陽明海運股份有限公司 [time:2026Q2] 法說會簡報
Company Overview
Company Name: 陽明海運股份有限公司 (YANG MING Marine Transport Corp.) Event: 2026年第二季法人說明會 (2026 Q2 Institutional Investor Conference) Date: 2026/06/18
Disclaimer:
- The information provided in this presentation contains forward-looking statements. The company is not obligated to update or revise the content due to any new events or circumstances.
- Statements regarding the company's financial and business aspects, and Q&A, may differ from future actual results. Reasons include, but are not limited to, market demand, changes in policies and regulations, overall economic conditions, and other risks beyond the company's control.
- Investors should not interpret these forward-looking statements as legally binding commitments but rather as flexible information that may be subject to revision. The information provided in this presentation does not explicitly or implicitly express or guarantee its accuracy, completeness, or reliability, nor does it represent a complete discourse on the company, industry status, or subsequent major developments.
Business Segments
2026年第一季集團事業群營收比重 (2026 Q1 Group Business Revenue Share):
- 貨櫃航運事業 (Container Shipping Business): 93.8%
- 總運能 (Total Capacity): 74.2萬 TEU
- 全球航商運能排名 (Global Carrier Capacity Ranking): 第9名 (9th place)
- 營運貨櫃船 (Operating Container Vessels): 97艘
- 週航線服務數 (Weekly Route Services): 101條
- 全球營運據點 (Global Operating Locations): 27個
- 全球代理行 (Global Agents): 233個
- 全球員工 (Global Employees): 6,338位
- 物流事業 好好物流 (Logistics Business, Good Logistics): 4.4%
- Services: 提供國際貨運承攬、倉儲及轉運樞紐、跨境電商物流服務 (Provides international freight forwarding, warehousing and transshipment hubs, cross-border e-commerce logistics services)
- 散裝航運事業 光明海運 (Bulk Shipping Business, Kuang Ming Shipping): 1.6%
- 散裝貨輪 (Bulk Carriers): 10艘
- 碼頭事業 (Terminal Business): 0.2%
2026年第一季各航線運費收入比重 (2026 Q1 Revenue Share by Route) (Data period: 202601~202603):
- EUROPE (含西北歐、地中海、越大西洋 - including Northwest Europe, Mediterranean, Transatlantic): 39%
- AMERICA (含美東、美西航線 - including East Coast US, West Coast US routes): 37%
- ASIA I (亞洲近洋 - Intra-Asia): 12%
- ASIA II (含中東、南美、紅海、澳洲、南亞 - including Middle East, South America, Red Sea, Australia, South Asia): 12%
Financial Highlights
2026年第一季合併簡明損益表 (2026 Q1 Consolidated Income Statement Summary) (Unit: 新台幣億元 - NT$ Billion):
| 項目 (Item) | 2026年第一季 (2026 Q1) | 2025年第一季 (2025 Q1) | Diff |
|---|---|---|---|
| 營業收入 (Operating Revenue) | 387 | 455 | (68) |
| 營業毛利 (Gross Profit) | 28 | 96 | (68) |
| 營業淨利(損) (Operating Income (Loss)) | 7 | 72 | (65) |
| 本期淨利(損) (Net Income (Loss) for the Period) | 15 | 79 | (64) |
| 歸屬母公司淨利(損) (Net Income (Loss) Attributable to Parent Company) | 14 | 78 | (64) |
| 每股盈餘(元) (EPS (NT$)) | 0.41 | 2.23 | (1.82) |
重要財務比率 (Important Financial Ratios) (Data period: 2023Q2~2026Q1):
| 季度 | 流動比 (Current Ratio) | 負債比 (Debt Ratio) |
|---|---|---|
| 23Q2 | 267% | 42% |
| 23Q3 | 435% | 32% |
| 23Q4 | 415% | 29% |
| 24Q1 | 468% | 28% |
| 24Q2 | 457% | 27% |
| 24Q3 | 506% | 25% |
| 24Q4 | 598% | 30% |
| 25Q1 | 622% | 29% |
| 25Q2 | 347% | 33% |
| 25Q3 | 508% | 28% |
| 25Q4 | 470% | 28% |
| 26Q1 | 441% | 28% |
Recent Performance and Results
營運量分析 (Operating Volume Analysis) (Thousand TEU):
- 2025Q1 Total: 1,074 Thousand TEU
- America: 296 (28%)
- Europe: 322 (30%)
- Asia II: 150 (13%)
- Asia I: 306 (29%)
- 2026Q1 Total: 1,087 Thousand TEU
- America: 303 (28%)
- Europe: 347 (32%)
- Asia II: 143 (13%)
- Asia I: 295 (27%)
船舶資源現況 (Vessel Resources Status) (Data calculation date: 2025 based on year-end, 2026 based on 2026/6/2):
- In Q2 2026, the total number of vessels and capacity is 97 vessels and 741,000 TEU, an increase of 28,276 TEU compared to 2025. This is mainly due to the gradual delivery and operation of two 15K LNG dual-fuel owned vessels.
