Taiwanese carrier Yang Ming Marine Transport slipped into the red in the second quarter of the year as container freight rates sank.

The Taipei-listed company logged a net loss of TWD 0.13bn ($4.27m) for the three months to the end of June — massively reversing a TWD 55.6bn ($1.7bn) profit in the same period last year.

“The maritime industry in the first half of the year was impacted mainly by inflation and uncertainty in the global economy,” the company said.