By Kao Shih-ching / Staff reporterWisdom Marine Lines Co (慧洋海運), the nation’s largest dry bulk shipping company by fleet size, yesterday said it is upbeat about next year, as it expects market volatility to ease this quarter and demand to improve as rules imposing higher standards on sulfur from ship exhausts take effect. Unexpected market volatility came from China’s ban on coal for heating this winter, Indonesia announcing a ban on nickel exports from Jan. 1, and the US and China’s delayed negotiation on wheat purchases due to a canceled APEC meeting in Chile last month, the firm told an investors’ conference in Taipei. “They all had a negative outlook for the dry bulk shipping industry this quarter, with spot shipping rates declining on market expectations of lower freight volumes for the three commodities,” Wisdom said, adding that the fourth quarter should have been a peak season. Wisdom plans to take delivery of seven new vessels next year, two of which would be equipped with scrubbers to meet clients’ needs, it said. Net profit rose 56 percent annually to NT$1.75 billion (US$57.4 million) for the first three quarters, or earnings per share of NT$2.76, company data showed.

Source: Taipei Times December 06, 2019 15:56 UTC