Taiwan's Yang Ming Marine Transport posted a loss of TW$2.9 billion (US$95.2 million) for 2013, drawn on revenues of TW$18.9 billion, down 10 per cent.
This widened the previous year's loss of TW$1.6 billion it, which was also blamed on sinking freight rates.
The operating loss for the year stood at TW$6 billion, from a loss of TW$1.9 billion in 2012, according to a filing on the Taiwan Stock Exchange.
The deeper loss came despite asset sales and other one-time gains that generated TW$4.5 billion last year.
In November the company sold a 12.5 per cent stake worth US$56 million in Yang Ming's new Kao Ming container terminal to affiliates of Japan's NYK. The Taiwanese shipping line said it would book gains of US$29 million from the sale.
That followed the sale in December 2012 of 40 per cent of the shares in KMCT to Ports America, Cosco Pacific, China Merchants Holdings and China Shipping Terminal Development for a total of US$180 million.
In a sale and leaseback arrangement in November 2013, Yang Ming sold an unspecified number of dry containers to Textainer for US$47 million and said it would book a gain of US$32.4 million from the transaction.
In 2013, Yang Ming expanded its large-ship capacity by agreeing to charter fifteen 14,000-TEU ships from non-operating owner Seaspan. Yang Ming will take delivery of 10 containerships in 2015 and the remaining five the following year, according to Shipping Gazette.
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