Wan Hai August revenue rises as shippers rush goods before China's National Day holiday
Taiwanese container line Wan Hai posted higher revenue in August and expects strong demand into September, good news for shipping investors and a sign that freight rates are holding up.
- Wan Hai's August revenue rose from July and jumped 66% from a year earlier, its fifth straight monthly gain.
- Both cargo volumes and shipping rates went up, with the main Shanghai export freight index climbing six weeks in a row.
- Chinese exporters are shipping goods early ahead of the long National Day holiday in October, keeping September demand firm.
- Low water levels in the Panama Canal and typhoons in Asia are disrupting schedules, while port congestion and limited new ship capacity keep rates high.
Outlook: Freight rates should stay elevated through September as pre-holiday shipping and port bottlenecks continue to squeeze capacity.