Wan Hai Lines hurt by higher boxship costs

Profit at Taiwan's Wan Hai Lines has been pegged back by rising operating costs.

The boxship owner said net earnings dipped to TWD 1.13bn ($36.63m) last year, compared to TWD 2.55bn in 2017.

Revenue rose to TWD 66.77bn from TWD 60.76bn year-on-year.

But total operating expenses were higher at TWD 61.77bn, versus TWD 53.65bn in 2017.

Earlier this year, Wan Hai said it would not exercise options to build four extra feeder vessels at Huangpu Wenchong Shipbuilding.

Last November, it signed a deal to construct 12 firm 2,038-teu ships and four optional ones at the yard - part of China State Shipbuilding Corp - for $26.3m apiece.