Wan Hai

Companies

Taiwanese Monthly Revenue: February performance hit by lower rates and volumes

Yang Ming and Wan Hai have also reported their February revenue after Friday (10 March) close, following Evergreen's report a day before. The trend is similar to that of Evergreen's e.g. being down 22% MoM and 69% YoY. The 22% February drop is larger than CCFI's 8% MoM drop in February, with volumes falling sharply during the month.

Services

Wan Hai introduce new CI8 service

Wan Hai will start a new China West India Service VIII (CI8) connecting Nansha, Haiphong, Ho Chi Minh City, Surabaya, Singapore, Port Klang Northport, Colombo, Mundra, Nhava Sheva, Port Klang Northport, Ho Chi Minh City, Danang, Haiphong, Qinzhou, Nansha in February 2023. The service will start from 26 Feb 2023 with the 3,013 teu WAN HAI 353 at Nansha. The services is expected to turn in 6 weeks and will initially operate on an irregular schedule.

Companies

Container Liners Saw Lower Revenue in January

Taiwanese liners' January revenue continued its slide. In aggregate these 3 listed liners' revenue at about $1.6bn in January was down 14% MoM and 65% YoY. The 14% sequential fall in January was similar to the pace of fall in December. This year's Lunar New Year public holidays went from 21 to 27 January in China. Many factories in China closed ahead of the official public holidays and resumed production later than the official holiday end, which may have negatively impact container shipment v

Financials

TWN liners top line reports hinted potentially 60% QoQ fall in net profit

The listed Taiwanese liners have all reported their Dec 2022 revenues, which are the first actual figures of the FY2022 and 22Q4 results among all liners. In short, these liners revenue dropped 39% QoQ and 44% YoY. In 3Q22, the listed Taiwanese liners together have delivered $11bn in revenue and $5.9bn in net profit. The $4.3bn or 39% QoQ fall in revenue during 4Q22 will likely reduce these liner's net profit by nearly 60% QoQ, in our estimates assuming 20% lower fuel expenses and 60% lower ta

Services

Wan Hai revises Asia America IV (AA5) rotation

Wan Hai has revised the rotation of its Asia America IV (AA5) transpacific service with the call at Taipei dropped while a new call at Seattle is added. The revised rotation started from November 2022 and calls at Qingdao, Shanghai, Ningbo, Long Beach, Seattle, Qingdao. The service will turn in 6 weeks but it being downgraded with just 2 ships of 3,013 teu  deployed in January and February 2023, with 4 blanked sailings on each 6 week cycle.

Services

Wan Hai streamlines FE-USEC AA9 service

Wan Hai's Asia America 9 (AA9)/Asia America Service IX connecting Far East-US East Coast has been streamlined into a eastbound round-the-world rotation with a new call at Philadelphia added since 18 August 2022 as  well as new calls at Balboa and Shanghai added since October 2022. The AA9 rotation calls at Haiphong, Shekou, Kaohsiung, Shanghai, Qingdao, Balboa, Charleston, Philadelphia, New York, Suez (Canal), Haiphong. The revised service avoids the persistent congestion at Norfolk and Sava

Services

PIL/CUL/ESL/KMTC/RCL/Wan Hai upgrade Middle East Gulf-China Service

The Middle East Gulf-China service that is jointly operated by a consortium of 6 carriers (PIL/CUL/ESL/KMTC/RCL/Wan Hai) will be upgraded from 9 January 2023 with new calls at Hamad and Singapore (westbound). The revised rotation will call at Shanghai, Ningbo, Nansha, Shekou, Singapore, Jebel Ali, Dammam, Hamad, Singapore, Shanghai. The service was first launched in November 2021 and is branded respectively as the Gulf China Service (GCS) by PIL and KMTC, Asia Gulf Express (AGX) by CUL, Gulf Ch

Companies

Widening Gap In EBIT Margin

The main carriers’ average EBIT margins fell by 3.4% from the 2Q peak of 54.3% to 50.9%. However, the gap between individual carriers are widening, with some notable drops at Wan Hai (down 13.0%), OOCL (down 8.3%), HMM (down 6.8%) and Yang Ming (down 6.1%). Carriers with a larger share on the Asia-US West Coast have suffered the largest margin erosion, with a sharper drop expected in 4Q 2022 as the rate malaise has spread to other tradelanes.

Companies

Wanhai profit drop 28% QoQ

Wanhai reported after Friday (11 Nov 2022) closed. Net profit dropped 42% YoY and 28% QoQ. Not much surprises since the top line has been reported few weeks ago and the QoQ quantum drop in pre tax earnings eg NTD12bn is similar to the top line QoQ drop. Liners with less contracted business ratio is still see greater earnings drop near term.

Services

Wan Hai upgrades transpacific capacity despite the suspension of 2 transpacific services calling Oakland/Seattle

Wan Hai will withdraw 2 of its Far East-US West Coast services calling at Oakland and Seattle, but will retain its remaining 4 transpacific services that serves the US West Coast (2 services) and the US East Coast (2 services) with an increase in overall capacity as its first 13,200 teu ships are introduced on the trade. The Asia America Service I (AA1) willl be withdrawn with the last sailing scheduled to depart from Shekou on 16 October 2022 with the 1,708 teu TOKYO TOWER. The service calls a

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