The traditional peak season has started early, before the usual July-October period, as shippers are booking slots now due to low availability of vessels and containers.
Speaking at a press conference after releasing its Q1 24 results, Wan Hai Lines GM Tommy Hsieh said: “The Red Sea crisis and challenges in navigating the Suez Canal, have lengthened sailing distances. This, coupled with higher volumes in the near term, has reduced idle capacity to just 190,000 teu, or 0.7% of the total fleet.”
Q1 24 revenue
In Q1 24, Wan Hai’s revenue went up 8% year-on-year to $863.8m, while the Taiwanese operator achieved a net profit of $144.6m, reversing the net loss of $69.4m in Q1 23.
In Q1 24, seaborne container traffic grew 23% year-on-year, to 4.48m teu, showing that consumer demand is very strong.
Did you Subscribe to our daily newsletter?
It’s Free! Click here to Subscribe
Source: Loadstar
