Wan Hai booked a profit of TWD 5.31bn ($169.82m) for 2014, more than double the previous year.
The ratings agency says the improved results support its Ba2 corporate family rating on the shipowner.
"Wan Hai Lines Ltd's solid operating performance and significantly improved financial leverage in 2014 benefited from an improving operating environment in the shipping industry," said Chenyi Lu, a senior analyst at Moody's.
The
