Taiwan’s largest container line reported a 71% drop in first-quarter net profit Thursday, citing sharply lower freight rates in the period.

Evergreen Marine, in a filing to the Taiwan stock exchange, said its first-quarter net profit fell to $263 million from $897 million a year earlier. Revenue was down 25% to $2.7 billion.

Highlighting the impact of lower freight rates in its first-quarter financials, Evergreen saw a 22% year-over-year drop in average revenue per TEU, to $968/TEU.

Evergreen noted the biggest rate drop was on Asia-US East Coast trades, with index levels falling 66% to $1,533 per FEU in the…