Sunday, February 5, 2023
spot_img
HomeDry CargoWisdom Marine To Purchase Four New Handysize Vessels

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Wisdom Marine To Purchase Four New Handysize Vessels

Wisdom Marine Lines CO’s board of directors has approved a proposal to purchase four handysize dry bulk carrier vessels to meet rising cargo demand.

The bulk shipper plans to assign Japan’s Imabari Shipbuilding Co Ltd and Nihon Shipyard Co Ltd to build two vessels with deadweight of 39,650 tonnes, it said.

The deal is estimated to cost less than US$58 million, it added.

Wisdom Marine also plans to assign Japan’s Namura Shipbuilding Co Ltd to build two vessels with deadweight of 40,000 tonnes and that deal would also cost less than US$58 million, the company said.

Handysize vessels are smaller bulk carriers with deadweight of between 24,000 and 40,000 tonnes, larger than the smallhandy vessels with deadweight of less than 24,000 tonnes, but smaller than handymax vessels with deadweight of up to 50,000 tonnes.

Wisdom Marine, which already has 43 handysize vessels among its 137 ships, said it decided to purchase another new four handysize vessels as market supply for such a type of vessel had been low.

“As the world’s bulk shippers have had a comparatively low interest in investing in handysize vessels over the past few years, the supply for such a type of vessel has been tight this year,” it said in a statement.

The new purchase came as the Baltic Handysize Index, which tracks spot freight rates of handysize bulk carriers, rose to 1,767 points, the highest since 2008.

Given that average daily freight rates for handysize vessels have surpassed US$30,000, Wisdom Marine expects to raise its rates when it renews contracts for its 24 handysize ships by the end of this year, it said.

The firm posted a pretax profit of NT$641 million (US$23.03 million) for last month.

Pretax profit for the first seven months of the year was NT$3.1 billion, compared with a net loss of NT$420 million a year earlier, company data showed.

Source: Taipei Times

Related Posts

Video

Finance & Economy
Shipping News
Ports

Keppel Corp posts 9% drop in full-year profit

Singapore’s Keppel Corp said on Thursday its net profit for the year fell 9%, partly hurt by weak performance from its urban development business...

Stolt-Nielsen sees Q4 profits rise on strong markets

Stolt-Nielsen Limited reported unaudited results for the fourth quarter and full year 2022. The Company reported a fourth-quarter net profit of $95.3 million, with revenue...

Euronav delivers better-than-expected Q4 revenue

Euronav NV reported its non-audited financial results for the fourth quarter ended 31 December 2022. Hugo De Stoop, CEO of Euronav said: “Constrained vessel supply...

Wartsila: A challenging year with strong annual growth

HIGHLIGHTS FROM OCTOBER–DECEMBER 2022 Order intake decreased by 24% to EUR 1,638 million (2,150)Service order intake increased by 6% to EUR 791 million (747)Net sales...

Hapag-Lloyd achieves extraordinarily strong result in its anniversary year 2022

On the basis of preliminary and unaudited figures, Hapag-Lloyd has concluded the 2022 financial year – in which it celebrated its 175th anniversary –...

Baltic index hits over 2-year trough on waning demand for larger vessels

The Baltic Exchange’s dry bulk sea freight index dropped to its lowest level in...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury...

Baltic index falls to over 2-year low as larger vessel rates slide

The Baltic Exchange’s dry bulk sea freight index fell to its lowest since June...

Baltic index logs worst month in 3 years

The Baltic Exchange’s main sea freight index registered its biggest monthly percentage fall in...

Baltic index snaps 9-day losing streak as panamax, supramax rates rise

The Baltic Exchange’s main sea freight index snapped its nine-session losing streak on Tuesday,...

DP World wins bid for development of a mega-container terminal at India’s Deendayal Port

DP World has won a major concession to develop, operate and maintain the mega-container terminal at Deendayal port in Gujarat, on the western coast...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury cruising will be one of the main highlights of the...

Port of Los Angeles proposes cruise terminal project

The Port of Los Angeles is inviting comments on a draft Request for Proposals (RFP) for the future development of a new Outer Harbor...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...