Wisdom Marine Lines reported a 67% surge in pretax profit to NT$286 million ($9.1 million) for November, despite facing weakening market demand. The Taiwan-based bulk carrier operator cited lower interest expenses as the main driver behind the improved earnings.
Monthly revenue held steady at NT$1.52 billion compared to the previous year, marking the third consecutive month of gradual decline. For the first eleven months, the company’s pretax profit more than doubled to NT$5.57 billion, with revenue climbing 24% to NT$18.92 billion.
The shipping firm is closely watching potential US tariff hikes on Chinese imports, which could boost demand through cargo rerouting and longer shipping routes. Similar trade tensions in 2018 led to grain shipments being redirected through South America before reaching China.
Wisdom Marine has added four new energy-efficient vessels this year, achieving gross margins above 50%. The company plans to take delivery of two more ships by late 2024, while disposing of four aging vessels. Management expressed cautious optimism for 2024, citing limited industry capacity growth and stricter environmental regulations that could support freight rates.
The company has ordered 13 new vessels in total as part of its fleet modernization strategy.
