裕民航运召开2019年股东常会

　　裕民航运6月13日假北市国军英雄馆召开2019年度股东常会，由徐旭东董事长亲自主持，会中通过2018年度财务报表及盈余分配等议案。2018全年合并营收为新台币（以下同）11,523,222 仟元，税後盈余为1,668,840 仟元，税後基本每股盈余（EPS）为1.97 元，发放现金股利每股1.8元，仍维持高度盈余发放比例及高现金股息殖利率，帐上保留未分配盈余及可供分配法定盈余公积合计为122.53 亿元，达每股14.5元，可供未来年度盈余股利之分配，之後也将持续努力创造绩效回馈股东。

航运市场概况
　　全球经济预计今年表现会趋缓，根据IMF今年4 月的预估，2019年全球GDP 的成长将从去年的3.6%下降到3.3%，已开发和开发中国家的成长率分别下降0.4%以及0.1%。总体经济对於散装航运的影响，首先，中美贸易战延烧，短期内中国对美国谷物课以高关税将导致谷物的季节性贸易受影响而出现变化，但中国对谷物的需求不会因为贸易战而消失，中长期来看需求应仍会重回成长水准，只是暂时性进口的来源和季节出现变化而产生海运航线上结构性的转变，进而影响运费的淡旺季。预期中国也将会透过财政扩张和货币政策，加强基础建设的投资，以维持经济成长的目标。

　　另一方面，「印太战略」以及「一带一路」在目前看起来是两个强权对全球经济战略资源的争夺与竞争，这两大强权包括日本在内，争相透过多边银行，如世界银行、亚洲开发银行及亚投行等，将资源挹注在需要开发却欠缺资金技术和效率的地区，长期来看，这对原物料及能源的需求和贸易是乐观的。属於印太战略夥伴的印度，拥有亮眼的经济成长率，而位於南亚一带一路重要位置的巴基斯坦，对煤炭和原物料的进口也有快速的成长，东南亚国家也增加了对原物料的进口，显示其为制造业从中国移出的受益者，其中以越南成长最抢眼，这些都可望弥补中国部份原物料进口趋缓甚至出现短暂衰退的缺口。

　　2019年初，Vale水坝发生崩塌意外，导致今年3 月以来巴西铁矿出口量的剧减，随着复工命令的执行以及部份产能的恢复，海岬型的运费市场已经慢慢走出第一季以来的低迷。

　　船舶供给方面，随着全球环保法规陆续生效，包括压舱水系统以及低硫油使用，渐趋严格，船舶的油耗效率差距将越来越大，这对15 岁以上的船舶来说，经营条件将越来越艰困，老旧船舶将被迫加速淘汰，接下来两年预估拆船的年龄会有明显的下降，这对运费市场的再平衡是重要影响因素。

业务拓展与轻资产实力
　　在公司业务发展方面，裕民站稳既有的利基市场，持续推动数位转型并伺机拓展业务。2018年年初与巴西淡水河谷公司（Vale）签订25年铁矿石长期运送合约，提升长约比重，创造稳定现金流量和利润，初估合约总收入将达175亿元以上，是公司成立以来签订的最重大长约。另一方面，2018年年初与厦门国贸集团股份有限公司(ITG)合资成立「国贸裕民(厦门)海运有限公司」等两家公司，加速开拓中国沿海及进出口散装航运业务。

　　裕民近年强调运用轻资产商业模式，透过公司庞大的市场网络加上和主要矿商及贸易公司的良好关系，并配合裕民全方位的船队规模和组合，伺机租入船舶增加营运船吨，加强市场竞争力并提升获利能力，2018年租入船营运航次年成长大幅增加87.8%，营业毛利年增144%。同时裕民厦门子公司於2019年4月份获得大陆外资企业首家可向全球航运公司提供配备船员的船员外派机构，未来将可扩大公司船舶管理相关服务，提高轻资产经营业务比重。

数位化管理与船队安全
　　裕民与Ericsson於2015年携手，共同打造全台首套船联网服务，并开发领先同业的「船队安全管理系统(Fleet Safety Management, 简称FSM系统)」，於2018 年完成第一阶段任务，该系统的「碰撞预警」与「海盗预判」功能，协助船长监测船舶与周围船舶之间的相互动态，当有潜在异常状况发生时时，系统会显示警报，全面提升船舶营运效率及船队海上航行安全。

　　新造船舶也朝向智能化设计，建置船舶性能监控系统，并将各项设备重要资讯透过卫星IoT网路传回公司，以监控船舶各项性能，建立机噐设备保养及维护自动化管理，降低船舶故障机率及维修成本，未来透过与主机及发电厂家系统连结，船上有任何异常或故障，可即时在最短时间内取得故障诊断及维修建议，迅速修护；现有船队也将逐步加改装，以智能化为目标。公司成立运作管制中心（Operation Center），运用大数据资料实现船队的资讯化管理、监督与控管，掌握全部船队的运作及能效，提升船舶效能及竞争力，达成「岸船一体」的目标，在加强航行安全，降低故障率，提高修复能力及能效之余，更对组织决策、沟通管理带来莫大的效益。

