High industry risks and competition risk from the company's larger peers. Leading market share in relatively stable intra-Asia container routes. Good operational efficiency. More stable profitability compared with its long-haul peers'. Significant volatility in the company's financial metrics. Intermediate debt leverage. Relatively conservative financial policy compared with those of its peers. Strong liquidity. The rating outlook is stable, based on our expectation that despite rising competitive pressures in the intra-Asia container shipping market, Wan Hai's good market position in this relatively stable market and the company's cautious strategy on capital spending will enable it to generate stable profitability and reduce its debt slightly over the next two years. Accordingly, we expect Wan Hai's ratio of funds from operations (FFO) to
