Shipping rates send Wisdom profit up 880%By Kao Shih-ching / Staff reporterWisdom Marine Lines Co (慧洋海運), the nation’s largest dry bulk shipper, on Friday reported a pretax profit of NT$688 million (US$24.83 million) for last month, up 880 percent from a year earlier on the back of rising freight rates, the company said. Although July and August are usually a low season for bulk shipping, freight rates continued rising throughout this summer, the shipper said in a statement. The average rates have risen 37 percent and 48 percent in the respective quarters, Wisdom added. In June, Wisdom had said that it expects increases of 22 percent and 32 percent in the respective quarters. For the whole of this year, Wisdom forecast that the average rates for its 69 vessels with new contracts would improve by 71 percent, boosting its revenue by 20 percent.

Source: Taipei Times September 05, 2021 15:56 UTC