13,250 | 13,250 | 13,000 | 12,250 | 12,000 | 11,750 | 12,000 | 12,750 | 12,000 | 11,500 |
| Handysize (32,000) | 9,885 | 11,822 | 10,495 | 11,141 | 11,500 | 11,000 | 11,250 | 11,000 | 11,000 | 11,000 | 10,500 | 10,250 | 10,000 | 10,000 | 11,000 | 10,000 | 9,750 | 10,500 |
三年期租 (Three Year Timecharter) (平均費率 $/天)
| 船型 Vessel Type (DWT) | 2023 | 2024 | 2025 | 2026 Apr 17 | 2026 Mar 27 | 2026 Feb 20 | 2026 Jan 30 | 2025 Nov 21 | 2025 Oct 10 | 2025 Sep 12 | 2025 Aug 8 | 2025 Jul 18 | 2025 Jun 13 | 2025 May 9 | 2025 Apr 4 | 2025 Mar 7 | 2025 Feb 14 | 2025 Jan 3 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Capesize (182,000) | 17,192 | 22,383 | 21,045 | 27,131 | 29,500 | 27,600 | 29,850 | 26,400 | 23,000 | 21,800 | 20,800 | 20,500 | 19,600 | 19,000 | 18,500 | 19,500 | 20,500 | 19,000 |
| Kamsarmax (82,000) | 13,490 | 14,087 | 12,981 | 15,578 | 16,500 | 16,000 | 16,500 | 15,000 | 15,000 | 13,250 | 13,750 | 13,250 | 13,000 | 12,500 | 12,250 | 12,500 | 12,000 | 12,500 |
| Panamax (76,000) | 12,392 | 12,503 | 11,678 | 14,828 | 16,000 | 15,500 | 15,500 | 14,000 | 14,000 | 12,250 | 12,750 | 12,250 | 12,000 | 11,500 | 11,250 | 11,000 | 10,000 | 10,000 |
| Ultramax (61,000) | 14,202 | 15,197 | 13,712 | 14,844 | 15,000 | 15,000 | 15,000 | 14,750 | 14,250 | 13,750 | 13,750 | 13,500 | 13,500 | 13,500 | 13,500 | 14,000 | 13,500 | 13,500 |
| Supramax (58,000) | 12,029 | 12,938 | 12,236 | 12,781 | 13,000 | 13,000 | 13,000 | 12,500 | 12,250 | 12,000 | 12,000 | 12,000 | 12,000 | 12,000 | 12,250 | 12,750 | 12,500 | 12,500 |
| Handysize (38,000) | 12,257 | 13,606 | 12,615 | 13,000 | 13,000 | 13,000 | 13,000 | 13,000 | 12,500 | 12,500 | 12,500 | 12,500 | 12,500 | 12,500 | 12,750 | 12,750 | 12,500 | 12,500 |
| Handysize (32,000) | 9,471 | 9,755 | 10,433 | 11,000 | 11,000 | 11,000 | 11,000 | 11,000 | 10,500 | 10,500 | 10,500 | 10,500 | 10,500 | 10,500 | 10,500 | 10,500 | 10,000 | 10,000 |
五年期租 (Five Year Timecharter) (平均費率 $/天)
| 船型 Vessel Type (DWT) | 2023 | 2024 | 2025 | 2026 Apr 17 | 2026 Mar 27 | 2026 Feb 20 | 2026 Jan 30 | 2025 Nov 21 | 2025 Oct 10 | 2025 Sep 12 | 2025 Aug 8 | 2025 Jul 18 | 2025 Jun 13 | 2025 May 9 | 2025 Apr 4 | 2025 Mar 7 | 2025 Feb 14 | 2025 Jan 3 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Capesize (182,000) | 17,293 | 21,605 | 20,778 | 25,794 | 27,900 | 26,600 | 28,100 | 24,600 | 21,800 | 21,000 | 20,400 | 20,000 | 19,600 | 18,800 | 18,500 | 19,000 | 20,000 | 18,750 |
| Kamsarmax (82,000) | 12,997 | 13,313 | 12,938 | 15,813 | 16,750 | 16,500 | 16,500 | 15,000 | 15,000 | 13,520 | 13,750 | 13,250 | 13,000 | 12,500 | 12,250 | 12,500 | 12,000 | 12,500 |
| Panamax (76,000) | 12,049 | 11,907 | 11,644 | 14,813 | 15,750 | 15,500 | 15,500 | 14,000 | 14,000 | 12,250 | 12,750 | 12,250 | 12,000 | 11,500 | 11,250 | 11,000 | 10,000 | 10,000 |
| Ultramax (61,000) | 14,346 | 14,894 | 13,904 | 14,844 | 15,000 | 15,000 | 15,000 | 14,750 | 13,750 | 13,750 | 13,750 | 14,000 | 14,000 | 14,000 | 14,000 | 14,000 | 13,500 | 13,500 |
| Supramax (58,000) | 12,163 | 12,385 | 12,505 | 12,781 | 13,000 | 13,000 | 13,000 | 12,500 | 12,000 | 12,000 | 12,000 | 12,750 | 12,750 | 12,750 | 12,750 | 12,750 | 12,500 | 12,500 |
