Wisdom posts Q1 loss as virus hits freight demandSETBACK: The company had expected overcapacity to diminish amid new IMO rules, but the pandemic froze economic activity, crimping demand for ocean freightBy Kao Shih-ching / Staff reporterWisdom Marine Lines Co (慧洋海運) posted a pretax loss of US$4.07 million in the first quarter due to deteriorating freight rates, marking its first quarterly loss since the second quarter of 2017, company data showed. The ongoing spread of COVID-19, disruptions at ports worldwide and lower demand for shipment with delayed production have created downward pressure on freight rates, the shipping company told the Taipei Times by telephone yesterday. Its revenue plunged 15.92 percent from a year earlier to US$92.71 million during the first three months, the data showed. However, with the pandemic freezing economic activity worldwide, demand for ocean freight has been lower than expected, Mou added. Meanwhile, container shippers Evergreen Marine Corp (長榮海運) and Yang Ming Marine Transport Corp (陽明海運) saw their sales decline 4.86 percent to NT$43 billion and 1.24 percent to NT$34 billion respectively during the January-to-March period, company data showed.

Source: Taipei Times April 14, 2020 15:56 UTC