永续经营与绿色航运
　　裕民长期致力於永续经营，荣获国内外的肯定。今年第三次获得台湾永续能源研究基金会所举办的2018「台湾企业永续奖」运输业银奖殊荣。同时，也再次通过富时罗素（FTSE Russell）及台湾证券交易所的评监标准，纳入《富时社会责任新兴市场指数FTSE4Good Emerging Index》及《台湾永续指数FTSE4Good TIP Taiwan ESG Index》成分股，并荣获交通部举办之2017年度绩优船舶运送业选拔之《营业成长绩优》及《发展绿色航运绩优》奖。

　　为因应2020年低硫油政策，裕民积极与各厂商合作，致力於澳洲至中国之间铁矿石和煤炭贸易而参与「绿色走廊跨国专案」（Green Corridor JIP），打造新一代的环保船。第一阶段成果已於2017年6月1日在挪威奥斯陆（Oslo） Nor-Shipping event发表，证明了LNG 燃料动力船的经济与技术可行性。2018年8月此专案船型在新加坡举行26万载重吨级超大型矿砂船（VLOC）专用船的设计发表会，得到DNV GL船级社原则性认可（approval in principle），有突破性的进展。

船队规模
　　裕民航运目前拥有Capesize、Panamax、Post Panamax、Supramax、
Ultramax、水泥船、超大型油轮(VLCC)及超大型矿砂船（VLOC）等船型，散装船队平均年龄约5.3 年，再加合资、代管船队，裕民船队运力为47 艘，总载重吨位为658 万吨，海外设有新加坡及香港、厦门等子公司，为台湾散装航运市值最高的上市公司。#

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U‐Ming Marine Transport Corp. 2019 Annual General Meeting
U-Ming Marine Transport Corporation has convened its 2019 Annual Shareholders’ Meeting (AGM) at the Taipei Hero House on 13 June 2019; hosted by its Chairman, Mr Douglas Hsu. During the AGM, Mr Hsu presented the company's motions such as the Adoption of the 2018 Financial Statements and the Proposal for Earnings Distribution of 2018 etc. . For 2018 operating performance, the Company’s consolidated revenue was at NT$11.523 billion; with net profit of NT$1.668 billion and the earnings per share (after-tax) of NT$1.97. The motion to cash dividends of NT$1.80 per share to reward the shareholders was passed. The Company has been maintaining a sound financial structure of which the retained undistributed earnings and the statutory surplus reserve available for distribution as future annual earnings dividends amounting to NT$12.253 billion; equivalent to NT$14.50 per share. UMing will continue to create shareholders’ value to reward its shareholders.

Market Outlook
The global economy is expected to slow down in 2019. According to the International Monetary Fund’s (IMF) forecast in April this year, the 2019 global GDP growth will be weakened to 3.3% from 3.6% last year; and that of developed and developing countries will also drop by 0.4% and 0.1% respectively. The prolonged China-US trade war has impacted the overall economy which in turn is affecting the bulk shipping. In the short term, China’s high tariffs on US’ grains will lead to changes in the seasonal trade but China's demand for grains and cereals will not disappear. We expect the demand to return to its normal growth level in the middle to long term; despite the temporary alternate import sources and seasonal changes that are causing structural changes to the shipping routes and freight sentiment. We expect China to strengthen its infrastructure investment through fiscal expansion and monetary policy in order to maintain its economic growth targets.

On the other hand, the “Indo-Pacific Strategy” Partnership initiated by U.S. / Japan/ India, and China’s "One Belt One Road” Initiatives are both competing for global strategic resources. Besides, Japan is also joining in to compete through the World Bank, the Asian Development Bank and the Asian Investment Bank; for regions that needs infrastructure expansion but lacking of funds and technology know-how. As such, the demand for raw materials and energy as well as the outlook for trade are optimistic. India, a strategic partner within the Indo-Pacific Strategy, has been posting a very bright economic growth in recent years; and Pakistan, an important strategic location along the “One Belt One Road”, has also witnessed a rapid growth in imports of coal and raw materials. Overall, Southeast Asian countries have been increasing their imports of raw materials, benefiting from the manufacturing migration from China; in particular Vietnam. They are making up part of the shortfall as a result of China’s economic slowdown and reduced imports of raw materials.

The collapse of Vale's dam in early 2019 has led to a sharp decline in Brazilian iron ore exports since March. However, with the recent part resumption order and the recovery of some production capacity, the Cape-size freight market has seen improving and slowly emerging out of the earlier downturn.

