Wan Hai records strong earnings on higher shipping volumes

Taiwan’s Wan Hai Lines has posted strong improvement in earnings in the first half of 2014 as shipping volumes rose.

Net profit in the first half ended 30 June 2014 jumped to TWD1.73bn ($57.73m) from TWD551m in the previous corresponding period.

Revenue in the first six months also grew 9.6% year-on-year to TWD31.41bn due mainly to a 7.2% annual increase in shipping volumes.

Wan Hai, which generates a majority of its revenue from the shorter intra-Asia container shipping routes, also posted a second quarter profit of TWD1.08bn, a jump of 152% year-on-year.

Wan Hai has outperformed its fellow Taiwanese lines, Evergreen Marine and Yang Ming Marine Transport, despite being the smallest of the three lines.

Evergreen recorded a second quarter profit of TWD150.2m while Yang Ming registered a profit of TWD224.5m. Both Evergreen and Yang Ming returned to the black as against a loss in the same quarter of 2013.
Source: Seatrade Global