ESL Shipping, a subsidiary of Aspo, has signed a loan agreement of 20 million euros with Nordic Investment Bank as part of an investment in a hybrid electric vessel


Aspo’s subsidiary, ESL Shipping, has signed a €20 million loan agreement with Nordic Investment Bank (NIB). The term of the loan is 10 years. The loan is part of financing ESL Shipping’s investment in a series of six new energy-efficient 5,350 dwt hybrid-electric vessels, a project first announced in September 2021.

The new Ice Class 1A hybrid-electric vessels lead the market in terms of cargo capacity, technology and innovation. Greenhouse gas emissions, including CO2, from new ships will decrease by almost 50% compared to existing ships, making them the most efficient ships in the world in their size class. The ships’ batteries, the electricity solution on land and the hybrid electric use allow stopovers completely emission-free and noise-free. Ships can also arrive and leave the port with only electric power.

“We are delighted that this loan agreement has been signed with Nordic Investment Bank, an organization that shares our values ​​and our commitment to providing sustainable solutions. We are moving towards fossil-free shipping, and ESL Shipping is determined to remain an industry forerunner in this aspect as well,” says Mikki Koskinen, Managing Director of ESL Shipping.

“With this loan, we are supporting the decarbonisation of the shipping industry, enabling a broader value chain impact on environmentally friendly transport. ESL Shipping demonstrates increased capacity and productivity, while supporting the transition to a low-carbon future,” said André Küüsvek, President and CEO of NIB.

The new vessels will be built at the Chowgule and Company Private Limited shipyard in India. The first ship will enter service from the third quarter of 2023.
Source: Aspo Oyj

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