On the supply side, the international environmental protection regulations such as the ballast water treatment system and the usage of low sulfur fuel oil, are increasingly stringent. With the big disparity in fuel efficiency as compared to the new modern eco-friendly ones, ships that are over 15 years of age are becoming less competitive and they are expected to be phased out sooner than expected. So the average scrapping age is expected to be lower which is an important factor to rebalance the freight market.

Business Expansion and Asset-Light Strategy
U-Ming has been leveraging its vast customers’ network and niche market strategy, together with its adoption of digital transformation, to continue in its core business expansion. In early 2018, the Company has signed a 25-year Contract of Affreightment (COA) with Vale International SA of Brazil for the transportation of Brazilian iron ore to China. This COA is the biggest and longest commitment in UMing’s history and the total contract value is anticipated to be more than NT$17.5 billion. It will enhance the Company’s fixed-rate charter portion thus ensuring a constant revenue and cash flow. To expand our involvement in the Chinese market, the Company has also set up "ITG-UMING Xiamen Co., Ltd" and "ITG-UMING Shipping Co., Ltd" in early 2018, with our joint venture partner “Xiamen International Trade Group Co., Ltd. (ITG)”, to accelerate the development of China's coastal and international bulk shipping business.

Through our vast marketing network and good relationships with the major mining and trading companies, supplemented by our comprehensive fleet size and portfolio, U-Ming has also adopted the ‘asset-light’ model to arbitrage its transportation services thus increasing the overall revenue and profit. In 2018, the number of charter-in vessels had increased by 87.8% and its corresponding profit had increased by 144%.” In April 2019, our U-Ming Xiamen office has also obtained the accreditation for a foreign-owned corporation in China to engage in international crewing deployment agency businesses. In the future, U-Ming Marine Xiamen will use this qualification and professional experience to expand its ship management related services and increase the proportion of light assets in its business.

Digitalization and Fleet Safety
In 2015, U-Ming had partnered Ericsson to build the first ever ship networking services ie. “Fleet Safety Management” of which the first phase was completed in 2018. The "Collision Warning" and "Pirate Threat" functions of the system will enable the ship crew to monitor the vessel and others in the vicinity closely. Hence any abnormal conditions will set an alarm to alert all crew for immediate responses thus improving the overall efficiency of the ship operations and safety.

The Company’s new building designs have been based on ‘smart and digitalization’ with vessel performance monitoring systems. Important machinery and equipment data are transmitted back to the company through satellite IoT network instantly allowing our shore staff to monitor the performance of ships closely; setting up a more effective automatic planned maintenance system; reducing the machinery failure incidents and cutting down repair and maintenance costs.

In times to come, once the ships are connected to their engine and equipment manufacturers directly, any abnormalities or faults found onboard can be diagnosed and tackled swiftly between the parties via instant data transmission and communication. Our existing fleet is also in the process to complete the digitalization.

The Company has also set up an operations control hub, namely “Operation Center”, utilizing the Big Data for more effective information management, supervision and fleet management. This enables the Company to grasp the operations and efficiency of the entire fleet and also to improve the individual vessel’s performance and competitiveness; achieving the goal of a "ship-shore integration" for an overall effective management on safety, communication, operations and decision-making process.

Sustainable Operations and Green Shipping
U-Ming has won many recognitions for its continuing pursuit of sustainable development. This year, for the third time, the Company has won the Silver Award in the transportation category at the 2018 Taiwan Enterprise Sustainability Awards sponsored by Taiwan Sustainable Energy Research Foundation. At the same time, it also passed the evaluation criteria of FTSE Russell and Taiwan Stock Exchange to be a constituent of the FTSE4Good Emerging Index and FTSE4Good TIP Taiwan ESG Index. It also won the "Excellent Performance in Business Growth" and "Excellent Performance in Green Shipping Development" awards organized by the Ministry of Communications in 2017.

In response to the 2020 sulphur cap regulation, U-Ming has participated in the Australia-China’s “Green Corridor JIP” project with leading market players to jointly develop a dual-fuel (LNG/Fuel-oil) Newcastle-max bulk carrier specification – an alternative to the conventional fuel-oil engines. The results of the first phase were published on June 1, 2017 at the Nor-Shipping Event, Oslo, Norway; which has proven the economic and technical feasibility of the LNG fuel-powered ships. In August 2018, the design concept for the 260,000 DWT VLOC was also published in Singapore; and this further breakthrough was approved in-principle by the DNV GL Classification Society.

Fleet Overview
U-Ming’s core business is in dry bulk shipping sector which currently owns and operates Cape-size, Post-Panamax, Panamax, Ultramax, Supramax, Cement Carriers, Very Large Crude Carriers (VLCC) and Very Large Ore Carriers (VLOC) amounting to a total of 47 ships (including vessels that are in operation, under construction, joint ventures and ship management service); with a total deadweight of 6.58 million tons and an average age of about 5.3 years. The company has its subsidiaries in Singapore, Hong Kong and Xiamen, China; and has the highest market capitalization among Taiwan’s dry bulk public-listed companies.#