MPC Container Ships (MPCC) has blamed global tensions and tough shipping markets for a bigger loss in the fourth quarter.
The Oslo-listed feedership player said its net deficit was $5.05m, against $2.19m in the same period of 2017.
The expanded fleet of 69 ships brought in revenue of $52.5m, versus $13.18m the year before.
But higher depreciation of $9m and finance costs of $5.4m took their toll as it rapidly ramped up its operations.
Average time charter equivalent (TCE) earnings were $9,991 per day in the period, down from $10,230 in the third quarter.
The net loss for the whole of 2018 was $1.6m.
Global trade tensions and political uncertainties led to a shift in sentiment in the final three months, it said.
Earnings were affected by challenging shipping markets.
"Adjusting for non-recurring expenses would yield a balanced result," it said.
The owner has bought out KG shares of 20% in the 2,556-teu AS Palina and AS Petra (both built 2004), bringing its stake in the vessels to 100%.
Outlook uncertain but promising
MPCC added: "Despite the geopolitical environment and charter markets having proven difficult also into 2019, we foresee upticks in demand growth paired with limited supply growth for smaller vessel segments, in sum pointing towards a market rebalancing.
"In addition, IMO 2020 implications (eg scrubber retrofits, tank cleanings and slow steaming) and accelerated vessel demolition activity should curb supply growth even further."
Turning to trade wars, it said: "The outlook on global economic growth has recently been adjusted downwards due to risks such as weakening developed economies or a slowdown in China.
"Further, a major risk to container trade growth is an escalation of trade tensions, particularly between the US and China.
"The outcome is difficult to predict and while the downside risks are high, market sentiment is already driven by these uncertainties. If tensions ease off and situations normalise, there is certainly also an upside case."
MPCC said it was positioned to benefit from expected market improvements.
