Wallenius Wilhelmsen posted lower profit in the fourth quarter as its ocean segment lagged, but is still considering cutting its first dividend since its 2017 merger.
The Oslo-traded company posted $45m profit for the last three months of 2018, down from $86m a year ago.
It attributed the dip to lower revenue from its ocean segment, as it collected lower net freight, alongside increasing bunker prices and a weaker market overall.
On land, Wallenius Wilhelmsen's revenue grew 8%.
“Results and operating margins for the fourth quarter was at a satisfactory level given the current market conditions but below the results we would like to see and deliver,” said chief executive Craig Jasienski.
Jasienski also said he was "delighted" to announce the dividend proposal of $0.06 per share.
It is also lining up another payout of up to $0.06 for a period limited in time up to the annual general meeting in 2020, but no longer than to 30 June 2020.
In total, the proposed dividend for 2018 is equivalent to $50m.
Ebitda came in at $168m in the fourth quarter, down 8% from the same period last year.
In addition to the fuel and market issues, the company cited "biosecurity issues" in Australia and New Zealand and weaker project cargo shipments in the Atlantic. The company did say it was seeing slight improvements in the cargo mix.
