Wisdom Marine’s Earnings Drop by 26 Percent in 1H
- Business & Finance
Taipei-based shipping company Wisdom Marine Lines reported that its net income for the first half of the year dropped by 26 percent to USD 25.8 million, according to data provided by the company.
Wisdom Marine’s revenue for the period decreased by 3.3 percent to USD 163.6 million compared to the first half of 2015, mainly due to a drop in dry cargo rates.
Furthermore, the company’s operating income for the period decreased by almost 30 percent to USD 26.6 million.
The company said that its operating income reduced due to charterers’ early termination of time charter contract, adding that it “recognized the compensation for early termination as other income and the difference between last contract and current contract caused the reduction of operating income.”
Additionally, Wisdom Marine said that it saw a USD 400,000 loss from the sale of MV Itami.
In June, the shipping company decided to enter the tanker shipping market as it ordered two new new 115,000 dwt oil tankers in Japan.
The vessels, valued at around USD 100 million, will be built by Japanese shipbuilder Japan Marine United (JMU).
The company operates a fleet of 109 vessels, including Handy, Panamax, Supramax, and Cape vessels, and has over 20 newbuildings on order at various yards.
World Maritime News Staff