Ukraine's ocean fishing fleet saw around UAH 19 million of profit in 2015 (over $700,000), including UAH 9.5 million ($350,000) of dividends that will be paid to the country by the state fishing company.

The State Fishing Industry Agency of Ukraine said in a Tuesday press release that this is first profit that the state will receive from operations of the ocean fishing fleet since 1997. The state company paid its debts to foreign creditors in full.

"Profit was received thanks to resumption of control over state-owned Fishing Company and state enterprise Service and unblocking of their operations, which are the owners of ships. The companies resumed collection of freight payments, and the freight rate was increased by almost 40%, to the market level. Debts of one of the companies were fully repaid," the agency said, citing its head Yarema Kovaliv.

He said that since the moment of the signing of the agreement in 2004, the freight rate was revised only once and it was slightly increased.

The agency said that Ukrainian state companies registered in Crimea have not received funds under freight agreements since March 2014, and foreign freighter did not recognize Ukrainian directors and the country actually did not control its ships used in New Zealand. The debt for freight of Captain Rusak ship was $400,000, and for three other ships - $1.2 million.

"We held log negotiations with the freighter. Finally, control over Ukrainian fleet was returned, and freight rate was increased, and a possibility of revoking the contract under the initiative of the ship owner appeared. The conditions for credits were improved. In 2015, it was permitted to conduct reflagging. Due to amendments to New Zealand laws, ships under New Zealand's flag can receive quotas for fish catch in this area," Kovaliv said.

The agency said that the reflagging does not imply the change of the ship owner – Ukraine remain the owner of the fleet.