ESL Shipping is building a series of four new, fossil-free handysize vessels. These new 1A ice-class vessels are the top of the market in terms of cargo capacity, technology and innovation. The total value of the four ships is approximately EUR 186 million and ESL Shipping has the option to expand the order with several ships, according to the company's release.
The competitiveness of these next-generation vessels is based on increasing customer preference towards fossil-free cargo solutions over time, market-leading energy efficiency, efficient and flexible cargo space design and lower operating costs. The new vessels can be operated entirely fossil-free by using green hydrogen-based e-methanol or biomethanol.
The vessels will be built in Nanjing, China at China Merchants Jinling Shipyard (Nanjing) Co, Ltd. and they will enter service between the third quarter of 2027 and the first quarter of 2028.
The design of the vessels and comprehensive model tests have been carried out together with leading Finnish ship designer Deltamarin Ltd and the Swedish SSPA model test facility. ESL Shipping has been closely involved in the design of the vessels to ensure that they are fully tailored to meet local customer needs. The majority of key equipment, such as powertrain including battery hybrid drive, cargo handling equipment and many other leading technologies come from European companies.
ESL Shipping has strengthened its balance sheet by an equity injection of EUR 45 million as communicated previously on February 8, 2024. In connection with the vessel order, the possibilities of using various ship ownership and financing solutions to accelerate business growth and expand the service will be explored. This may include, among others, pooling as a financial instrument, already successfully used by ESL Shipping when financing the hybrid coaster vessels.
ESL Shipping is the leading 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 75 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 25,000 dwt.