Cayman Islands-registered bulk shipper Wisdom Marine Lines Co., Ltd. said Wednesday it has filed an application for a primary listing on Taiwan's stock exchange. Wisdom Marine is the third foreign company to seek a primary listing in Taiwan this year. The government has launched an aggressive campaign to get overseas firms to list in Taiwan or issue Taiwan depositary receipts (TDRs). 'Encouraged by the government, Wisdom Marine has decided to use Taiwan as a fund raising site, ' said Liu Han-yang, the Wisdom Marine executive in charge of the listing application. According to the company's prospectus, Wisdom Marine is registered in the Cayman Islands and headquartered in Panama, with its fleet of 57 vessels carrying Panamanian flags. Its operations, however, are based in Taiwan, and the company describes itself on its website as 'one of the largest bulk ship owners in Taiwan.' 'We have launched a wide range of routes in Asia, America and Europe,' Liu said. Capitalized at NT$2.5 billion (US$77.64 million) , Wisdom Marine is planning to issue 27.36 million new shares in the public offering, the prospectus said. Last year, Wisdom Marine posted NT$1.83 billion in net income, or NT$8.32 per share. In the first quarter of this year, its net income reached NT$445 million, or NT$2.02 per share. Liu said the company is operated by a group of highly experienced professionals and is 'a very profitable company.' Taiwan Stock Exchange Corp. said it will send the application to a listing committee in six weeks for a review. Once the company secures approval from the committee, the exchange's board of directors will meet to discuss the application. The listing will also require the approval of the Financial Supervisory Commission, the exchange said. The exchange said it could take the company four to five months before it is listed on the main board. In May, U.S. based integrated circuit designer Integrated Memory Logic Ltd. was listed on the Taiwan Stock Exchange, making it the first and only foreign company to make its primary listing in Taiwan. According to the exchange, more than 50 foreign companies have expressed interest in a primary listing on the island. 