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  3. •

    Marine shipping
Taiwan Navigation Co., Ltd.

Taiwan Navigation Co., Ltd.

TTWSE:2617
31.50
TWD
+0.15
(+0.48%)
2.79EPS
10.65P/E
12.39BMarket Cap
Nov 09Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
6.64
6.94
6.43
5.89
6.75
8.07
7.46
5.97
7.73
9.28
9.56
10.54
10.3
10.92
Basic EPS, GAAP
1.3
0.73
0.23
-0.22
1.12
2.29
1.44
1.24
3.16
4.83
3.98
3.08
3.18
2.79
Free Cash Flow per Basic Share
-0.6
-0.18
-1.28
-4.12
-5.21
3.07
1.76
-0.29
-6.67
-2.22
-0.18
-2.57
4.15
1.04
Dividend per Share
0.8
0.8
0.65
0.22
- -
0.7
1.3
0.8
0.9
2
2.2
1.6
1.5
- -
Book Value per Share
22.94
23.91
24.09
23.28
22.9
24.97
24.54
25.84
37.47
37.65
38.27
43.74
42.75
43.03
Tangible Book Value per Share
22.94
23.91
24.09
23.28
22.9
24.97
24.54
25.84
37.47
37.65
38.27
43.69
42.67
42.9
Basic Weighted Avg Shares
417
417
417
417
417
417
417
417
417
417
417
417
417
418
Sales/Revenue/Turnover
2,773
2,898
2,682
2,458
2,818
3,367
3,114
2,491
3,226
3,873
3,990
4,400
4,300
4,565
Operating Margin (%)
6.39
8.09
4.62
-2.55
12.15
21.25
19.39
18.51
34.46
29.34
30.97
37.71
36.88
39.18
Depreciation Expense
559
594
645
709
756
763
716
585
622
782
867
942
929
948
Net Income, GAAP
542
306
94
-91
466
958
601
518
1,320
2,015
1,663
1,283
1,326
1,165
Effective Tax Rate (%)
10.7
27.69
30.65
- -
4.23
3.14
21.52
27.26
6.91
5.92
16.88
12.19
18.16
24.04
Profit Margin (%)
19.56
10.54
3.5
-3.7
16.55
28.44
19.3
20.8
40.92
52.03
41.68
29.16
30.83
25.53
Working Capital
2,136
1,338
875
643
258
316
1,087
674
5,629
2,759
1,834
2,209
1,871
780
LT Debt
1,882
1,565
1,808
3,353
4,749
3,388
3,799
4,029
5,532
6,210
5,926
6,581
5,647
6,242
Total Equity
9,574
9,978
10,052
9,713
9,557
10,420
10,241
10,783
15,638
15,711
15,969
18,252
17,840
17,955
Return on Invested Capital (%)
2.66
1.44
0.72
- -
3.55
7.09
4.33
2.93
6.38
5.53
5.42
5.99
5.07
5.22
Return on Capital (%)
5.03
2.76
0.88
- -
3.8
7.36
4.74
3.69
7.17
9.63
8.62
6.64
6.23
5.34
Return on Common Equity (%)
5.79
3.12
0.94
-0.92
4.84
9.59
5.82
4.93
9.99
12.86
10.5
7.5
7.35
6.38

Capital Structure

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
1,066
1,126
1,020
LT Borrowings
5,647
5,282
6,242
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
417
417
417
Market Capitalization
12,602
12,435
12,394

Working Capital

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
3,749
3,273
3,341
Cash, Cash Equivalents & STI
3,437
2,956
2,957
Accounts Receivable, Net
94
112
142
Inventories
- -
- -
- -
Total Current Liabilities
1,878
1,957
2,561
Payables & Accruals
- -
- -
- -
ST Debt
1,066
1,126
1,020
Deferred Revenue
- -
- -
- -

Growth Rates

TWD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.68%
11.83%
-2.26%
Free Cash Flow
304.86%
623.9%
-261.72%
Net Income, GAAP
-58.56%
34.09%
3.31%
Sales/Revenue/Turnover
5.88%
12.11%
-2.28%
Total Cash Common Dividend
- -
22.24%
-6.25%

Quarterly Revenue

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,027
1,126
1,153
1,094
4,400
2025
1,025
1,020
- -
1,175
4,300
2026
1,084
1,287
- -
- -
- -

Quarterly Earnings Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.81
0.58
0.96
0.73
3.08
2025
0.58
0.43
- -
0.82
3.18
2026
0.71
0.83
- -
- -
- -

Quarterly Dividends Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
1.6
2025
- -
- -
- -
- -
1.5
2026
- -
- -
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Jong-Lin Chyou
Full Time Employees
646
Sector
Transportation
Industry
Marine shipping
Address
No. 29, Sec. 2, Jinan Rd. Taipei TPE Taiwan 100023
IPO Date
Jun 24, 1998
Website
taiwanline.com.tw
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Business
Taiwan Navigation Co., Ltd. engages primarily in marine transportation services, including deep-sea and coastal shipping of bulk cargoes, containers, automobiles, coal, and timber; petroleum product tanker agency operations; general port services such as tugboat assistance, pilotage, dredging, navigation channel maintenance, port warehousing, and aquatic sand mining; passenger ferry services between Kaohsiung and Penghu; and real estate activities involving the ownership, sale, and rental of residential and commercial buildings. The company operates a modern, energy-efficient fleet comprising approximately 21 owned vessels, including kamsarmax, supramax, handysize, and panamax bulk carriers; timber carriers; petroleum product carriers; towing tugs; pilot ships; and ferries, with total deadweight tonnage exceeding 1 million tons; it also manages additional vessels through charters and technical operations across Taiwan, mainland China, Australia, the Americas, Europe, and other regions. Founded in 1946 and headquartered at No. 29, Sec. 2, Chi Nan Road, Taipei City, Taiwan, the company adheres to ISO 9002 and ISM Code standards, employs around 232 staff, and counts the Ministry of Transportation and Communications as its largest shareholder with a 26.46% stake, followed by Yang Ming Marine Transport Corporation at 16.96%. In recent developments, Taiwan Navigation ordered two 64,000-dwt energy-efficient bulk carriers from Japan's Oshima Shipbuilding and Sumiso Marine for delivery in 2028 as part of its ongoing fleet renewal and modernization program to meet international environmental regulations and enhance operational efficiency; it continues active fleet expansion with multiple newbuilds on order, including handysize and panamax vessels from Japanese and other shipyards expected in 2026, while phasing out older ships to maintain competitiveness in global dry bulk and multipurpose trades.