Taipei-listed U-Ming Marine Transportation Corporation saw third quarter earnings drop compared to the year-ago period.
Net profit for the quarter ended 30 September 2015 was recorded at TWD428.09m ($13m), a drop of 45.5% compared to the gain of TWD785.69m in the previous corresponding period.
Third quarter revenue also fell by 9.5% year-on-year to TWD2.18bn. U-Ming also reported a slight increase in operating cost to TWD1.9bn from TWD1.88bn in the year-ago period.
Since 2012, U-Ming has de-commissioned eight older vessels and added 17 new ones to achieve a more competitive fleet portfolio.
Presently there are seven new vessels under constuction, including three capesizes and four ultramaxes with deliveries until 2017.