Wan Hai confident of future, unaffected by US port tariffs, records record profits

Wan Hai Lines. Photo: Piet Sinke/Maasmond Maritime / Phaata

Wan Hai Lines CEO Tommy Hsieh is optimistic about achieving higher trans-Pacific contract rates this year.

The Taiwanese-Chinese shipping line's 2024 results were announced yesterday, with Hsieh saying the breakdown of the truce between Israel and Hamas would continue to force ships to sail around the Cape of Good Hope.

“Freight rates are lower today because demand is sluggish. As long as demand recovers, the shortage of shipping supply will still surface. Based on our discussions with customers, they can accept an upward adjustment of 20% to 30%,” he added.

Wan Hai’s revenue is expected to increase 61% year-on-year to $4.93 billion in 2024, resulting in a record net profit of $1.44 billion, after a loss of $175.5 million in 2023.

According to Drewry, container ship supply will increase 4.9% this year, compared with 2.8% for cargo demand.

“The uncertainty of trade policies continues to affect the imports and exports between countries and regions. We will review movement in market demand to adjust our routes and vessel deployment,” Hsieh said.

No worries about US port tariffs

Mr. Hsieh also dismissed concerns about US President Donald Trump’s plans to impose heavy port tariffs on Chinese-built shipping lines. 

“Just 10% of Wan Hai’s fleet was built in China, and these are mainly assigned to our intra-Asia services. The company does not deploy any Chinese-built ships on its transpacific services,” he stressed.

He also revealed that Wan Hai will take delivery of three 13,000-TEU ships this year to expand its long-haul routes.

A strong fleet expansion strategy

In the 2026-2030 period, Wan Hai will take delivery of a total of 30 new ships, including: 

•    eight of 16,000 TEU ships
•    20 at 8,700 TEU ships
•    two 7,000 TEU ships.

This demonstrates Wan Hai’s strong confidence in the long-term prospects of the container shipping market. Notably, none of these ships were built in China, but were ordered from shipyards in South Korea, Japan and Taiwan's CSBC.

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Source: Phaata.com (According to Splash247)

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