ESL Shipping orders e-methanol powered vessels

These 1A ice-class ships are designed with advanced technology and offer significant cargo capacity. The total cost of the project is estimated at around EUR 186 million, with completion expected between 2024 and 2028. ESL Shipping also has the potential to extend the order with additional ships.

The competitiveness of these next generation vessels is in addition a function of market leading energy efficiency, efficient and flexible cargo space design and lower costs to operate.  The new vessels will be built in Nanjing, China at China Merchants Jinling Shipyard (Nanjing) Co, Ltd. The vessels will enter service starting from the third quarter of 2027. The fourth ship of this series will enter service in the first quarter of 2028.

This investment in fossil free handy sized 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.

“Our strategy is based on sustainability leadership and our unique ability to develop and provide reliable infrastructure for the ice-bound Nordic green transition industries. We have developed these state of the art, highly flexible multi-fuel vessels in close cooperation with our industrial partners,” says Mikki Koskinen, Managing Director of ESL Shipping and Chairman of the Board of AtoB@C Shipping.

ESL Shipping has strengthened its balance sheet by an equity injection of EUR 45 million as communicated previously on February 8, 2024. 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 smaller hybrid coaster vessels. The actions and the timing will be done in line with Aspo’s portfolio strategy and financial targets.