EMEA News
Bunker Savings Help Baltic Cargo Carrier Boosts Profits
Baltic bulk cargo carrier ESL Shipping Ltd. (ESL) turned a €1.8 million ($2.5 million) profit in the third quarter of 2013, after breaking even in the same period last year, thanks partly to reduced fuel consumption, ESL's parent company, Aspo Group, said in its Q3 earnings report.
"ESL Shipping significantly improved its operating profit, even though the international cargo price level continued to be weak and the market only improved slightly," Aspo Group said.
"Profitability was improved by concentrating on reducing fuel consumption, making operations more efficient, and new customers."
ESL's net sales rose to €17.5 million (24.1 million) for the quarter, up from €15.4 million ($21.2 million) a year earlier.
The company optimised vessels' schedules and speeds to reduce fuel consumption and otherwise took steps to reduce costs.
Aspo also said ESL has received approval for government subsidies to help prepare ships for new sulfur limits that go into effect in the European Emissions Control Areas (ECAs) in 2015.
It also said the shipping company has received permits to operate in the Northern Sea Route (NSR).
"Decisions on shipping in the area and its schedule depend on the progress of customer projects," the company said.
ESL carries raw materials for power generation, steel, and chemical industries and calls itself "the leading carrier of dry bulk cargoes in the Baltic region," according to its website.
