Sat, Apr 12, 2014 - Page 13 News List

Bulk shipper to invest in luxury resort

By Amy Su  /  Staff reporter

Bulk shipper Shih Wei Navigation Co Ltd (四維航業) plans to invest NT$2.2 billion (US$73 million) in a luxury resort in Yilan County, which is expected to begin trial operations in April next year.

The resort, featuring a five-star hotel and a Japanese-style garden, will be constructed through a “build-own-operate” model with the Yilan County Government.

“The resort may start generating profit for Shih Wei in the first year of its operation, with the company expecting to recoup its investment within four or five years,” Shih Wei chairman Lan Jun-der (藍俊德) said earlier this week.

Lan said investing in the hotel industry has always been one of his dreams.

The company is also considering introducing two passenger ships to take resort guests sailing around Yilan’s coast, he added.

Commenting on the bulk shipping industry, Lan said that overall sentiment could remain weak this year because of persistent oversupply.

However, Shih Wei may still see its profitability improve this year, as 86 percent of its ships belong to the higher-demand category, he said.

The carrier operates 62 bulk carriers, including 49 self-owned.

Shih Wei’s net income was NT$353.6 million, or NT$0.89 per share, last year, down from the previous year’s NT$725.09 million, or NT$1.98 per share, company data showed.

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