Taiwanese shipping company Yang Ming Transportation Corporation (Yang Ming) widened its net loss in 2016, reaching TWD 14.9 billion (USD 493 million) when compared to a net loss of TWD 7.7 billion (USD 258 million) seen in 2015.

Total operating revenue decreased to TWD 115.4 billion in 2016 from TWD 127.6 billion recorded a year earlier.

The company’s total operating costs rose to TWD 124.5 billion in 2016 from TWD 128.4 billion in 2015.

This is the third year in a row that the company is posting losses.

In February, the shipping firm revealed plans to raise some TWD 1.69 billion in an effort to strengthen its finances under the recovery plan presented earlier in 2017.

The funds would be raised by offering 161.3 million new shares to The National Development Fund of the Taiwan Government (NDF), Taiwan Navigation, Taiwan Chinachem, T3ex Global Holdings, Mercuries Life Insurance and Superstar Investment.

In January, Yang Ming rejected any possibility of a merger with another company, expressing its hopes that the shipping industry would recover.