| 年度 (Year) | Y2025 | Y2026/Q2 | DIFF. | | :-------------------------- | :------ | :---- | :------ | :------ | :------ | | 自有船艘數/占比 (Owned vessels / Share) | 61 | 63% | 63 | 65% | +2 | +3.2% | | 租入船艘數/占比 (Chartered vessels / Share) | 36 | 37% | 34 | 35% | -2 | -5.9% | | 總艘數 (Total vessels) | 97 | | 97 | | | | | 自有船運力(TEU) (Owned vessel capacity (TEU)) | 348,980 | 49% | 380,180 | 51% | +31,200 | +8.2% | | 租入船運力(TEU) (Chartered vessel capacity (TEU)) | 364,714 | 51% | 361,790 | 49% | -2,924 | -0.8% | | 總運力(TEU) (Total capacity (TEU)) | 713,694 | | 741,970 | | +28,276 | +3.8% |
2026Q1 & 2025Q1 營業成本比較 (Comparison of 2026Q1 & 2025Q1 Operating Costs) (Unit: 新台幣億元 - NT$ Billion):
| 項目 (Item) | 2026Q1 營業成本 (Operating Costs) | 2025Q1 營業成本 (Operating Costs) |
|---|---|---|
| 總計 (Total) | 359 | 358 |
| 船艙租成本 (Vessel Charter Costs) | 73 (20%) | 71 (20%) |
| 空調及棧儲費 (Air Conditioning & Storage Fees) | 54 (16%) | 64 (17%) |
| 港埠及運河費 (Port & Canal Fees) | 46 (13%) | 45 (13%) |
| 燃油成本 (Fuel Costs) | 37 (10%) | 46 (13%) |
| 其他 (Other) | 17 (5%) | 15 (4%) |
| 3VC-集貨船/內陸/裝卸 (3VC-Collection/Inland/Loading & Unloading) | 131 (36%) | 118 (33%) |
合併營收及毛利率、純益率變化 (Consolidated Revenue, Gross Profit Margin, and Net Profit Margin Changes) (Unit: 新台幣億元 - NT$ Billion) (Data period: 2023Q2~2026Q1):
| 季度 | 營業收入(億元) (Operating Revenue) | 營業毛利(損)率 (Gross Profit (Loss) Margin) | 純益(損)率 (Net Profit (Loss) Margin) |
|---|---|---|---|
| 23Q2 | 350 | 10% | 0% |
| 23Q3 | 359 | 2% | -4% |
| 23Q4 | 327 | -4% | -4% |
| 24Q1 | 438 | 23% | 22% |
| 24Q2 | 526 | 32% | 27% |
| 24Q3 | 728 | 48% | ~30% (estimated from chart) |
| 24Q4 | 535 | 39% | 24% |
| 25Q1 | 455 | 30% | 17% |
| 25Q2 | 387 | 21% | 16% |
| 25Q3 | 421 | 16% | 15% |
| 25Q4 | 373 | 6% | 4% |
| 26Q1 | 387 | 7% | 6% |
Outlook & Strategy
2026 Q3 市場展望 (2026 Q3 Market Outlook):
- The Q3 market is expected to continue the cargo volume and freight rate momentum from the end of Q2.
