ESL Shipping has entered into a €70 million loan agreement with Svenska Skeppshypotek, according to the company's release.
The loan will contribute to the financing of ESL Shipping’s investment in a series of four methanol-powered 17,000 dwt handysize vessels.
The loan has a maturity of 15 years and is expected to be drawn in 2027 and 2028.
“We are delighted to continue our collaboration with Svenska Skeppshypotek in the financing of next-generation green ships. Partnering with a financial institution that possesses deep expertise in the maritime sector and a strong commitment to sustainable shipping is highly valuable,” said Mikki Koskinen, Managing Director of ESL Shipping.
The new 1A ice-class vessels can be operated fossil-free by using green methanol and are top of the market in terms of cargo capacity, technology, and innovation.
The total value of the four ships is approximately €186 million, and this investment takes place during the years 2024–2028.
The new vessels are built in Nanjing, China, at China Merchants Jinling Shipyard (Nanjing) Co, Ltd.
The vessels are scheduled to enter service starting from the third quarter of 2027.
The fourth ship of this series is scheduled to enter service in the first half of 2028.
ESL Shipping is the leading carrier of dry bulk cargoes in the Baltic region. ESL Shipping loads and unloads large ocean liners at sea as a special service. The company has been in business for over 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.
Svenska Skeppshypotek is a Swedish financial institution specializing in providing financing solutions for the maritime industry. The organization focuses on supporting sustainable shipping initiatives and has a deep expertise in the maritime sector.