Finland's ESL Shipping has posted better profit for the fourth quarter, lifting its annual figure.
ESL Shipping's 15 bulkers produced operating earnings of EUR 5.2m ($5.92m) in the three months to 31 December.
The annual profit was up at EUR 16m from EUR 7.6m in 2013.
ESL Shipping said bulker rates were low, but its operations in the Baltic Sea are mainly based on long-term contracts.
ESL has continued to "significantly improve its efficiency and fuel economy, and increased transportation volumes of new highly profitable customers outside the Baltic Sea region."
ESL Shipping's two supramaxes operated in the Russian arctic during the autumn.
ESL Shipping vessels were fully employed during the fourth quarter and it chartered in a ship to respond to seasonal demand.