Bulker strength failed to compensate for tough tanker markets as Danish owner Norden fell to a loss in the third quarter.
The adjusted net deficit was $11.6m, against a $3.7m profit in the same period of 2017.
Revenue was up at $621.9m, compared to $460m, but costs rose.
CEO Jan Rindbo said good dry operations could not make up for the "severe headwinds we are facing in the tanker market."
