慧洋海運股份有限公司 (TWSE: 2637) 2026Q2 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06月09日
- 公司網站: http://www.wisdomlines.com.tw
- 集團名稱: 慧洋海運集團 (WISDOM MARINE GROUP)
公司概況 (Outlook)
- 治理 (Governance)
- 人員 (People)
- 透明度 (Transparency)
- 業務 (Business)
- 船隊 (Fleet)
- 合作夥伴 (Partners)
- 環境 (Environment)
- 投資 (Investment)
- 願景 (Vision)
董事會組成 (Board Composition)
- 獨立性: 獨立董事比例 → 9席中5席
- 多元性: 專業領域 → 會計 / 財務 / 經濟 / 法律等
- 性別: 女性董事 → 9席中2席
專業團隊 (Professional Team)
- 國際營運與合作夥伴 (International Operation and Partners)
- 快速反應 (Swift Response)
透明度 (Transparency)
- 每月發布 (Monthly Release)
- 定期會議 (Regular Conference)
Financial Highlights
2025財務資訊 (Monthly Earnings)
| Month | Op. Revenue (USD) | Op. Profit (USD) | Op. Margin | Net Income (USD) |
|---|---|---|---|---|
| 1 | 38,148,608 | 3,879,705 | 10.17% | 391,931 |
| 2 | 29,810,028 | -2,304,425 | - | -6,419,791 |
| 3 | 38,738,226 | 4,515,616 | 11.66% | 814,786 |
| 4 | 41,606,207 | 7,261,292 | 17.45% | 638,848 |
| 5 | 41,277,136 | 5,991,164 | 14.51% | 12,540,855 |
| 6 | 40,076,650 | 7,088,437 | 17.69% | 1,317,040 |
| 7 | 45,826,482 | 10,534,363 | 22.99% | 8,333,587 |
| 8 | 49,454,727 | 14,359,566 | 29.04% | 19,706,136 |
| 9 | 53,206,846 | 18,255,939 | 34.31% | 21,575,141 |
| 10 | 56,120,455 | 20,386,987 | 36.33% | 27,289,722 |
| 11 | 53,518,285 | 19,533,721 | 36.50% | 22,203,037 |
| 12 | 54,173,610 | 20,047,244 | 37.01% | 18,460,768 |
| Total | 541,957,260 | 129,549,609 | 23.90% | 126,852,060 |
- EPS: 5.27
2026財務資訊 (Monthly Earnings)
| Month | Op. Revenue (USD) | Op. Profit (USD) | Op. Margin | Net Income (USD) |
|---|---|---|---|---|
| 1 | 42,701,356 | 7,487,431 | 17.53% | 2,291,336 |
| 2 | 40,358,490 | 10,108,231 | 25.05% | 7,305,665 |
| 3 | 54,128,170 | 20,273,892 | 37.46% | 28,393,038 |
| 4 | 52,003,143 | 16,661,892 | 32.04% | 11,263,162 |
| 5 | 57,700,769 | 21,561,603 | 37.37% | 18,194,889 |
| Total | 246,891,928 | 76,093,049 | 30.82% | 67,448,090 |
- EPS: 2.86
同業營收及損益 (Peer Financials) (2026Q1)
- 單位: 1,000 TWD
- 資料來源: MOPS | 項目 | 慧洋 WML | 新興 Sincere Nav. | 裕民 U-Ming | 中航 CMT | 四維 Shih Wei | 台航 Taiwan Nav. | | :------------ | :---------- | :---------------- | :------------ | :---------- | :------------ | :--------------- | | Operating Revenue | 4,338,022 | 1,366,845 | 3,891,765 | 1,239,781 | 768,625 | 1,083,585 | | Operating Profit | 1,197,473 | 482,738 | 987,897 | 286,693 | 9,188 | 420,156 | | Operating Margin | 28% | 35% | 25% | 23% | 1% | 39% | | Net Income | 1,195,201 | 387,359 | 987,731 | 245,435 | -41,753 | 298,044 | | EPS (TWD) | 1.60 | 0.66 | 1.17 | 1.24 | - | 0.71 | | ROE(%) | 2.42 | 2.21 | 2.49 | 1.80 | - | 1.65 |
