裕民航運召開2019年股東常會

　　裕民航運6月13日假北市國軍英雄館召開2019年度股東常會，由徐旭東董事長親自主持，會中通過2018年度財務報表及盈餘分配等議案。2018全年合併營收為新臺幣（以下同）11,523,222 仟元，稅後盈餘為1,668,840 仟元，稅後基本每股盈餘（EPS）為1.97 元，發放現金股利每股1.8元，仍維持高度盈餘發放比例及高現金股息殖利率，帳上保留未分配盈餘及可供分配法定盈餘公積合計為122.53 億元，達每股14.5元，可供未來年度盈餘股利之分配，之後也將持續努力創造績效回饋股東。

航運市場概況
　　全球經濟預計今年表現會趨緩，根據IMF今年4 月的預估，2019年全球GDP 的成長將從去年的3.6%下降到3.3%，已開發和開發中國家的成長率分別下降0.4%以及0.1%。總體經濟對於散裝航運的影響，首先，中美貿易戰延燒，短期內中國對美國穀物課以高關稅將導致穀物的季節性貿易受影響而出現變化，但中國對穀物的需求不會因為貿易戰而消失，中長期來看需求應仍會重回成長水準，只是暫時性進口的來源和季節出現變化而產生海運航線上結構性的轉變，進而影響運費的淡旺季。預期中國也將會透過財政擴張和貨幣政策，加強基礎建設的投資，以維持經濟成長的目標。

　　另一方面，「印太戰略」以及「一帶一路」在目前看起來是兩個強權對全球經濟戰略資源的爭奪與競爭，這兩大強權包括日本在內，爭相透過多邊銀行，如世界銀行、亞洲開發銀行及亞投行等，將資源挹注在需要開發卻欠缺資金技術和效率的地區，長期來看，這對原物料及能源的需求和貿易是樂觀的。屬於印太戰略夥伴的印度，擁有亮眼的經濟成長率，而位於南亞一帶一路重要位置的巴基斯坦，對煤炭和原物料的進口也有快速的成長，東南亞國家也增加了對原物料的進口，顯示其為製造業從中國移出的受益者，其中以越南成長最搶眼，這些都可望彌補中國部份原物料進口趨緩甚至出現短暫衰退的缺口。

　　2019年初，Vale水壩發生崩塌意外，導致今年3 月以來巴西鐵礦出口量的劇減，隨著復工命令的執行以及部份產能的恢復，海岬型的運費市場已經慢慢走出第一季以來的低迷。

　　船舶供給方面，隨著全球環保法規陸續生效，包括壓艙水系統以及低硫油使用，漸趨嚴格，船舶的油耗效率差距將越來越大，這對15 歲以上的船舶來說，經營條件將越來越艱困，老舊船舶將被迫加速淘汰，接下來兩年預估拆船的年齡會有明顯的下降，這對運費市場的再平衡是重要影響因素。

業務拓展與輕資產實力
　　在公司業務發展方面，裕民站穩既有的利基市場，持續推動數位轉型並伺機拓展業務。2018年年初與巴西淡水河谷公司（Vale）簽訂25年鐵礦石長期運送合約，提升長約比重，創造穩定現金流量和利潤，初估合約總收入將達175億元以上，是公司成立以來簽訂的最重大長約。另一方面，2018年年初與廈門國貿集團股份有限公司(ITG)合資成立「國貿裕民(廈門)海運有限公司」等兩家公司，加速開拓中國沿海及進出口散裝航運業務。

　　裕民近年強調運用輕資產商業模式，透過公司龐大的市場網絡加上和主要礦商及貿易公司的良好關係，並配合裕民全方位的船隊規模和組合，伺機租入船舶增加營運船噸，加強市場競爭力並提升獲利能力，2018年租入船營運航次年成長大幅增加87.8%，營業毛利年增144%。同時裕民廈門子公司於2019年4月份獲得大陸外資企業首家可向全球航運公司提供配備船員的船員外派機構，未來將可擴大公司船舶管理相關服務，提高輕資產經營業務比重。

數位化管理與船隊安全
　　裕民與Ericsson於2015年攜手，共同打造全臺首套船聯網服務，並開發領先同業的「船隊安全管理系統(Fleet Safety Management, 簡稱FSM系統)」，於2018 年完成第一階段任務，該系統的「碰撞預警」與「海盜預判」功能，協助船長監測船舶與周圍船舶之間的相互動態，當有潛在異常狀況發生時時，系統會顯示警報，全面提升船舶營運效率及船隊海上航行安全。

　　新造船舶也朝向智能化設計，建置船舶性能監控系統，並將各項設備重要資訊透過衛星IoT網路傳回公司，以監控船舶各項性能，建立機噐設備保養及維護自動化管理，降低船舶故障機率及維修成本，未來透過與主機及發電廠家系統連結，船上有任何異常或故障，可即時在最短時間內取得故障診斷及維修建議，迅速修護；現有船隊也將逐步加改裝，以智能化為目標。公司成立運作管制中心（Operation Center），運用大數據資料實現船隊的資訊化管理、監督與控管，掌握全部船隊的運作及能效，提升船舶效能及競爭力，達成「岸船一體」的目標，在加強航行安全，降低故障率，提高修復能力及能效之餘，更對組織決策、溝通管理帶來莫大的效益。

永續經營與綠色航運
　　裕民長期致力於永續經營，榮獲國內外的肯定。今年第三次獲得臺灣永續能源研究基金會所舉辦的2018「臺灣企業永續獎」運輸業銀獎殊榮。同時，也再次通過富時羅素（FTSE Russell）及臺灣證券交易所的評鑑標準，納入《富時社會責任新興市場指數FTSE4Good Emerging Index》及《臺灣永續指數FTSE4Good TIP Taiwan ESG Index》成分股，並榮獲交通部舉辦之2017年度績優船舶運送業選拔之《營業成長績優》及《發展綠色航運績優》獎。

　　為因應2020年低硫油政策，裕民積極與各廠商合作，致力於澳洲至中國之間鐵礦石和煤炭貿易而參與「綠色走廊跨國專案」（Green Corridor JIP），打造新一代的環保船。第一階段成果已於2017年6月1日在挪威奧斯陸（Oslo） Nor-Shipping event發表，證明了LNG 燃料動力船的經濟與技術可行性。2018年8月此專案船型在新加坡舉行26萬載重噸級超大型礦砂船（VLOC）專用船的設計發表會，得到DNV GL船級社原則性認可（approval in principle），有突破性的進展。

船隊規模
　　裕民航運目前擁有Capesize、Panamax、Post Panamax、Supramax、
Ultramax、水泥船、超大型油輪(VLCC)及超大型礦砂船（VLOC）等船型，散裝船隊平均年齡約5.3 年，再加合資、代管船隊，裕民船隊運力為47 艘，總載重噸位為658 萬噸，海外設有新加坡及香港、廈門等子公司，為臺灣散裝航運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.#