Key Points Summary of the Conference Call Company Overview - The company is a major player in the global container shipping industry, ranking 20th as of December 31, 2025, operating 46 routes covering over 50 ports across 22 countries and regions, with the Asia-Pacific region contributing approximately 91% of its cargo volume [3][4]. Financial Performance - In 2025, the company reported revenues of $1.28 billion, a decrease of 4.2% year-on-year, with net profit attributable to shareholders at $329 million, down 10.1% [2][4]. - The average container shipping rate fell by 6.6% to $718 per TEU, impacting overall revenue [4]. - The gross profit decreased by 19.5% to $254 million, with a gross margin contraction of 3.8 percentage points to 19.7% [4]. - Operating cash flow remained strong at $502 million, marking 12 consecutive years of positive cash flow [4]. Fleet and Capacity Management - The company plans to increase its owned vessel ratio to 89% by 2025, with a total capacity expected to reach 240,000 TEU by 2029, reflecting a compound annual growth rate (CAGR) of 15.6% [2][3]. - The fleet capacity decreased by 6.9% to 134,000 TEU due to the return of some chartered vessels [3]. Cost Management - The company achieved a 36% reduction in chartering costs by increasing the proportion of owned containers to 40% [2][4]. - Fuel costs decreased by 13.7% year-on-year due to falling oil prices, amounting to $164 million [4]. Strategic Adjustments - The company optimized its route structure by reducing capacity from North Asia to Southeast Asia and increasing capacity to the Middle East and the Indian subcontinent, which together contributed 18% of cargo volume in 2025 [2][3]. - A new service, MEX, was launched to enter the South American market, while services to the U.S. were terminated due to regulatory changes [3]. Dividend and Financial Policy - The company maintains a dividend payout ratio of 30%-50%, proposing a final dividend of $0.1 per share, totaling $167 million, which aligns with its commitment to distribute at least $70 million in dividends for 2024 and 2025 [5]. Market Outlook - The company anticipates continued demand in the Asia-Pacific region, driven by trade fragmentation and economic growth in ASEAN, China, the Middle East, and India [6]. - The market is expected to remain volatile in 2026 due to geopolitical tensions, but the company believes that its strong balance sheet and strategic route adjustments will mitigate risks [6][7]. Risk Management - In response to the Middle East situation, the company has implemented surcharges of $2,000 to $3,000 to cover additional costs, with minimal impact on overall profitability [7][8]. - The company has proactively hedged fuel costs to ensure supply for upcoming months [9]. Competitive Advantages - The company has a diversified customer base and a strong operational network, allowing it to maintain stability in cargo volumes and service quality [17][18]. - Its fleet is designed for efficiency in port operations, enhancing its competitive position in the market [15][18]. Future Plans - The company plans to receive three new 14,000 TEU vessels by 2027, exploring both self-operated routes and potential leasing opportunities [10]. - It aims to expand its presence in non-Asian markets while maintaining a strong focus on its core Asian routes [11]. Cost Trends - Container handling fees are expected to rise, with the company planning to pass on these costs to customers [13]. - The overall cost structure is projected to remain stable, with TEU costs expected to stay around $620 [13]. Conclusion - The company is well-positioned to navigate the challenges of the current geopolitical landscape while capitalizing on growth opportunities in the Asia-Pacific region and beyond, supported by a robust financial foundation and strategic operational adjustments [6][15].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 T.S. Lines Limited 德翔海運有限公司 （於香港註冊成立的有限公司） （股份代號：2510） 須予披露交易 建造船舶 建造船舶 董事會宣佈，於2025年11月19日，買方與賣方訂立2025年造船合約，以建造兩 艘新造船舶，總代價為84,300,000美元（相等於約657,540,000港元），每艘代價 為42,150,000美元（相等於約328,770,000港元）。 於2026年3月20日，買方與賣方進一步訂立2026年造船合約（每份合約的條 款大致相同），以建造四艘新造船舶，總代價為168,600,000美元（相等於約 1,315,080,000港元），每艘代價為42,150,000美元（相等於約328,770,000港元）。 上市規則的涵義 由於2026年造船合約及2025年造船合約乃與同一賣方於12個月期間內訂立，因 此本公司已根據上市規則第14.22條將該等合約項下的船舶建造事項 ...

