No errors in log.
I am getting same logs with progressive command as flip command (flip command executes successfully).
We can open dam_update_asset workflow and configured "EPS thumnails (Poered by imagemagick)" step and configured the below command for progressive image.
"C:\Program Files\ImageMagick-7.0.8-Q16\convert.exe" -strip -interlace Plane -quality 60 ./${filename}./${basename}.progressive.jpg
Note: Please make sure to setup the path variable of imagemagick in your local system.