Wan Hai's Profit Down 71% in 2016
Taiwanese intra-Asia carrier Wan Hai Lines has managed to remain profitable, although with lower earnings.
The company reported net profit of TWD1.14 billion (USD37.42 million) for 2016, which was 71% lower year-on-year.
Lower freight rates resulted in revenue falling 10.18% year-on-year to TWD57.35 billion, while operating costs dropped slightly to TWD51.59 billion, from TWD55.84 billion a year ago.
At any one time, Wan Hai operates 90 vessels, of which 74 are owned.
Wan Hai’s compatriot mainline operators, Yang Ming and Evergreen, respectively incurred losses of USD492 million and USD282 million for 2016, amid chronic overcapacity and slow demand growth.