Leading market share with comprehensive port coverage in the intra-Asia container shipping market. Satisfactory operating efficiency and cost control. Recovering profitability supported by better industry pricing discipline. High industry risk with chronic oversupply and intense competition. Modest debt leverage. Conservative financial policy and controlled capital expenditure. Strong liquidity. Significant volatility in the company's cash flow ratios. The stable outlook reflects our expectation that Wan Hai Lines Ltd. will maintain better profitability than its peers' and further enhance its credit metrics with conservative capital spending over the next two years. Our expectation is underpinned by Wan Hai's leading market position in intra-Asia routes and niche position in small and micro ports, which are less affected by long-haul carriers' capacity cascading. We
