The Nordic Investment Bank (NIB) has signed a 10-year loan agreement with ESL Shipping Oy to co-finance the construction of four IA ice-class Green Handy-sized vessels, according to the company's release.
The €45 million loan will contribute to the development of these ships, which are expected to enter service between the third quarter of 2027 and the first quarter of 2028.
The vessels are equipped with dual-fuel methanol engines and large methanol storage tanks, allowing operation entirely on green hydrogen-based e-methanol or biomethanol.
The vessels have an operating range of up to 10,000 nautical miles (18,520 kilometers).
Although the ships are designed for fossil-free green methanol, actual fuel use will depend on customer preferences and fuel availability.
ESL Shipping is currently in the process of setting Science-Based Targets Initiative (SBTi) targets to align its operations with climate science and increase fossil-free fuel usage.
ESL Shipping is a Finnish shipping company specializing in dry bulk cargo transportation in the Nordic and Baltic regions. The company operates a fleet capable of year-round operations, including ice-class vessels. ESL Shipping is a subsidiary of Aspo Oyj, a Finnish conglomerate focused on developing businesses with an emphasis on sustainability and long-term growth. ESL Shipping has been operating for over 75 years.
Aspo Oyj is a Finland-based conglomerate that owns and develops companies operating in demanding business-to-business sectors, particularly in logistics and industrial services. Aspo's portfolio includes ESL Shipping, Telko, and Leipurin.
Nordic Investment Bank (NIB) is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden.