Wisdom Marine Lines Co (慧洋海運) yesterday reported a pretax profit of NT$2.6 billion (US$82.4 million) for last quarter, down from NT$4.2 billion in the second quarter, as the bulk shipper last month posted its lowest profit in seven months.
Pretax profit last month came in at NT$701 million, as revenue also hit a seven-month low of NT$1.87 billion, despite bulk shipping rates rebounding from August, Wisdom said.
The recovery in shipping rates was due to rising grain exports from the Americas and EU imports of coal from the US, Australia and Indonesia, with the Baltic Panamax Index rising 71 percent to 2,082 points last month from 1,217 points in August, Wisdom said.
The Baltic Supramax Index and the Baltic Handysize Index also recovered mildly, it said.
Wisdom said it did not benefit from the rebound in spot rates last month, as it had received advanced payments from clients.
“We expect a deferred effect,” it said in a statement.
In the first nine months of the year, cumulative pretax profit hit an all-time high of NT$9.5 billion, Wisdom said.
The shipper is upbeat about shipping rates this quarter — the peak season for coal and grains transport, it said.
As the International Maritime Organization is to impose two tighter environment gauges — the Energy Efficiency Existing Ship Index and the Carbon Intensity Indicator — in January, it would affect overall shipping capacity next year, Wisdom said.
However, Wisdom said that it would not be affected as its fleet’s average age is only seven years and it mainly uses energy-efficient vessels.
Alibaba Group Holding Ltd (阿里巴巴) founder Jack Ma (馬雲) has been living in Tokyo for almost six months after disappearing from public view following China’s crackdown on the tech sector, the Financial Times reported yesterday, citing multiple unnamed sources. The billionaire has kept a low profile since the crackdown, which has included Chinese regulators scrapping the initial public offering of Ma’s Ant Group Co (螞蟻集團) and issuing Alibaba with record fines. However, the Times said he has spent much of the past six months with his family in Tokyo and other parts of Japan, along with visits to the US and Israel. The
‘REVOLUTION’: Elon Musk complained over a 30 percent fee Apple collects on Apple Store transactions and said the technology company has stopped advertising on Twitter Twitter Inc owner Elon Musk on Monday opened fire against Apple Inc over its tight control of what is allowed on the App Store, saying the iPhone maker has threatened to oust his recently acquired social media platform. Musk also joined the chorus crying foul over a 30 percent fee Apple collects on transactions via its App Store — the sole gateway for applications to get onto its billion-plus mobile devices. A series of Twitter posts fired off by Musk included a meme of a car with his first name on it veering onto a highway off-ramp labeled “Go to War,” instead
GLOBAL EXPANSION: The manufacturer said it increased its stake in the Chinese unit to 1.5 billion yuan and started rolling out electric Lordstown trucks at its Ohio plant Hon Hai Precision Industry Co (鴻海精密) has increased its investments in the Czech Republic and China by more than NT$6 billion (US$196 million) as part of its global expansion. The company, known as Foxconn Technology Group (富士康科技集團) internationally, has also begun shipping electric pickup trucks produced for US brand Lordstown Motors Corp. In a Taiwan Stock Exchange filing on Friday, Hon Hai said it has raised investments in its Czech subsidiary Foxteq CZ by US$58.98 million through its PCE Paragon Solutions Kft unit. In the Czech Republic, Hon Hai has a research-and-development center and a product design center, and it assembles monitors, cellphones,
‘COMPETITIVE EDGE’: The local semiconductor sector would continue to outstrip the global industry, whose revenue is expected to contract 3.6 percent, ITRI said The production value of Taiwan’s semiconductor industry would expand 6.1 percent annually to about NT$5 trillion (US$161.5 billion) next year, as demand for advanced chips used in high-performance-computing and artificial intelligence devices are less prone to mounting inflation and external uncertainties, the Industrial Technology Research Institute (ITRI, 工研院) said yesterday. That means the local semiconductor sector would continue to outstrip the global semiconductor industry, whose output is expected to contract 3.6 percent annually to US$596 billion next year, Gartner Inc has said. However, ITRI’s latest forecast represents a downgrade from its previous projection of 10 percent growth, as demand for PCs,