Wan Hai made a profit of 7.8 billion yuan in H1

Benefiting from the strong demand for container shipping and rising freight rates, Wan Hai Lines delivered a bright performance in the first half of the year, with a year-on-year profit growth of 18 times, and a promising performance in the second half of the year.
 
Wan Hai announced its semi-annual report. In the first half of the year, revenue reached NT$86.633 billion (approximately RMB 20.173 billion), an annual increase of 153%; Gross profit margin was 50.59%, an annual increase of 37.97%; Operating profit ratio was 46.67%. An increase of 40.06%; After-tax net profit of NT$33.687 billion (approximately RMB 7.844 billion), a sharp increase of 1816% over the same period last year.
 
According to the financial report, in the second quarter, Wan Hai’s operating revenue reached NT$48.017 billion (approximately RMB 11.181 billion); Gross profit margin was 51.40%, a quarterly increase of 1.82 percentage points and an annual increase of 35.08%; Operating profit ratio was 47.56%, a quarterly increase 2 percentage points, an annual increase of 37.38 percentage points; After-tax net profit of NT$18.995 billion (approximately RMB 4.423 billion), a quarterly increase of 29.28% and an annual increase of 1034%.
 
In addition, Wan Hai announced on the same day that in response to operational needs, it will spend 46.59 million US dollars to obtain a total of 5570 containers. The average price of a single container is 7000-15000 US dollars. The unit price varies depending on the container type and number of periods.
 
Wan Hai pointed out that the current global shortage of ships is quite serious. Ship chartering prices continue to rise, and the proportion of idle capacity is less than 0.7%, which is the lowest in history. This means that all the ships that can be used have been put into operation. The imbalance between supply and demand in the market has created record highs in freight rates and boosted the revenue and profits of the shipping companies this year and next.
 
Alphaliner's data shows that Wan Hai's fleet currently operates 149 ships, including 84 self-owned ships and 65 chartered ships, with a total capacity of approximately 425,200 TEU, ranking tenth in the world. In addition, Wan Hai has 44 new ships under construction, with a total capacity of about 257,500 TEU, accounting for 60.6% of the existing fleet. Before the end of this year, Wan Hai will have three new 2038TEU container ships, mainly used to eliminate old ships and replace chartered ships.
 
Source: Sarah Yu, XINDE MARINE NEWS

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