Hamburg shipping asset manager MPC Capital has logged a "significantly lower" profit in the third quarter.
Earnings before tax were EUR 0.1m ($0.11m) , against EUR 1.3m in the same period of 2017.
Revenue was up 18% at EUR 10.5m.
Boxship owner MPC said that, in contrast to previous years, no significant revival in transaction activity is expected in the final quarter of 2018.
"Investors are acting more cautiously - both on the buy and sell side," it added.
"Nevertheless, MPC Capital is sticking to its medium to long-term growth targets on the basis of a well-filled project pipeline."
The company has adjusted its forecast for the full year due to delays in project completion.
It expects consolidated sales of between EUR 40m and EUR 42m and a slightly positive pre-tax profit.
