ESL Shipping orders five more electric hybrid vessels 

ESL hybrid coaster
ESL Shipping Green Coaster, Source: SMB – NAVAL ARCHITECTS & CONSULTANTS

[email protected] Shipping, a Swedish subsidiary of ESL Shipping, has declared an option for the construction of five additional vessels at the Indian shipyard Chowgule & Company Private Limited.

The order, confirmed by ESL’s parent Aspo Group, comes on the heels of two contracts for a total of seven identical electric hybrid coasters, six signed in September 2021, and an additional one a month ago.

These new 1A ice class vessels will feature battery packs, shoreside electricity solutions and electric hybrid use to enable completely emission-free and noise-free port calls. The loading capacity of the vessels is 5,350 dwt, length is 90 meters, breadth 16 meters, and draft 6 meters.

ESL said that the ships will have 50% lower greenhouse gas emissions, including CO2, per cargo unit transported when compared to the existing ships.

The design work of the ships and comprehensive model tests have been carried out together with the Dutch-based SMB Naval Architects. 

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The first two of the new vessels are already under construction, and the planned delivery of the first vessel is scheduled for the third quarter of 2023. The planned delivery of the last vessel is scheduled for the second quarter of 2026.

As announced earlier, ESL Shipping plans to establish a long-term GreenCoaster pool for the vessels together with a group of investors consisting of institutional and private investors.

Of the series of 12 new-generation electric hybrid vessels, every other vessel is sold to a company formed by a group of investors.

The forthcoming GreenCoaster pool will accelerate the growth, profitability and return on capital of ESL Shipping’s business. The pool will also form the first phase of the shipping company’s new low-carbon growth strategy that utilizes investor funding and pooling structure,” Aspo said,

The total amount of ESL Shipping’s investment will remain at the size of six vessels and approximately €70 million ($ 69.6 million). The total investment is estimated to be €140 million.

[email protected] Shipping will act as the manager of the pool and all vessels in the pool will be placed as part of the shipping company’s existing and growing contract traffic.