1. Taiwan Stocks

  2. •

    Transportation

  3. •

    Marine shipping
First Steamship Co., Ltd.

First Steamship Co., Ltd.

TTWSE:2601
5.93
TWD
-0.07
(-1.17%)
0.26EPS
4.50BMarket Cap
First Steamship Co., Ltd.
TWSE:2601
(Taiwan Stock Exchange)

Recent

price

5.93

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
TWD
82.22
104
30.23
23.3
25.07
24.29
22.51
15
13.97
14.15
11.34
10.82
9.16
7.97
2.34
2.16
0.45
Revenue per Share
4.04
2.11
1.84
-0.84
-0.06
-4.26
-3.21
1.16
0.01
2.44
-0.25
0.24
0.01
-2.42
-0.42
-1.95
-1.98
Basic EPS, GAAP
1.09
-3.03
1.25
0.7
-2.56
-11.45
-3.85
-2.55
-0.13
1.37
-2.05
3.48
0.45
2.2
1.45
1.2
1.72
Free Cash Flow per Basic Share
1.04
1.08
0.68
1.15
0.81
1.08
- -
- -
0.17
0.37
0.76
0.13
- -
- -
- -
- -
- -
Dividend per Share
24.3
24.57
26.58
25.07
26.61
22.47
18.74
14.84
15.14
15.88
14.74
14.22
15.25
12.65
13.07
10.67
10.64
Book Value per Share
17.23
16.99
19.17
19.54
20.79
16.51
12.72
11.18
11.29
12.17
11.08
11.27
12.26
10.2
10.53
10.62
10.6
Tangible Book Value per Share
260
258
262
349
350
350
338
487
576
575
568
640
690
690
690
690
658
Basic Weighted Avg Shares
21,367
26,871
7,916
8,122
8,769
8,497
7,616
7,297
8,044
8,132
6,442
6,926
6,326
5,502
1,615
1,489
298
Sales/Revenue/Turnover
8.7
5.92
15.38
11.68
18.04
13.7
7.55
13.49
16.68
18.14
6.1
13.38
12.32
-0.92
9.2
3.05
97.17
Operating Margin (%)
854
958
969
987
1,024
1,059
988
849
931
2,033
1,897
1,939
2,130
2,057
2,051
1,912
1,221
Depreciation Expense
1,050
546
483
-291
-20
-1,488
-1,086
565
6
1,404
-142
152
6
-1,669
-289
-1,344
-1,301
Net Income, GAAP
28.88
35.86
39.36
74.98
53.55
- -
- -
31.01
50.11
17.06
- -
85.31
- -
- -
- -
- -
0.16
Effective Tax Rate (%)
4.92
2.03
6.1
-3.58
-0.22
-17.52
-14.26
7.74
0.08
17.27
-2.2
2.19
0.1
-30.34
-17.88
-90.23
-436.41
Profit Margin (%)
776
271
-1,161
-57
93
2,638
368
-2,366
-963
-2,338
-5,652
-1,325
-733
-2,855
-5,054
-1
-49
Working Capital
5,420
5,079
5,817
6,457
9,315
12,932
9,659
6,331
6,630
13,245
10,052
15,703
14,227
13,452
11,269
1,196
962
LT Debt
8,854
10,122
11,676
13,737
14,671
12,868
10,663
12,927
13,080
13,259
11,991
13,259
13,645
10,947
11,101
7,447
7,450
Total Equity
8.51
5.87
3.45
1.07
2.71
- -
- -
2.52
2.45
4.02
- -
0.36
- -
- -
- -
- -
1.72
Return on Invested Capital (%)
6.85
2.01
1.59
-3.04
-1.54
- -
- -
2.64
0.05
6.49
- -
1.04
- -
- -
- -
- -
-6.03
Return on Capital (%)
16.51
8.21
7.06
-3.67
-0.21
-17.03
-14.92
7.48
0.07
15.73
-1.62
1.67
0.06
-17.34
-3.25
-16.4
-17.78
Return on Common Equity (%)

Capital Structure

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
2,723
2,546
2,610
LT Borrowings
1,196
974
962
LT Finance Leases
1
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
690
690
690
Market Capitalization
4,479
4,891
4,495

Working Capital

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
3,095
2,879
2,902
Cash, Cash Equivalents & STI
495
374
396
Accounts Receivable, Net
47
20
19
Inventories
1,822
1,695
1,729
Total Current Liabilities
3,096
2,930
2,951
Payables & Accruals
- -
- -
- -
ST Debt
2,723
2,546
2,610
Deferred Revenue
- -
- -
- -

Growth Rates

TWD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-4.07%
-7.56%
-32.92%
Free Cash Flow
-156.75%
-7.32%
-17.48%
Net Income, GAAP
-632.85%
-5,556.78%
365.38%
Sales/Revenue/Turnover
-11.66%
-18.52%
-7.78%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,293
1,196
1,111
1,249
1,615
2025
363
359
981
-1,658
1,489
2026
568
407
- -
- -
- -

Quarterly Earnings Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.08
-0.01
-0.08
-0.24
-0.42
2025
-0.19
-0.11
-0.11
-1.54
-1.95
2026
-0.02
-0.22
- -
- -
- -

Quarterly Dividends Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
Similar Companies
Frontline Plc (NYSE:FRO)
ZIM Integrated Shipping Services Ltd. (NYSE:ZIM)
DHT Holdings, Inc. (NYSE:DHT)
Great Eastern Shipping Co. Ltd. (NSE:GESHIP)
Okeanis Eco Tankers Corp. (NYSE:ECO)
International Seaways, Inc. (NYSE:INSW)
Business
First Steamship Co., Ltd. (2601.TW) operates as a diversified shipping and retail group principally engaged in dry bulk carrier shipping, vessel management, crewing services, and department store retail operations. Founded in 1963 and headquartered at 14F, No. 237, Section 2, Fuhsing South Road, Da'an District, Taipei, Taiwan, the company listed on the Taiwan Stock Exchange in 1965 as Taiwan's first publicly listed shipping firm and serves global ports with a fleet of 10 dry bulk carriers totaling approximately 536,707 dwt, including one Panamax, two Handysize, three Kamsarmax, and four Supramax vessels averaging five years old. Its core shipping activities encompass worldwide chartering and transportation of major bulk commodities such as iron ore, coal, grains, steel products, fertilizers, and cement via term, voyage, bareboat, or joint venture leases; professional vessel technical management for nine vessels; and crewing services covering recruitment, selection, and training. The company diversifies beyond shipping through its investment in Grand Ocean Group (5907.TW), which operates department stores in first-, second-, and third-tier cities across five Chinese provinces offering clothing, jewelry, cosmetics, shoes, sports goods, and online retail; Mariner Finance Limited, providing financial leasing in China since 2013; Royal Sunway Co., Ltd., focused on real estate development including the River & Tree residential project since 2015; and Morton Securities Limited in Hong Kong, handling securities brokerage and underwriting since 2016. First Steamship targets industrial clients in shipping and general consumers in retail, with geographic operations spanning Taiwan, mainland China, Hong Kong, and international shipping routes. Recent developments include the launch of bulk carrier EVER IMPERIAL, a Kamsarmax vessel, into operation in November 2016; leadership transition with Jerry Kuo assuming roles as chairman and president in June 2016; and ongoing investor conferences, with the latest 2024 event held on December 12 featuring a group PowerPoint presentation. The company maintains a young, efficient fleet capable of worldwide service and continues evaluating investments to stabilize revenue amid global economic influences on shipping.