Wan Hai Lines Ltd’s (萬海航運) revenue contribution from its US and South American operations rose to 61 percent in the first quarter, from 30 percent a year earlier, the company said on Thursday.
Revenue contribution from Asian markets slid to 24 percent from 47 percent a year earlier, while that from the Middle East and Indian operations fell to 15 percent from 23 percent, the nation’s third-largest container shipper said.
Wan Hai attributed the higher contribution from the US and South American markets to strong demand and higher freight rates, adding that cargo volume for the two regional markets accounted for 26 percent of its cargo volume in the first quarter, up from 13 percent a year earlier.
Photo: CNA
The shipper has assigned more vessels and resources to the US market to enhance its competitiveness after initially struggling to meet demand, Wan Hai president Tommy Hsieh (謝福隆) told investors on Thursday.
Asia is still the largest market for Wan Hai in terms of cargo volume, the shipper said.
Cargo volume in Asia accounted for 57 percent of the total in the first quarter, followed by 19 percent in the US, 17 percent in the Middle East and India, and 7 percent in South America, it said.
Wan Hai this year has received two new vessels and plans to take delivery of another 10 by the end of this year, 20 next year and 14 in 2024, it added.
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