1.Change of Fleet:
9/22 Timu(17224DWT/Small Handy) was sold.
9/30 Beagle ll(17224DWT/Small Handy) was sold.
2.Change in Operation: 5 vessels in dry-dock.
3.Fluctuation of Exchange Rate: Yen fluctuations resulted in non-operating
income (loss) from outstanding borrowings denominated in Japanese Yen.
4.Renewal of Contracts: 7 vessels renewal of contracts.
5.Operating Income: Operating income increased 390.93% because of a steady
economic recovery from the pandemic since the second half of 2020.
6.Non-operating income: The depreciation of Japanese Yen led to
USD900,000 foreign exchange gain by the exchange rate at the end of the
month; The depreciation of New Taiwan Dollar led to USD100,000 foreign
exchange gain by the exchange rate at the end of the month.
Recognized USD1,000,000 gain on the vessel disposal.
Recognized USD20,000,000 gain on the compensation from early termination
of the 2 vessels’ time-charter contracts.
Notes on Compilation:
1.We adopt IFRS.
2.Our functional currency is US Dollar. The representation of TWD figures
are calculated based on the average exchange rate of the relevant period.
Evaluation gain or loss is calculated based on the month end exchange rate.
3.Rate of change is calculated with USD figures.
4.Earning per share is calculated based on weighted average of outstanding
5.Depreciation and crew wage costs are calculated on a monthly basis, but
revenue is calculated on incurred basis by day. Hence the calendar days of
each month could slightly affect revenue and operating profits.
6.The lubricant oil expenses is estimated monthly and adjusted according to
inventory check on a quarterly frequency.
7.The duration of each vessel might differ according to size, condition and
specifications. Modern new buildings now are normally depreciated on a 25
8.The earning release is based on unaudited provisional account. Monthly
Net Income before Income Tax Expense reported in the earnings release
includes earnings attributable to minority interests.