Taiwanese carrier Wan Hai Lines recorded profit of TWD3.2 billion (USD97.3 million) for the January-June 2015 period, a surge of 82.47% on a year ago.
The carrier’s revenue for the same period was TWD33.7 billion, while its earnings per share nearly doubled to TWD1.42 from a year earlier.
Wan Hai shipped 0.9 million teu in the second quarter of 2015, up 7.1% y/y, recording revenue of TWD16.5 billion, down 1% y/y, and profit of TWD1.1 billion, up 0.9% y/y.
The average freight rates of Wan Hai Lines’s Asia services stood at USD444/teu in the first quarter of 2015, and dropped to USD426/teu in the second quarter, according to a report by Kgi Securities, which projected that the rates may keep falling to lower than USD400/teu in the third quarter.
Wan Hai ceased its Euro services in August, citing over-capacity.
The carrier now focuses on intra-Asia, Asia-United States, and Asia-South America services, Wan Hai vice-president Davis Kao told the local media.
Kgi Securities projects Wan Hai’s profit to be TWD663 million in the third quarter of 2015 and TWD693 million in the fourth quarter of 2015.