Taiwanese shipping company Yang Ming Marine Transport Corporation (Yang Ming) recorded an expanded net loss in the second quarter of 2018 due to climbing fuel prices and excess capacity so far this year. The company pointed out that high fuel prices pushed up its operating costs in the first six months of this year, noting that the average fuel price for the period grew approximately 25 percent year-on-year.

The company's net loss in the second quarter stood at NT$3.81 billion (US$123.5 million), a huge jump from a net loss of NT$445 million (US$14.4 million) in the same period of last year.

For the first half of 2018, Yang Ming's net loss rose to NT$5.76 billion from a net loss of NT$1.34 billion registered a year earlier.

However, Yang Ming expects a better market in the second half of this year, citing the peak season demand and fewer deliveries as the two major reasons.