Global credit scale: BB+/Stable Greater China credit scale: cnBBB+ Taiwan national scale: twA/Stable/twA-1 Note: Ratings are as of July 7, 2011 Highly cyclical nature of the container shipping industry Rising fuel costs Relatively limited operating scale Strong market position in relatively stable intra-Asia container routes Good operational flexibility Moderate leverage The rating on Wan Hai Lines Ltd. reflects the highly cyclical nature of the container shipping industry, rising fuel costs, as well as its somewhat limited operating scale. Counterbalancing factors include the company's strong market position in intra-Asia container routes, its moderate leverage, and its high operational flexibility. In our view, Wan Hai is not immune from the high cyclicality of the global container shipping industry. The industry has just
