The steady decline in box shipping rates is beginning to reflect negatively on shipping companies,whose financial performance deteriorated significantly in the first quarter of the year.
Wan Hai Lines is no exception. The Taiwanese carrier closed the January-March period with a net loss of 68.4 million dollars . This was a major nosedive compared to the $1.3 billion net profit recorded in the same period last year. This Q1 result is even worse than the 1.4-million-dollar deficit in the last quarter of 2022.
Revenues fell to 692 million dollars, i.e. -68.3% year-on-year and – 35.3% compared to the previous quarter.
Translation by Giles Foster
