Inside information: Aspo subsidiary ESL Shipping builds a series of fossil free handy sized vessels to serve the Nordic green transition
09 October 2024 - 5:45PM
UK Regulatory
Inside information: Aspo subsidiary ESL Shipping builds a
series of fossil free handy sized vessels to serve
the Nordic green transition
Aspo Plc
Inside information
Stock Exchange Release
October 9, 2024 at 09.45 am
Inside information: Aspo subsidiary
ESL Shipping builds a series of fossil free handy
sized vessels to serve the Nordic green
transition
ESL Shipping, a subsidiary of Aspo Group, builds a series of
four new, fossil free handy sized vessels. These new 1A ice class
vessels are top of the market in terms of cargo capacity,
technology and innovation. The total value of the four ships is
approximately EUR 186 million and this investment will take place
during the years 2024–2028. ESL Shipping has the option to expand
the order with several ships.
The competitiveness of these next generation ships is based on
over time increasing customer preference towards fossil free cargo
solutions. The new vessels can be operated entirely fossil free by
use of green hydrogen-based E-fuel, namely e-methanol. 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 loading capacity of the vessels is 17.000 tonnes (dwt),
length 150 meters, breadth 23,77 meters and shallow maximum draft
of 8,6 meters. 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.
The design of the ships and comprehensive model tests have been
carried out together with leading Finnish ship designer Deltamarin
Ltd and Swedish SSPA model test facility. ESL Shipping has been
from the beginning closely involved in the design of the vessels to
ensure that they are fully tailored to meet local customer needs.
Majority of major equipment, such as power train including battery
hybrid drive, cargo handling equipment and many other leading
technologies come from European companies.
" 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
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.
ASPO PLC
Further information, please contact:
Rolf Jansson, CEO, Aspo Plc, tel. +358 400 600 264
Mikki Koskinen, Managing Director, ESL Shipping tel. +358
50 351 7791
Aspo creates value by owning and developing
business operations sustainably and in the long term. Our companies
aim to be market leaders in their sectors. They are responsible for
their own operations, customer relationships and the development of
these aiming to be forerunners in sustainability. Aspo supports its
businesses profitability and growth with the right capabilities.
Aspo Group has businesses in 17 different countries, and it employs
a total of approximately 800 professionals.
Distribution:
Nasdaq Helsinki
Key media
www.aspo.com
- 2024_10_09_Inside information Aspo subsidiary ESL Shipping
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