Taiwanese container line Yang Ming Marine Transport has slashed its first quarter loss as revenue rose.
It said the net deficit to 31 March was TWD 0.68bn ($22.06m), down from TWD 1.95bn in 2018.
The owner's ships carried 1.29m teu in the period, up 5% year-on-year.
Revenue increased 13% to TWD 35.08bn.
The improvement came despite the traditional slack season in the first quarter and an 11% hike in bunker costs, it said.
"The better-than-expected results can be attributed to dedication and teamwork within the Yang Ming group," it added.
"The results also reflect the company’s execution of its strategies."
Alphaliner has forecast boxship fleet growth of 3.1% for 2019, with demand rising at 3.6%.
"This prediction signals an improving supply-demand market," Yang Ming said.
"With a brighter outlook, Yang Ming continues to adapt to market changes and adjust operating strategies in line with the direction of the market."
