Aspo Group’s subsidiary ESL Shipping is bolstering its fleet with a series of four new, fossil-free handysize vessels.
The Helsinki-based company will invest around €186m to build the four new 1A ice-class vessels but said it has the option to expand the order with several ships.
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.
As informed, the new vessels can be operated entirely fossil-free by using green hydrogen-based e-methanol or biomethanol.
Finnish ship designer Deltamarin has worked closely with ESL Shipping on the concept design of the new vessels and, under the new contract, will continue to provide support throughout the entire design lifecycle until the project’s completion.
As it is reported by Deltamarin, the vessels are optimized for key trade routes on the Baltic Sea region and transatlantic crossings, with the flexibility to operate on large lakes in the United States and Canada.
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.
“This investment is fully aligned with Aspo’s portfolio vision and financial ambition as communicated on Aspo’s capital markets day on May 14, 2024. ESL Shipping aims to be at the forefront in supporting its industrial partners towards delivering entirely fossil-free products and services. This investment in fossil-free handysize vessels is a natural step to take now, when the still ongoing investment in low-emission hybrid coasters has proven to be highly successful”, says Rolf Jansson, CEO of Aspo and chairman of the board of ESL Shipping.
ESL Shipping has reported that -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,” the company said.
