...- Taiwan based container shipper Wan Hai Lines Ltd. operates globally but earns the majority of its revenue from intra-Asia routes. Wan Hai generated around New Taiwan dollar (NT$) 18 billion funds from operations (FFO) in 2020. - Booming international trade amid the accelerated recovery in Europe and the U.S. could continue to strain global container shipping capacity and support Wan Hai's very strong cash flow generation over the next three to four quarters. - Wan Hai could fund its aggressive capex through its strong operating cash flow and still retain sufficient financial buffer for a likely normalization in the shipping market, given the company's flexible dividend policy. - On April 29, 2021, we revised our rating outlook on Wan Hai to stable from negative. At the same time, we affirmed our the '##+' long-term issuer credit rating on the company. - The stable outlook reflects our view that Wan Hai's strong profitability could sustain the company's ratio of FFO to debt well above...