- With demand on major routes gradually recovering and capacity becoming tight, overall operating performance is expected to be better than Q2.
- However, factors such as changes in US-China trade and tariff policies, geopolitical situations, and the continuous injection of new capacity remain key points of observation for the Q3 market.
產業供需 (Industry Supply and Demand):
- The container shipping market in 2026 still faces oversupply pressure.
- Changes in US tariff policies, the Middle East situation, progress in Red Sea re-navigation, port congestion, and environmental regulations continue to disrupt the shipping market outlook.
油價展望 (Oil Price Outlook):
- According to forecasts from various financial and energy institutions for Brent crude oil prices, prices may fluctuate between US$76 and US$104 per barrel.
- Mainly influenced by geopolitical factors, US trade policies, US-China oil inventories, and demand changes.
- Over the past 3 months, crude oil prices have remained volatile between US$83 and US$118 per barrel, influenced by the US-Israel-Iran conflict. Fluctuations are mainly due to countries' attitudes towards a ceasefire.
- Going forward, with the war nearing its end and the Strait of Hormuz expected to reopen, oil prices may see more significant corrections.
Strategic Initiatives and Plans
近年新造船計畫 (Recent New Shipbuilding Plan) (Source: Board resolutions from 2022 to May 2026):
| 董事會通過年度 (Board Approval Year) | 艘數 (Number of Vessels) | 運力(TEU/艘) (Capacity (TEU/vessel)) | 燃料規格 (Fuel Specification) | 預計交付年度 (Estimated Delivery Year) |
|---|---|---|---|---|
| 2022 | 5 | 15,600 | LNG雙燃料 (LNG Dual-Fuel) | 2026Q1-2027Q1 |
| 2025 | 7 | 16,000 | LNG雙燃料 (LNG Dual-Fuel) | 2028Q3-2029Q2 |
| 2025 | 6 | 8,000 | 甲醇雙燃料預置 (Methanol Dual-Fuel Ready) | 2028Q4-2030Q1 |
| 2026 | 6 | 13,000 | LNG雙燃料 (LNG Dual-Fuel) | 進行中 (In Progress) |
近年新造櫃計畫 (Recent New Container Plan):
- 自有率從41%提升至49% (Owned rate increased from 41% to 49%)
- 平均櫃齡由7.4年降至6.5年 (Average container age decreased from 7.4 years to 6.5 years)
近年新造櫃採購量 (Recent New Container Procurement Volume) (TEU):
- 2023: 41,800 TEU
- 2024: 30,500 TEU
- 2025: 125,900 TEU
Additional Data
全球經濟成長預測 (Global Economic Growth Projections) (Real GDP Growth, %) (Source: IMF, World Economic Outlook, Apr 2026; OECD, Economic Outlook, Jun 2026; World Bank, Global Economic Prospects, Jan 2026):
| Year | IMF | OECD | World Bank |
|---|---|---|---|
| 2025 | 3.4 | 3.4 | 2.7 |
| 2026 | 3.1 | 2.8 | 2.6 |
| 2027 | 3.2 | 3.1 | 2.7 |
主要經濟體成長預測 (Major Economy Growth Forecasts) (Unit: 成長率(%) - Growth Rate (%)) (Source: OECD, Economic Outlook, Jun & Mar 2026):
| 國家 (Country) | 2025 本期預估 (Current Forecast) | 2025 前期預估 (Previous Forecast) | 2026 本期預估 (Current Forecast) | 2026 前期預估 (Previous Forecast) | 2027 本期預估 (Current Forecast) |
|---|---|---|---|---|---|
| 全球 (Global) | 3.4 | 3.3 | 2.8 | 2.9 | 3.1 |
| 美國 (US) | 2.1 | 2.1 | 2.0 | 2.0 | 1.8 |
| 歐元區 (Eurozone) | 1.4 | 1.4 | 0.8 | 0.8 | 1.2 |
| 中國 (China) | 5.0 | 5.0 | 4.5 | 4.4 | 4.3 |
OECD綜合領先指標(CLI) (OECD Composite Leading Indicator (CLI)) (Source: OECD, Composite Leading Indicator, Jun 2026):
- G20國家的CLI綜合領先指標自2025年08月起已連續10個月突破100,且持續上揚,經濟活動呈現增長趨勢。 (The CLI for G20 countries has continuously exceeded 100 for 10 consecutive months since August 2025 and continues to rise, indicating an upward trend in economic activity.)
