A leading market position in intra-Asia container routes; A low cost base; and A moderate financial profile. The highly cyclical nature of the container shipping industry; and Increasing competition in intra-Asia routes. The ratings on Wan Hai Lines Ltd. (Wan Hai) reflect the company's leading market position in intra-Asia container routes, its low cost base, and satisfactory 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 intra-Asia market. The company operated a fleet of 66 container vessels with an aggregate capacity of 98,065 twenty-foot-equivalent units (TEUs) as at March 31,
