Wan Hai credits intra-Asia for third quarter net profit of US$42 million

TAIWAN's Wan Hai recently posted its financial results for third quarter, experiencing a net profit of US$42 million, attributed to changing the focus to intra-Asia trade instead of Asia-Europe.

In the first half of the year, the world's 21st largest carrier already restored its profitability by earning $26.4 million in net profit, reported London's Containerisation International. This was attributed partly to lower bunker prices than first quarter's at an average of $100 per tonne.

"We are expecting full-year volumes of three million TEU this year [down from 3.4 million TEU in 2011], but we are able to pick high-margin cargoes due to our smaller capacity," said Wan Hai assistant general manager Gao Guolong.

Looking ahead, Mr Gao expects intra-Asia trade to continue booming though at a slower pace