- 2026 May: 100.67
主要經濟體採購經理人指數(PMI) (Major Economy Purchasing Managers' Index (PMI)) (Source: Institute for Supply Management (ISM), S&P Global, 中國國家統計局 - China National Bureau of Statistics):
- 根據最新公布的5月PMI數據,主要經濟體製造業景氣維持擴張,美、東南亞加速擴張;日、歐、中擴張放緩。 (According to the latest May PMI data, manufacturing activity in major economies remains expansive, with the US and Southeast Asia accelerating expansion; Japan, Europe, and China are slowing their expansion.)
| Manufacturing PMI (2026 May) | Value |
|---|---|
| ASEAN | 51.5 |
| China | 50.0 |
| Japan | 54.5 |
| US | 54.0 |
| Eurozone | 51.6 |
美國主要貨櫃港口每月進口貨量趨勢 (US Major Container Port Monthly Import Volume Trends) (TEU-Millions) (Source: NRF/Hackett Associates Global Port Tracker, Import Cargo Volume to See Year-Over-Year Gain Again in June, Then Remain Below 2025 Levels Into Fall):
- 零售商趕在關稅與燃油成本上漲前提前進貨,預期秋季起進口量將放緩。 (Retailers are front-loading imports ahead of rising tariffs and fuel costs, with import volumes expected to slow starting in autumn.)
- (黑字為當期資料(8th Jun),括弧內為前期資料(8th May) - Black text is current data (8th Jun), values in parentheses are previous data (8th May))
| Month | 2025 (TEU-Millions) | 2026 (TEU-Millions) *Forecast |
|---|---|---|
| January | 2.22 | 2.11 |
| February | 2.03 | 1.9 (1.9) |
| March | 2.15 | 2.16 (2.16) |
| April | 2.05 | 2.21 (2.13*) |
| May | 1.95 | 2.14* (2.17*) |
| June | 2.25* | 1.97 (2.13*) |
| July | 2.39 | 2.19* (2.2*) |
| August | 2.12* | 2.32 (2.19*) |
| September | 2.06* | 2.1 (2.08*) |
| October | 2.07 | 2.08* |
| November | 2.02 | 2.02 |
| December | 2.01 | 2.01 |
產業供需預測 (Industry Supply and Demand Forecasts) (Source: Drewry, Container Forecaster Monthly, May 2026; Alphaliner, Monthly Monitor, May 2026; Clarksons, Container Intelligence Monthly, May 2026):
| 項目 (Item) | 2025 | 2026(F) 本期預估 (Current Forecast) | 2027(F) 本期預估 (Current Forecast) | 2026(F) 前期預估 (Previous Forecast) | 2027(F) 前期預估 (Previous Forecast) | 更新時點及頻率 (Update Time & Frequency) |
|---|---|---|---|---|---|---|
| Drewry | 2026/05 Monthly | |||||
| Supply | 7.0% | 4.5% | 7.7% | 4.4% | 7.5% | |
| Demand | 6.2% | 2.1% | 3.0% | 1.7% | 3.1% | |
| Alphaliner | 2026/05 Monthly | |||||
| Supply | 7.2% | 3.9% | - | 3.8% | - | |
