Bulk Carrier Management JV Established in Singapore
Taiwan-based dry bulk shipowner Wisdom Marine Group and Singapore-based ship management company Synergy Group have announced a new joint venture (JV).Wisdom Synergy Ship Management (WSSM) will be headquartered in Singapore with key operational centres in Taiwan and India and will provide technical management for Wisdom’s diverse fleet.Last year, Wisdom chose Synergy Group to provide management services for a portion of its fleet.The JV cements a collaborative relationship established in 1999 by James Lan, Chairman of Wisdom Marine Group.
Wisdom Marine Adds Newbuild
Taiwanese shipping company Wisdom Marine Lines has taken delivery of a 34,000 dwt bulker newbuilding.The newbuild Bulker, MV Daiwan Miracle, was handed over to Wisdom Marine in Japan on April 2, 2019, after completing sea trials in March, said Wisdom Marine Group, the largest dry bulk shipowner in Taiwan by number of vessels.MV Daiwan Miracle is an eco-ship built by Namura Shipbuilding Co, Japanese shipbuilding and repairing company.Featuring a length of 179.9 meters and a width of 30 meters, the handy bulker has a capacity of 44,100 cubic meters.MV Daiwan Miracle flies the flag of Liberia. Wisdom Marine’s fleet has a fleet of 143 vessels, 14 of which are newbuildings as at June 30th, 2018.
Taiwan’s Wisdom Shipping: London’s Largest Asian IPO to Date
Wisdom Marine is one of the largest bulk ship owners in Taiwan with a market capitalisation of US$490-million, which represents the largest Asian IPO by market capitalisation in London to date in 2013, say law firm Proskauer . It is also the first company in the region to issue GDRs on London’s Main Market. Global law firm Proskauer advised Wisdom Marine Group in its initial public offering of Global Depositary Receipts (GDRs), admission to the Official List and trading on the Main Market of the London Stock Exchange.
Wisdom Marine Takes Loan for Japanese Orders
Wisdom Marine Group signed a two-tranche syndicated loan agreement for $5.92 million (USD) and ￥11.88 billion ($119.43 million, USD) with six domestic banks to finance its orders with three Japanese shipbuilders, Taipei Times reported. The syndicated loan was co-led by First Commercial Bank and Bank of Taiwan, with participating loans from Taiwan Cooperative Bank, Hua Nan Commercial Bank, Bank SinoPac and Bank of Kaohsiung. Wisdom Marine and its subsidiaries placed orders with three Japanese shipbuilders Oshima Shipbuilding Co Ltd, Sasebo Heavy Industries Co Ltd and Tsuneishi Shipbuilding Co Ltd to build six bulk vessels. Delivery is anticipated sometime between this year and 2015.