免責聲明 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | | 股票發行人現金股息（可選擇貨幣）公告 | | 發行人名稱 | 德翔海運有限公司 | | 股份代號 | 02510 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度之末期股息 | | 公告日期 | 2026年3月20日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.1 USD | | 股東批准日期 | 2026年5月21日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.1 USD | | 匯率 | 1 USD : 1USD | ...

Financial Performance - For the year ending December 31, 2025, the company's revenue was approximately $1,284.8 million, a decrease of about 4.2% compared to the previous year[3] - The gross profit for the year ending December 31, 2025, was approximately $253.7 million, down approximately 19.5% from the previous year[3] - The profit attributable to equity shareholders for the year ending December 31, 2025, was approximately $328.9 million, a decrease of about 10.1%[3] - The basic earnings per share for the year ending December 31, 2025, was $0.198, compared to $0.254 in the previous year[4] - The total comprehensive income for the year ending December 31, 2025, was $329.1 million, down from $366.4 million in the previous year[5] - Total revenue for 2025 was $1,284,763,000, a decline of 4.1% compared to $1,340,398,000 in 2024[17] - Basic earnings per share decreased to $328,901,000 in 2025 from $365,913,000 in 2024, reflecting a decline of 10.1%[24] - The net profit attributable to equity shareholders decreased by approximately 10.1% from about $365.9 million in 2024 to about $328.9 million in 2025[47] - The return on equity decreased from approximately 19.5% in 2024 to approximately 16.1% in 2025, reflecting the decline in net profit[49] - Total assets return decreased from approximately 16.3% in 2024 to approximately 13.8% in 2025, primarily due to the increase in total assets outpacing the increase in net profit[50] Revenue Breakdown - Revenue from container shipping services for the year ending December 31, 2025, was $1,187.2 million, down from $1,270.8 million in the previous year[12] - Revenue from Hong Kong decreased by 39.8% to $51,865,000 in 2025 from $86,011,000 in 2024[17] - Revenue from mainland China decreased by 8.8% to $561,758,000 in 2025 from $616,134,000 in 2024[17] - Container shipping service revenue fell by approximately 6.6% from about $1,270.8 million in 2024 to about $1,187.2 million in 2025, consistent with the drop in average freight rates from approximately $769 per TEU in 2024 to approximately $718 per TEU in 2025[41] - The shipping volume for the Asia-India subcontinent market increased by approximately 6.9% to 216,718 TEU, while revenue decreased by about 12.5%[36] - The shipping volume for the Middle East market reached 76,921 TEU, contributing approximately $69.4 million to total revenue, accounting for about 14.7% of total shipping revenue[37] Assets and Liabilities - The company's non-current assets as of December 31, 2025, totaled approximately $1,803.9 million, an increase from $1,737.5 million in the previous year[6] - The company's cash and cash equivalents as of December 31, 2025, were approximately $485.7 million, up from $422.1 million in the previous year[6] - The company reported a total equity attributable to equity shareholders of approximately $2,120.7 million as of December 31, 2025, compared to $1,974.7 million in the previous year[6] - Trade receivables decreased to $100,603,000 in 2025 from $106,391,000 in 2024, a reduction of 5.2%[26] - Trade payables increased to $148,170,000 in 2025 from $140,269,000 in 2024, an increase of 5.4%[28] - Contract liabilities decreased to $2,555,000 in 2025 from $4,113,000 in 2024, a decline of 37.7%[28] - As of December 31, 2025, the group's net current assets were approximately $420.2 million, up from $353.1 million in 2024, with cash and cash equivalents at approximately $485.7 million[52] Capital Expenditures and Investments - Capital expenditures for the year totaled approximately $200.7 million, primarily for the acquisition of 13 new vessels, adding a total capacity of about 93,600 TEU[38] - Capital expenditures for the year ending December 31, 2025, totaled approximately $200.7 million, mainly related to the purchase of vessels and containers[58] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year ended December 31, 2025[62] Dividends and Shareholder Information - Proposed final dividend per share decreased to $0.100 in 2025 from $0.110 in 2024, a reduction of 9.1%[21] - The proposed final dividend is $0.10 per share, totaling $166.5 million, subject to shareholder approval at the annual general meeting on May 21, 2026[72] - The company plans to pay the proposed final dividend on July 7, 2026, to shareholders listed on June 4, 2026[72] Operational Highlights - The company operated 46 routes by the end of 2025, covering approximately 58 ports across 22 countries and regions[34] - As of December 31, 2025, the total shipping volume reached 1,654,197 TEU, representing a slight increase of approximately 0.1% compared to the same period in 2024[35] - The Asia-Pacific region accounted for approximately 90.6% of total shipping volume, with a total shipping volume of 1,498,459 TEU, down about 1.6% from 2024[35] - The company exited the trans-Pacific West Coast route and optimized its Asian route structure to enhance capacity utilization[33] Governance and Compliance - The company has adopted the corporate governance code and has complied with all applicable provisions during the year ended December 31, 2025, with some exceptions noted[69] - The audit committee reviewed the consolidated financial statements for the year ended December 31, 2025, and found them compliant with relevant accounting standards[70] - No financial instruments were used for hedging purposes as of December 31, 2025[63] Future Outlook - The company plans to continue monitoring geopolitical developments and adjust route deployments and risk management strategies accordingly[31] - The outlook for 2026 indicates continued uncertainty in the global shipping market, with potential impacts from geopolitical tensions and changes in trade policies[40] Employee Information - As of December 31, 2025, the total employee count is 905, a slight decrease from 908 in 2024[64] - Total salary costs for the year ended December 31, 2025, amounted to approximately $74.3 million, up from $70.1 million in 2024[64] Other Income - Other income, including charter hire income, increased by 42.8% to $96,813,000 in 2025 from $67,797,000 in 2024[18] - Other income increased by approximately 23.5% from about $92.7 million in 2024 to about $114.5 million in 2025, primarily due to an increase in charter income from about $67.8 million to about $96.8 million[44] Significant Events - There were no significant events affecting the group after the reporting period, except for the sale of a vessel for $41.25 million[67] - The group had no significant contingent liabilities as of December 31, 2025[60]

