Taiwan's Sincere Navigation has seen earnings eroded in the third quarter as revenue fell.
The bulker owner said net profit was TWD 127.56m ($3.99), from TWD 415.34m in the same three months of 2015.
Revenue dropped to TWD 897m against TWD 1.33bn last year, but operating costs were only TWD 2m lower at TWD 39m.
The owner has two 250,000-dwt bulkers and a VLCC on order.
