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Wan Hai rejects merger proposal after steep decline in profits

Wan Hai – the world's 17th largest container carrier – has been brought to its knees by the dire market for container shipping, according to Lloyd's List, as profits shrunk significantly in the third quarter this year. The carrier has rejected a merger proposal.

Photo: PR-foto/Wan Hai

Taiwan is suffering from the weak market conditions for container carriers, as the country is home to three of the world's largest container carriers: Evergreen, Yang Ming, and Wan Hai.

Taiwan's government is therefore preparing an aid program for a total USD 1.9 billion to support the country's carriers, which have suffered deficits for at least four consecutive quarters, reports Lloyd's List after speaking with an unnamed source in the Taiwanese Ministry of Transportation. Details about the program will, according to the media, be presented in December.

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