AIWAN's Wan Hai Lines Ltd reported a net profit of US$1 billion for the second quarter, up 58.68 per cent from a year earlier but is down 25.78 per cent from a quarter earlier, according to the shipping line.
The container shipper attributed its quarterly decrease to a fall in sea freight demand due to Covid crisis measures, high inflation pressure, and manufacturers' inventory adjustment.
The results came as the Shanghai Containerised Freight Index has declined for eight weeks in a row.
Gross margin tallied 60.01 per cent for the first six months, compared with 51.59 per cent a year earlier.
Wan Hai declared that market visibility remains murky, but congestion would remain in the third quarter.