Taipei: Taiwan-based shipping company Wisdom Marine predicts that its profit will decline this year, despite the company expecting business to pick up in the second half.
The company attributed the profit drop to the impact of weak freight rates the industry has seen throughout the year.
“Despite the sector’s sluggish sentiment, the company will maintain its strategy of building vessels during the current low-cost period and seeking to sign long-term contracts with partners,” Wisdom Marine chairman James Lan told local reporters following the company’s quarterly investor conference.
The company is scheduled to take delivery of five vessels in the second half of the year.
Separately a general cargoship owned by Wisdom has been arrested in Singapore over claims worth S$9,000 to IMPA Marine. The 2005-built, 10,954 dwt Genius Star II was taken on Saturday. [10/07/13]
