Taiwan's Shih Wei Navigation has booked a smaller loss in the first three months of 2017.
The bulker owner said net earnings to 31 March were TWD 295.29m ($9.79m), down from TWD 368.42m in 2016.
Revenue fell to TWD 647.52m against TWD 747.33m, while operating expenses were reduced to TWD 980.72m, compared to TWD 1.12bn the year before.
It was boosted by foreign exchange gains of TWD 53m in 2017.
