Aspo’s subsidiary booked a gain of EUR 2.7m ($3.6m), marking a slight increase of 1.2% compared to one year prior, while revenue reached EUR 19.2m, from EUR 18.8m in 2013.

ESL’s main activities during the second three-month period took place in the Baltic and the North Sea.

The volume of cargo carried between April and June amounted to 2.7m tonnes, on a par with the corresponding period.

Guidance for the remainder of the year is positive and profit is expected to grow further.

ESL has recently signed its first contracts for transports in the Russian Arctic area, while legal action will be taken against Indian shipyard ABG due to compensation for repairs made to the 20,499-dwt Alppila (built 2011).

Aki Ojanen, Aspo’s chief executive, said: “We are undergoing a new dynamic phase and our long-term development is starting to become visible. ESL’s result was strong is spite of very weak international freight rates.”