Wisdom Marine looking to raise $63 million for ship acquisitions

Taiwanese shipping company Wisdom Marine has embarked upon a cash-raising mission targeting to collect $63.8 million.

Illustration; Image by Kees Torn/Flickr under CC BY-SA 2.0 license

Under the proposal, approved by its Board of Directors, the company plans to sell 63,808 shares at $1,000 per share.

The company said it intends to use the cash injection to acquire new ships. Further details on the fleet expansion plans are yet to be released.

Wisdom Marine Lines ordered two 37,000 DWT bulk carriers in December 2019 from Japanese shipyards, resuming fleet renewal efforts that saw the company order construction of two 82,300 dwt bulk carriers at Tsuenishi Zhoushan Shipbuilding earlier that year.

Since the beginning of 2020, the Taiwanese shipowner has taken delivery of five newbuildings, all marked as eco-ships, including two fitted with scrubbers.

The most recent delivery took place last week when MV Bunun Miracle. a 37,600 DWT eco-ship, built by Imabari Shipbuilding from Japan, joined Wisdom’s fleet.

The company has 134 ships in the current fleet and 14 newbuildings on order slated for delivery in 2020 and 2021, according to its website data.