ESL Shipping inks loan deal with Svenska Skeppshypotek
Baltic dry bulk cargo carrier, ESL Shipping, a subsidiary of Finnish conglomerate Aspo Oyj, has announced that it has signed a EUR 70 million loan agreement with Svenska Skeppshypotek as part of the financing of ESL Shipping’s investment in a series of four methanol-powered 17,000 dwt handysize vessels.
The combined fleet of ESL Shipping and its Swedish subsidiary AtoB@C Shipping AB consists of around 40 vessels with cargo capacity ranging from 4,000 to 25,000 dwt and a total deadweight capacity of over 330,000 tonnes.
The new vessels are being 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, with the fourth ship of this series scheduled to enter service in the first half of 2028.
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.
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 total value of the four ships is approximately EUR 186 million, and this investment takes place during the years 2024–2028.
The loan with Svenska Skeppshypotek has a maturity of 15 years, and it is expected to be drawn in 2027 and 2028.
ESL Shipping is a company that has a strong focus on its customers through long-term strategies and a forward-leaning attitude towards technical developments and the green transition. The company is also very important for the Finnish and Swedish industries, and the new vessels will be at the forefront of the net-zero emission race. These are all attributes Svenska Skeppshypotek looks for in a partner, said Arne Juell-Skielse, CEO of Svenska Skeppshypotek.
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