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.
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