August 2023 Monthly Earnings Release

08/21 Katagalan Ace(DWT82300/Panamax)joined Wisdom fleet.
08/17 Unicorn Bravo(DWT8759/Small Handy) was sold.
08/22 Bunun Elegance(DWT45556/Handy) was sold.
2.Change in Operation: 6 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: 3 vessels renewal of contracts.
5.Operating Income: Operating income decreased 91.86% because of a global
economic slowdown since the second half of 2022.
6.Non-operating income: The depreciation of Japanese Yen led to
USD1,000,000 foreign exchange gain by the exchange rate at the end of the
month; The depreciation of New Taiwan Dollar led to USD600,000 foreign
exchange gain by the exchange rate at the end of the month. Recognized
USD6,000,000 gain on 2 vessel disposal.
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 
shares.
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 
year duration. 
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.