Norway's Wilh Wilhelmsen Holding has been pushed to a loss by a change in the fair value of financial assets.
The third quarter net deficit was $17m, versus a profit of $90m in the same period of 2018.
The change in fair value knocked £37m off the bottom line, against a gain of $62m last year, while other financial costs rose.
This was due to a $42m fall in the value of its 12% holding in South Korean shipowner Hyundai Glovis, which offset a positive development for other investments.
The Glovis revaluation followed a 3% reduction in its share price and depreciation of the Korean won.
Group EBITDA was $42m, on a par with the previous quarter. Revenue grew to $220m from $214m year-on-year.
“The increase in income for maritime services was supported by higher sale of marine products especially linked to the IMO 2020 regulations coming into force by the turn of the year," said group CEO Thomas Wilhelmsen.
"While ship agency delivered income on par with previous quarters, ship management saw a lift following more ships on full technical management and new offshore wind activities."
Its share of profits from associates was $18m in the quarter, with car carrier joint venture Wallenius Wilhelmsen the main contributor.
"We are prepared for continued fluctuations in both directions when it comes to quarterly valuation of financial investment,” added Wilhelmsen.
The company expects a stable development of underlying operating performance for the combined group activities, but with normal seasonal variations, it said.
Maritime services produced EBITDA of $31m, up 68% on 2018, while shipmanagement continued its positive development, with EBITDA also up from last year.