董事會會議通告 德翔海運有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司董事會會議 將於2026年3月20日（星期五）舉行，藉以（其中包括）考慮及批准本公司及其附屬 公司截至2025年12月31日止年度的全年業績以及建議末期股息（如有）。 承董事會命 德翔海運有限公司 董事會主席、執行董事兼首席執行官 陳德勝先生 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 T.S. Lines Limited 德翔海運有限公司 （於香港註冊成立的有限公司） （股份代號：2510） 香港，2026年3月9日 於本公告日期，董事會包括：(i)執行董事陳德勝先生、陳劭翔先生、莊壯麗女 士、涂鴻麟先生及周航敏先生；及(ii)獨立非執行董事吳榮貴先生、張山輝先生及 楊豊彥先生。 ...

Core Viewpoint - The Hong Kong stock market experienced a significant decline in port and shipping stocks following a previous surge, with major companies like COSCO Shipping Development and COSCO Shipping Energy facing substantial losses in their stock prices [1][2]. Group 1: Stock Performance - COSCO Shipping Development (02866) saw a drop of 14.47%, with a latest price of 1.300 and a total market value of 171.57 billion [2]. - COSCO Shipping Energy (01138) decreased by 11.00%, with a latest price of 18.600 and a market capitalization of 1,016.53 billion [2]. - Pacific Basin Shipping (02343) fell by 10.67%, with a latest price of 3.180 and a total market value of 164.3 billion [2]. - DTX (02510) experienced a decline of 7.29%, with a latest price of 9.280 and a market capitalization of 154.51 billion [2]. - COSCO Shipping Holdings (01919) dropped by 4.97%, with a latest price of 15.480 and a total market value of 2,370.4 billion [2]. - COSCO Shipping Ports (01199) decreased by 4.89%, with a latest price of 6.030 and a market capitalization of 238.79 billion [2]. Group 2: Year-to-Date Performance - COSCO Shipping Development has increased by 23.81% year-to-date despite the recent decline [2]. - COSCO Shipping Energy has shown a remarkable year-to-date increase of 93.75% [2]. - Pacific Basin Shipping has a year-to-date increase of 36.48% [2]. - DTX has a year-to-date increase of 12.08% [2]. - COSCO Shipping Holdings has increased by 12.58% year-to-date [2]. - COSCO Shipping Ports has a year-to-date increase of 7.68% [2].

