Christoph Toepfer-led Borealis Finance has seen red in the third quarter as the fleet's idle days increased.
The net loss in the period was $2.12m, versus a profit of $2.75m in 2018.
Revenue from the 25 boxships and three bulkers dropped to $20.94m, from $26m the year before.
It logged 193 idle days, against just three in 2018.
