Finnish bulker owner ESL Shipping has seen earnings slip in the second quarter, but it has been insulated from poor markets by contract coverage. Operating profit to 30 June was EUR 2.5m ($2.78m), down from EUR 2.7m in the same period of 2014. Finnish bulker owner ESL Shipping transported 2.4m tons of cargo, down from 2.7m tons a year ago, while revenue was lower at EUR 18.2m against EUR 19.2m.
Finnish bulker owner ESL Shipping said this was due to lower capacity after it redelivered a time-chartered vessel, as well as ship dockings.Rates continued to be at a historically low level, but stopped falling toward the end of the review period, it added. Supramax numbers were lower than in the corresponding period of the previous year, "but still satisfactory, considering the market situation," it said. Several volume contracts that supplement contractual traffic were signed this year, including in the Russian arctic territory.
Finnish bulker owner ESL Shipping added "ESL is aiming to expand into areas where it can make use of the independent load-handling capacity and ice-strengthening of its vessels, expand its area of operation and reduce the impact of seasonal and industrial cycles."