| Demand | 3.5% | 2.5% | - | 2.5% | - | |
| Clarksons | 2026/05 Monthly | |||||
| Supply | 7.1% | 4.6% | 7.9% | 4.7% | 7.6% | |
| Demand | 4.6% | 2.9% | 3.0% | 2.6% | 3.0% |
油價展望 (Oil Price Outlook) (Brent Crude Oil Price Forecasts, USD) (Source: 彭博社 - Bloomberg; 美國能源資訊管理局 - U.S. Energy Information Administration (EIA)):
| 機構名稱 (Institution Name) | 2026Q3 | 2026Q4 | 2027Q1 | 2027Q2 | 更新日期 (Update Date) |
|---|---|---|---|---|---|
| 渣打銀行 (Standard Chartered) | $85 | $80 | $78 | $79 | 2026/6/16 |
| 摩根士丹利 (Morgan Stanley) | $90 | $80 | $80 | $80 | 2026/6/15 |
| 高盛集團 (Goldman Sachs) | $84 | $80 | $78 | $76 | 2026/6/15 |
| 摩根大通銀行 (J.P. Morgan) | $104 | $98 | $85 | $79 | 2026/6/12 |
| EIA | $101 | $89 | $84 | $81 | 2026/6/4 |
運力排名 (Capacity Ranking) (2026年06月陽明海運貨櫃運力排名為全球第九 - Yang Ming Marine Transport Corp.'s container capacity ranked 9th globally in June 2026) (Source: Alphaliner TOP 100 / 02 June 2026):
| Rank | Operator | Teu | Share |
|---|---|---|---|
| 1 | Mediterranean Shg Co | 7,328,800 | 21.6% |
| 2 | Maersk | 4,696,043 | 13.8% |
| 3 | CMA CGM Group | 4,329,172 | 12.7% |
| 4 | COSCO Group | 3,611,183 | 10.6% |
| 5 | Hapag-Lloyd | 2,393,239 | 7.0% |
| 6 | ONE (Ocean Network Express) | 2,140,494 | 6.3% |
| 7 | Evergreen Line | 1,989,787 | 5.9% |
| 8 | HMM Co Ltd | 1,038,321 | 3.1% |
| 9 | Yang Ming Marine Transport Corp. | 741,970 | 2.2% |
| 10 | Zim | 698,354 | 2.1% |
| 11 | Wan Hai Lines | 598,224 | 1.8% |
近年油價及平均運費變化 (Recent Oil Price and Average Freight Rate Changes) (Unit: USD/TEU for freight, USD/Ton for oil) (Data period: 202501 to 202603):
| Period | 平均運費(TEU) (Average Freight Rate (TEU)) | SCFI運價指數 (SCFI Freight Index) | 平均油價(TON) (Average Oil Price (TON)) |
|---|---|---|---|
| 202501 | 1,328 | 2,243 | 546 |
| 202502 | 1,183 | 1,891 | 551 |
| 202503 | 994 | 1,351 | 546 |
| 202504 | 921 | 1,369 | 533 |
| 202505 | 905 | 1,621 | 542 |
| 202506 | 1,056 | 2,015 | 545 |
| 202507 | 1,119 | 1,684 | 527 |
| 202508 | 1,020 | 1,472 | 514 |
| 202509 | 975 | 1,289 | 518 |
| 202510 | 881 | 1,356 | 488 |
| 202511 | 887 | 1,436 | 484 |
| 202512 | 903 | 1,284 | 432 |
| 202601 | 1,008 | 1,528 | 437 |
| 202602 | 970 | 1,499 | 462 |
| 202603 | 869 | 1,683 | 441 |