The sale of old containers helped trim losses by Thailand’s Regional Container Lines (RCL) in the first quarter.

RCL reported a first quarter loss of THB358m ($12m) compared to a THB498m loss in the same period in 2012. The company said that continued overcapacity and volatile freight rates contributed to an operating loss of THB397m before gains on sales of fixed assets. The line booked a THB38m profit on the sale of old containers.

Revenue decreased 5% in the first quarter to THB3.02bn.

RCL said the outlook remained difficult: “Container carriers still face the challenges of uncertain trade demand, freight rate volatility, and potential vessels’ impairment, if the charter hire rates continue to decline in the coming period.”