ESL profit warming up

Finland’s ESL Shipping has posted a bigger profit thanks to a milder winter in the Baltic.

The bulker owner said results had been “excellent for a winter season”, being largely ice-free and so cutting fuel bills.

Operating profit reached EUR 3.3m ($4.58m) to 31 March, against EUR 0.5m in the same period of 2013.

Its 15 ships brought in revenue of EUR 21.2m, up from EUR 19.4m the year before.

But freight rates fell from the previous quarter and are at a “low level,” it added, although it described earnings for its two supramaxes as “highly satisfactory.”

Cargo volume was 2.7m tons, up from 2.6m tonnes in 2013.