營收結構 (Revenue Composition) (截至2026/03/31)
- 88%: 租金收入-長約(>1Y) Hire – long term
- TC: 固定租金 (fixed rate)
- TC: 指數連結 (index linked)
- 11%: 租金收入-短約(<1Y) Hire – short term
- TC: 固定租金 (fixed rate)
- 航次期租 (TCT(spot))
- <1%: 運費收入 (Freight)
- 論程租船 (VC(spot))
- <1%: 船舶管理收入 (Management)
Business Segments
船隊資訊 (Fleet Information)
- 船隊總覽 (Overall Group): 139艘 (截至2026年5月)
- 自有船隻 (Owned): 121艘
- 管理船隻 (Managed): 9艘
- 新造船隻 (NB): 9艘
- 平均船齡 (Average age): 9.2Y
- BBHP (Bareboat Hire Purchase) 包含在內
當前船隊 (# of vessels) (截至2026年5月)
| Vessel Type | ※Owned | Managed | Total | % | NB | Total | % |
|---|---|---|---|---|---|---|---|
| 乾散貨 (Dry Bulk) | |||||||
| Panamax | 33 | 2 | 35 | 27% | 2 | 37 | 27% |
| Supramax | 27 | 2 | 29 | 20% | 0 | 29 | 20% |
| Handy | 38 | 3 | 41 | 34% | 7 | 48 | 34% |
| Small Handy | 20 | 2 | 22 | 17% | - | 22 | 17% |
| 其他 (Others) | |||||||
| Other | 3 | 0 | 3 | 2% | 0 | 3 | 2% |
| 總計 (Overall Group) | 121 | 9 | 130 | 9 | 139 | 100% |
同業船型 (Peer Fleet)
| Vessel Type | 慧洋 WML | 新興 Sincere Nav. | 裕民 U-Ming | 中航 CMT | 四維 Shih Wei | 台航 Taiwan Nav. |
|---|---|---|---|---|---|---|
| Cape | 0 | 7 | 23 | 13 | 0 | 0 |
| Panamax | 35 | 4 | 24 | 0 | 3 | 9 |
| Supramax | 29 | 0 | 8 | 0 | 4 | 10 |
| Handy | 41 | 0 | 0 | 0 | 15 | 4 |
| Small Handy | 22 | 0 | 0 | 0 | 1 | 0 |
| Others | 3 | 4 | 17 | 0 | 1 | 15 |
| Total | 130 | 15 | 72 | 13 | 24 | 38 |
指數連結船舶 (Index-linked)
- 2026年5月: Panamax(31)+Supramax(25)+Handy(30)+Small Handy(2) = 共計88艘
- 平均期租費率 (Avg. TC) (截至2026/05/31) | 指數 | 2025Q2 Avg. | *2026Q2 Avg. | Change | | :---------- | :---------- | :----------- | :----- | | BPI Avg. TC | 11,849 | 18,939 | 59.84% | | BSI Avg. TC | 12,160 | 18,586 | 52.85% |
自營船隊 (Wisdom Operation)
- 船數 (Fleet at 2026-May): 6艘
- 主要船型 (Ship Type): Small Handy
- 平均船齡 (Avg. Age): 14.8年
- 營運模式 (Operation): VC+TCT
- BHSI 平均期租費率 (Avg. TC) (截至2026/05/31) | 指數 | 2025Q1 Avg. | *2026Q1 Avg. | Change | | :----------- | :---------- | :----------- | :----- | | BHSI Avg. TC | 10,578 | 14,242 | 34.64% |
2026 新船營運 (New Vessels)
| No. | DWT | Type | Delivery | TC | Hire (USD) | Gross Margin |
|---|---|---|---|---|---|---|
| 1 | 40000 | Handy | Jan-26 | Index-linked | 18,000+ | 59.41% |
