Leading market share in relatively stable intra-Asia container routes. Good operational efficiency. Better profitability than its peers'. High industry risk along with competition risk from the company's larger peers. Modest debt leverage. Relatively conservative financial policy and expansion strategy compared to its long-haul peers'. Strong liquidity. Significant volatility in the company's cash flow coverage ratios. The rating outlook is stable, based on our expectation that Wan Hai Lines Ltd.'s cash flow coverage ratios will continue to strengthen in 2015-2016, because the company remain cautious about capacity expansion while demand pickup in intra-Asia and U.S. routes could raise Wan Hai's cash flow generation. However, we expect significant volatility in the company's financial metrics as a result of volatile bunker price and
