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Wisdom Marine hit by weaker results in first half

Wisdom Marine hit by weaker results in first half
Taiwan’s Wisdom Marine has recorded lower earnings for the first half ended 30 June 2016 due mainly to unfavourable forex and early termination of vessel charters by counterparties.

Taipei-listed Wisdom Marine’s profit before tax for the first six months was registered at $25.8m, down 26.3% compared to the same period of 2015.

Revenue for the first half also went down by 3.3% year-on-year to $163.68m.

The bulker and tanker shipowner said the weaker results were due chiefly to some customers prematurely terminated vessel charter contracts, and the recent Brexit causing its Japanese yen loans to strengthen.

In addition, the results were also impacted by a loss of $400,000 from the sale of a 2003-built handysize Mercy Wisdom.