| 2 | 40000 | Handy | Mar-26 | Index-linked | 18,000+ | 59.24% |
| 3 | 40000 | Handy | Apr-26 | Index-linked | 18,000+ | 59.41% |
| 4 | 40000 | Handy | May-26 | Index-linked | 18,000+ | 59.58% |
| 5 | 40000 | Handy | Jun-26 | Index-linked | 15,500+ | 50.40% |
| 6 | 40000 | Handy | Sep-26 | Index-linked | 15,000+ | 50.30% |
| 7 | 40000 | Handy | Sep-26 | Index-linked | 15,000+ | 50.12% |
| 8 | 40000 | Handy | Nov-26 | Index-linked | 15,000+ | 50.07% |
| Total | 132,000+ | 54.82% |
2026 換約情形 (TC Renewal)
- 固定期租換約至固定期租 (Fixed TC to Fixed TC): | 項目 | No. of Vsl | *Avg. Hire Adjustment | ※Effect on Revenue | | :---------- | :--------- | :-------------------- | :----------------- | | 2026Q1 | 5 | -1.55% | -0.55% | | Est. 2026Q2 | 7 | 13.40% | 0.48% | | Est. 2026Q3 | 3 | 6.10% | 0.04% | | Total | 15 | 7.22% | 0.47% |
- 備註:
- *平均租金調整 = (調整後總租金 - 調整前總租金) / 調整前總租金
- ※對營收影響 = (租金差異 X 剩餘營運天數) / 2025年總營收
船舶處分 (Disposal of Vessels)
- 目的: 增進船隊營運效率 (Improving operating efficiency) | Disposal of vessels | 2025 | 2026 | | :------------------ | :----------- | :---------- | | Cape | 1 | - | | Supramax | 1 | - | | Handy | 3 | - | | Small Handy | 5 | 1 | | Other | - | - | | Gain / loss on disposal (USD) | 44,000,000+ | 4,500,000+ | | Operating cash flow (USD) | 100,000,000+ | 7,000,000+ |
Outlook & Strategy
產業概況 (Industry Overview)
- 美國經濟政策變化: Trumponomics
- 中國經濟前景: China's economic prospect
- 戰爭、區域衝突: War and regional conflicts
- 新造船投資減緩: Sluggish newbuilding activity
全球通膨率 (Global Inflation Rate, end of period consumer price)
- 資料來源: IMF | 年份 | 利率 | | :--- | :------ | | 2021 | 6.3% | | 2022 | 8.9% | | 2023 | 6.1% | | 2024 | 4.9% | | 2025 | 4.0% |
新造船訂單 (NB Contracted)
- 資料來源: Clarksons Shipping Intelligence Weekly_29-May-2026 | 船型 | 2023 | 2024 | 2025 | 2026 | yoy | | :------------ | :--- | :--- | :--- | :--- | :---- | | Bulk Carriers | 702 | 844 | 518 | 178 | -16% | | Containers | 217 | 497 | 739 | 310 | 3% | | Oil Tankers | 430 | 536 | 327 | 288 | 116% | | LPG | 121 | 159 | 60 | 60 | 145% | | LNG | 68 | 94 | 63 | 52 | 102% |
船舶市況 (World Fleet & Wisdom)
- 資料來源: Maersk Dry Bulk Fleet_Apr 2026
平均船齡 (Avg. Age (yrs))
| Type | World Fleet | Wisdom |
|---|---|---|
| Cape (110,000+) | 13.0 | - |
| Panamax (67-110,000) | 13.5 | 8.7 |
| Supramax (40-67,000) | 13.4 | 9.2 |
| Handy (25-40,000) | 13.8 | 7.0 |
船舶數量 (Number of Vessels)
