Serious technical problems with cranes slowed down the deployment of ESL Shipping’s new LNG-fueled bulk carriers, the Finland-based shipping company, part of the ASPO Group, stated. The problems in the conventional mechanics of high-power cranes, which are subject to warranty, have significantly interfered with the efficient operations of both vessels.
The two handy size dry bulk cargo vessels Haaga and Viikki, are the first of their kind to be LNG-ran and were delivered to the company in 2018.
The problems that arose, resulted to a crucial loss of income for the company and extra costs.
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The repairs are expected to be completed at the first quarter of 2019. Until the vessels are repaired, they will not operate fully efficiently as it was expected.
Aki Ojanen, CEO of ASPO Group stated that they are satisfied with the energy and environmental efficiency systems that the new vessels have.
Yet, the delay in both vessels’ delay in overall development, was shown in the company’s financial results for 2018 that represent that ESL Shipping improved its profitability during the year.
The company’s operating profit reached the 15.1 million euros in 2018, an increase of 11.9% when compared to 13.5 million millions reported in the twelve-month period in 2017.
According to the company, the net sales rose in Q4, due to higher transportation volumes, the completion of the new vessels and the increase in the vessel capacity through the acquisition of Swedish shipping company AtoB@C.
As part of its growth strategy, ESL Shipping completed the acquisition of AtoB@C on August 31, 2018.
Because of the acquisition and the addition of the new two vessels, the company’s capacity rose.
Finally, at the end of the financial year, ESL Shipping’s fleet consisted of 49 vessels with a total capacity of 464,000 dwt. Of the vessels, 22 are wholly-owned, two are minority-owned, one is leased and the remaining 24 are time-chartered.
