As communicated on February 8, 2024, Varma Mutual Pension Insurance Company had agreed to co-invest EUR 15 million alongside OP Finland Infrastructure LP in ESL Shipping, a subsidiary of Aspo Plc. The co-investment by Varma follows the same valuation and terms as OP Finland Infrastructure’s EUR 30 million investment in ESL Shipping, announced on November 8, 2023, according to the company's release. Both transactions have been completed on February 28, 2024.
ESL Shipping is a carrier of dry bulk cargoes in the Baltic region. ESL Shipping’s competitive edge is based on its ability to responsibly secure product and raw material transportation for industries and energy production all year around, even in difficult weather conditions. The shipping company loads and unloads large ocean liners at sea as a special service. ESL Shipping Ltd has been in business for over 70 years and is a subsidiary of Aspo Plc. The combined fleet of ESL Shipping and AtoB@C Shipping consists of over 40 vessels with cargo capacity ranging from 4,000 to 56,000 dwt.
Aspo Group has businesses in 18 different countries, and it employs a total of approximately 800 professionals.
OP Finland Infrastructure LP is a fund investing in Finnish infrastructure. The fund is managed by OP Group. The fund has committed capital of some EUR 260 million from Finnish investors.