| Type | World Fleet Order | World Fleet Current | World Fleet Order(%) | World Fleet 20+yrs(%) | Wisdom Order | Wisdom Current |
|---|---|---|---|---|---|---|
| Cape (110,000+) | 302 | 2,066 | 14.6% | 7.6% | 0 | 0 |
| Panamax (67-110,000) | 518 | 3,337 | 15.5% | 17.3% | 2 | 35 |
| Supramax (40-67,000) | 495 | 4,382 | 11.3% | 15.2% | 0 | 29 |
| Handy (25-40,000) | 265 | 3,055 | 8.7% | 15.1% | 9 | 38 |
船舶市況 (World Fleet 2022~2026)
- 資料來源: Maersk Dry Bulk Fleet Status _ Apr 2026
訂單百分比 (Order % (Number of Vessels))
| Type \ Year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Cape (110,000+) | 6.8 | 5.4 | 5.6 | 9.7 | 14.6% |
| Panamax (67-110,000) | 8.0 | 10.3 | 13.0 | 14.1 | 15.5% |
| Supramax (40-67,000) | 9.1 | 9.7 | 11.3 | 10.6 | 11.3% |
| Handy (25-40,000) | 3.6 | 9.9 | 9.7 | 9.0 | 8.7% |
| Total | 7.2 | 9.2 | 10.4 | 11.0 | 12.3% |
20年以上船齡百分比 (20+yrs(%) (Number of Vessels))
| Type \ Year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Cape (110,000+) | 2.7 | 3.3 | 4.6 | 6.6 | 7.6% |
| Panamax (67-110,000) | 13.9 | 13.4 | 14.8 | 16.5 | 17.3% |
| Supramax (40-67,000) | 11.3 | 12.4 | 13.2 | 14.7 | 15.2% |
| Handy (25-40,000) | 13.2 | 13.7 | 14.4 | 15.1 | 15.1% |
| Total | 11.2 | 11.7 | 11.2 | 12.5 | 13.0% |
船舶市況 (World Fleet 2022~2026)
- 資料來源: Clarksons Shipping Intelligence Weekly_29-May-2026
船隊變化 (Fleet Change (No.))
| 項目 | 2022 | 2023 | 2024 | 2025 | *2026 |
|---|---|---|---|---|---|
| Fleet 1st January | 12,764 | 13,233 | 13,753 | 14,206 | 14,624 |
| 變化 (Changes) | |||||
| Deliveries | 451 | 492 | 491 | 516 | 250 |
| Sold for Scrap | -48 | -91 | -66 | -91 | -32 |
| Misc. Additions | - | - | - | 1 | - |
| Misc. Removals/Losses | -5 | -3 | -6 | -8 | -2 |
| Net Change during Year | 398 | 398 | 419 | 418 | 216 |
| Fleet End Year | 13,162 | 13,631 | 14,172 | 14,624 | 14,840 |
| yoy | 3.1% | 3.0% | 3.0% | 2.9% | 1.5% |
拆船市況 (Scrapping Market)
- 單位: 百萬載重噸 (m dwt)
- 資料來源: Clarksons Shipping Intelligence Weekly_29-May-2026 | Type / Year (m dwt) | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | %※ | | :------------------ | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :---- | | Cape (110,000+) | 5.9 | 11.4 | 3.4 | 2.9 | 1.0 | 0.8 | 1.5 | 0.5 | -28% | | Panamax (67-110,000) | 0.4 | 1.0 | 0.6 | 0.8 | 2.3 | 1.5 | 1.6 | 0.2 | -67% | | Supramax (40-67,000) | 0.8 | 1.8 | 0.6 | 0.4 | 1.6 | 0.8 | 1.5 | 0.5 | -23% | | Handy (10-40,000) | 0.8 | 1.0 | 0.5 | 0.3 | 0.5 | 0.5 | 0.8 | 0.4 | 33% | | Total | 7.9 | 15.3 | 5.2 | 4.3 | 5.4 | 3.7 | 5.3 | 1.6 | -30% |
