Taiwanese shipowner Sincere Navigation has posted a drop in first quarter profit as revenue shrank.
The bulker owner said net earnings to 31 March were TWD 205.43m ($6.82m), down from TWD 387.74m in the same period of 2016.
Revenue dipped to TWD 863m against TWD 964m the year before.
But operating costs rose to TWD 640.7m compared to TWD 631m in 2016.
