A leading market position in intraAsia routes; A low cost position; and A modest financial profile. A highly cyclical container shipping industry; and Increasing competition for intraAsia routes. The ratings on Wan Hai reflect the company's leading market position in intraAsia shipping routes, low cost position, and moderate financial profile. However, these strengths are offset by the cyclical nature of the container shipping industry and intense competition, which regularly results in downward pressure on freight rates. Wan Hai is the largest container shipping company in the fast-growing intraAsia market. The company operated a fleet of 55 container vessels with an aggregate capacity of 69,271 twenty-foot-equivalent units (TEUs) in 24 trade lanes as at the end of 2002. Revenue from intraAsia
