Wisdom Marine issues new shares for fleet expansion

Wisdom Marine issues new shares for fleet expansion

Taiwanese owner Wisdom Marine has announced that the board has approved a resolution to issue new shares with total value of around NTD400m ($12.7m) in October.

The proceeds from the share issue will be used for vessel purchases and general working capital.

Wisdom Marine is going to enter the tanker sector, it ordered two 115,000dwt oil tankers at Japanese yard Japan Marine United (JMU) in June.

Wisdom Marine currently operates a fleet of 109 vessels, all bulkers. Despite the depressed dry bulk market, the company managed to report a net profit of NTD2.25bn ($69.5m) for the year of 2015, up 19.09% year-on-year.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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