Image credit: Containerships plc

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Finland's Containerships plc reports that its fleet of vessels purchased 78,900 tonnes of bunker fuel in the Baltic and Mediterranean regions in 2017.

In the Baltics, the group bought 62,600 tonnes of marine fuel, which was 79.3 percent of the total amount ordered.

In the Mediterranean, meanwhile, 16,300 tonnes were purchased, which was 20.7 percent of total vessel fuel costs.

Containerships seeks to mimimize the risk of oil price fluctuations by entering into hedging agreements and including bunker price clauses in its contracts with customers.

The group confirmed that it has already hedged against price changes until June 2018.

In its key financial results for 2017, Containerships posted a net income of EUR 0.2 million, which was an improvement on the previous year's loss of EUR 1.4 million.

Earnings before interest, taxes, depreciation and amortization (EBITA) rose by EUR 1.3 million, or 9.3 percent, to EUR 15.2 million.

Net sales for the period grew by EUR 28.8 million, or 14.6 percent, to EUR 226.7 million.

The improved results were achieved despite an operating environment in which "the sharp increase in bunker prices during the last quarter of 2017 impacted directly on the Group's operating expenses".