| Handysize (38,000) | 13,317 | 13,663 | 12,683 | 13,000 | 13,000 | 13,000 | 13,000 | 13,000 | 12,500 | 12,500 | 12,500 | 12,750 | 12,750 | 12,750 | 12,750 | 12,750 | 12,500 | 12,500 |
環保法規 (Environmental Regulations) - IMO & EU
資料來源: 技術研討會 – 財團法人驗船中心 CR CLASSIFICATION SOCIETY
EU旗船舶及到訪EU港口之非EU旗船舶 (EU Regulations for EU-flagged ships and non-EU-flagged ships calling at EU ports):
- EU MRV (2018): 回報船舶實際油耗及CO2排放量 (Reporting actual fuel consumption and CO2 emissions for ships)
- EU ETS (2024): 海運碳排(TtW)納入EU碳交易體系(ETS) (Shipping emissions (TtW) included in EU Emissions Trading System (ETS))
- FuelEU Maritime (2025): 燃料生命週期溫室氣體(Well-to-Wake) (Fuel lifecycle greenhouse gas (Well-to-Wake))
國際航線船舶 (IMO Regulations for International Shipping):
- EEDI (2013): 提升新造船舶設計能效 (Enhance design energy efficiency for new ships)
- DCS (2019): 回報船舶實際油耗及CO2排放量 (Reporting actual fuel consumption and CO2 emissions for ships)
- EEXI (2023): 提升現成船舶設計能效 (Enhance design energy efficiency for existing ships)
- CII (2023): 提升船舶實際營運能效 (Enhance operational energy efficiency for ships)
- GFI (2028): 市場機制建立 溫室氣體定價(WtW) 燃料生命週期溫室氣體(Well-to-Wake) (Market mechanism establishment, GHG pricing (WtW), Fuel lifecycle greenhouse gas (Well-to-Wake))
IMO淨零框架規則(NZF)-各方立場 (IMO Net-Zero Framework (NZF) - Positions of various parties) (as of 2026/5/8):
- 2025年 4月: 國際海事組織(IMO)通過【IMO淨零框架】,目標2050年實施全球航運淨零排放。
- 2025年10月: 海洋環境保護委員會(MEPC) 通過修正案 → 未如期通過,會議決議延至2026年。
- 2026年 4月: 溫室氣體強度(GFI)制度將延至11月會議再議。
- 2026年11月: 海洋環境保護委員會(MEPC) 續行討論修正案。溫室氣體強度(GFI) 制度討論是否通過。
各方立場:
- 反對派 (Opponents):
- 反對框架中的經濟性懲罰與IMO淨零基金
- 認為GFI標準脫離市場現實
- 尋求折衷與替代方案派 (Seek compromise and alternative solutions):
- 提出透過「取消強制向IMO淨零基金繳費」並「放寬基本合規目標」來尋求共識
- 支持派 (Supporters):
- 反對重啟談判,主張「原封不動」採納通過
- 主張該框架為達成減排戰略目標並確保公正轉型的唯一可行方案
Strategic Initiatives and Plans
持續建造新船 (Continued Investment in New Vessels)
- 新造船訂單 On Order: 11艘
- 新造船計畫: 2025.08~2026.5 董事會通過新造17,400噸*11艘多用途(雜貨/貨櫃)船。
- 效益: 11艘多功能(MPP)新造船計畫,預計在2027~2028交船,有助於本公司整體船隊擴增,未來本業獲利增長。The plan to build 11 multi-purpose (MPP) vessels, with deliveries expected in 2027-2028, will contribute to the expansion of the company's overall fleet and future profit growth in its core business.
已交付新船資訊:
| 交付日期 Delivery Date | 2025.01 | 2025.04 | 2025.08 |
|---|---|---|---|
| 船舶名稱 Vessel Name | Wealth Athena | MFM JAZZ | HG HOUSTON |
| 載重噸數 DWT | 63,500 | 63,500 | 63,500 |
| 船型 TYPE | Ultramax | Ultramax | Ultramax |
| 租期 Period | Long Term | Long Term | Long Term |
| 毛利率 Gross Margin | 40%~45% | 45%~50% | 45%~50% |
預計交付新船資訊 (預估數值 Estimated figures):
| 交付日期 Delivery Date | 2027 | 2028 |
|---|---|---|
| 船舶數量 Number of Vessels | 4 | 7 |
| 載重噸數 DWT | 17,400 | 17,400 |
| 船型 TYPE | Multipurpose | Multipurpose |
| 租期 Period | Long Term | Long Term |
| 毛利率 Gross Margin | 約45%~50%* | 約45%~50%* |
新船加入營運效益 (New ships contribute to operational benefits)
單位: 新台幣千元 (Unit: NT$ thousand)
- 2021/01~2026/4 季營業毛利 (Quarterly Gross Profit) 和 月營收 (Monthly Revenue) 趨勢圖顯示,隨著新船加入,營收和毛利呈現增長。
船舶(Ship) 數量變化 (2021-2026Q1):
| 項目 (Ship) | 2021 | 2