Taiwan's Sincere Navigation has posted a dip in earnings for 2017 after revenue fell.
The bulker owner said net profit was TWD 657.31m ($22.36m) last year, against TWD 908.75m in the previous 12 months.
Revenue dropped to TWD 3.33bn from TWD 3.48bn, while operating costs were lower at TWD 2.46bn versus TWD 2.52bn.
Clarksons lists the owner as operating 10 bulkers and a tanker.