- ※: 百分比變化是基於本年度與去年同期年化數字的比較。
ESG / Sustainability
法規要求 (Regulatory Challenges)
- 氮氧化物排放 (Nitrogen Oxides (NOx))
- MARPOL Annex VI Tier III 法規 (2016/1/1~)
- 壓艙水處理系統 (Ballast Water Treatment System)
- 國際壓艙水管理公約 (International Convention for the BWM (2019/9/8~))
- 硫化物排放 (Sulphur Oxides (SOx))
- 硫含量上限 (Sulphur cap (2020/1/1~))
- 碳排放 (Carbon Emission (CO2))
- EEXI & CII (2023/1/1~)
- 歐盟排放交易系統 (EU ETS (2024/1/1~))
- 歐盟海運燃料倡議 (Fuel EU (2025/1/1~))
碳排放 (Carbon Emission)
船舶能效設計指數 (Energy Efficiency Existing Ship Index (EEXI))
- EEDI → EEXI ♦ 設計 (Design)
- 實施時程: 自2023/1/1起
- 不合規解決方案:
- 引擎功率限制 (Engine power limitation (EPL))
- 改裝 (Modification)
- 低摩擦塗層 (Low friction coating)
- 風力推進 (Wind propulsion)
- 氣泡潤滑 (Air bubble lubrication)
- 廢熱回收 (Waste heat recovery)
- 岸電 (Shore power)
- 慧洋自有船隊 (Wisdom Owned Fleet): 共計121艘 | Vessel speed reduction status | No. | | :---------------------------- | :-- | | 0% (No effect) | 68 | | <5% | 36 | | 5%~10% | 15 | | >10% | 2 |
碳強度指標 (Carbon Intensity Indicator (CII))
- EEOI → DCS → CII ♦ 營運 (Operating)
- 實施時程: 自2023/1/1起
- 不合規解決方案:
- 提交糾正行動計畫 (Submit a corrective action plan)
歐盟碳稅 (EU ETS)
- 時程 (Schedule):
- 2024: 40%
- 2025: 70%
- 2026~: 100%
- 範圍 (Scope):
- 從歐盟港口出發至非歐盟港口的航程排放量 -50%
- 歐盟港口之間航程的排放量 -100%
- 停靠在歐盟港口的船舶排放量 -100%
- 對費用影響 (Effect on Expense):
- 2026年5月歐盟排放配額 (EUA) 現貨價格 ≒ USD80
- 2026年5月極低硫燃料油 (VLSFO) 現貨價格 ≒ USD850
- 每噸燃料消耗需3個EUA → USD850 + 240 = USD1090 (+28%)
歐盟海運燃料倡議 (Fuel EU Maritime)
- 目的 (Purpose): 鼓勵替代燃料 (encourage alternative fuel)
- 不合規 (Non-Compliance): 溫室氣體強度超過89.34 gCO2eq/MJ (截至2025/1/1)
- 罰款計算 (Penalty Calculation): 能源消耗 (從油井到船舶的基礎) (energy consumed (well-to-wake basis))
- 補救措施 (Remedy): 替代燃料/燃料池 (alternative fuel/pooling)
- 責任 (Liabilities): 由承租人根據BIMCO Fuel EU Maritime條款支付 (payable by charterer under BIMCO Fuel EU Maritime Clause)
- 影響 (罰款) (Impact (penalty)): 每噸VLSFO額外增加USD60 → USD850+60=USD910 (+7%)
Outlook & Strategy
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)
- 負債比率 (Debt ratio):
- 2022: 49.9%
- 2023: 48.8%
- 2024: 42.6%
- 2025: 40.7%
- 2026Q1: 40.2%
- 新造船訂單 (On Order): 9艘
- 符合最新環保法規為主 (NOx/EEDI/CO2) (Latest regulation) | 船型 | 2026 | 2027 | 2028 | | :------- | :--- | :--- | :--- | | Panamax | 0 | 2 | 0 | | Supramax | 0 | 0 | 0 | | Handy | 4 | 2 | 1 | | Total | 4 | 4 | 1 |