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

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Aspo Oyj

Aspo Plc
Inside information
June 21, 2022 at 9:30 a.m.

Aspo subsidiary ESL Shipping has signed a €20 million loan agreement with Nordic Investment Bank compared to investment in electric hybrid vessels

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.

Aspo Plc

Rolf Janson
CEO

For more information, please contact:
Keijo Keränen, Group Treasurer, Aspo Plc, +358 400 955 821, [email protected]
Mikki Koskinen, Managing Director, ESL Shipping tel. +358 50 351 7791, [email protected]

DISTRIBUTION:
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www.aspo.com

Aspo creates value by owning and developing business in a sustainable and long-term manner. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these to lead the way in sustainability. Aspo supports the profitability and growth of its businesses with the right capabilities. The Aspo Group has businesses in 18 different countries and employs a total of around 930 professionals.

ESL Shipping together with its wholly owned subsidiary [email protected] Shipping is the leading dry bulk and cargo carrier in the Baltic Sea with a fleet of 48 vessels ranging from 3,000 to 56,000 deadweight tons. In 2021, the Group’s turnover was 191 MEUR and an operating result of 26.8 MEUR. ESL Shipping is part of the Aspo group.

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