Core Viewpoint - The escalation of the Middle East situation is expected to significantly increase global shipping prices in the short term, benefiting all sub-sectors of the shipping industry [2][3] Group 1: Market Reactions - Shipping stocks have seen a notable increase, with China COSCO Shipping Development (02866) rising by 5.83%, China COSCO Shipping Energy (01138) up by 6.15%, and others also showing gains [1][2] - The market is experiencing heightened concerns over disruptions in global energy and trade supply chains due to ongoing conflicts, leading to a surge in shipping insurance costs [3] Group 2: Price Trends and Influences - The oil shipping market has strengthened significantly, with the average freight rate for VLCC from the Middle East to China increasing by 183% year-on-year from January 1 to February 28 [2][3] - Approximately 16% of global oil tanker vessels are currently under sanctions, a significant increase from 6% in the same period of 2024, contributing to a severe shortage of compliant shipping capacity and driving up freight rates [2][3] - The short-term outlook for container and dry bulk shipping is also positive, with potential for substantial price increases due to risk premiums, while the long-term price trends will depend on the duration of the ongoing disruptions [2][3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 德翔海運有限公司 | | | 呈交日期: | 2026年3月2日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 (B). 承諾發行發行人股份的權證 不適用 FF301 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 02510 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 1,665,031,000 0 1,665,031,000 增加 / 減少 (-) 本月底結存 1,665,031,000 0 1,665,031,000 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市 ...

Core Viewpoint - TS Lines has announced the launch of a new North China-Thailand Express (NTX) route, enhancing direct shipping connections between North China and Thailand, with new stops in Tianjin and Dalian [1][3]. Group 1: Route Details - The NTX route is a collaboration between TS Lines and CNC, aimed at upgrading the previously established North China-Thailand route (NT8) [3]. - The route will utilize the "TS TACOMA" vessel with a capacity of 2954 TEU, replacing one of the three vessels previously operated by CNC on the NT8 route [3]. - The NTX route has a 28-day journey with port calls in the following order: Tianjin, Dalian, Qingdao, Hong Kong, Shekou, Laem Chabang, Hong Kong, Nansha, and back to Tianjin [3][5]. Group 2: Strategic Objectives - The launch of the NTX route aims to enhance the shipping network in Asia, strengthening direct shipping options between North China and Southeast Asia [6]. - The route will provide a more comprehensive coverage of North China ports and stable schedules, offering customers efficient and flexible transportation options to Thailand [6]. - The initiative is expected to support regional trade opportunities and create a more competitive Asian shipping network [6]. Group 3: Key Highlights - The NTX route will strengthen the coverage and stability of shipping lines between North China and Thailand [7]. - It will operate in synergy with TS Lines' CHT route, expanding port options in North China and providing more flexible route combinations and schedule arrangements [7]. - The route is designed to increase export frequency from Thailand and optimize the flow of goods in both import and export directions [7]. - The network configuration will be more balanced, enhancing capacity scheduling and overall network resilience through multi-route collaboration [7].

Group 1 - The stock of Dexion Shipping (02510) increased by nearly 5%, reaching HKD 9.74 with a trading volume of HKD 57.68 million [1] - MSCI announced its quarterly index adjustments for February 2026, which will take effect after the market closes on February 27, including Dexion Shipping in the MSCI Global Small Cap Index for the Hong Kong region [1] - According to a report from Industrial Securities, the company is expected to benefit in the second half of 2025 from several factors: 1) the IMO 2024 regulations accelerating the scrapping of older ships, leading to a supply gap for small and medium-sized vessels; 2) further acceleration of industrial transfer with sustained long-term demand in Southeast Asia; 3) a rebound in freight rates during peak season [1]