Photo: Aspo Plc

ESL Shipping receives $21M for electric hybrid vessels

Finnish shipping company ESL Shipping, part of Aspo, has signed a €20 million ($21 million) loan agreement with Nordic Investment Bank (NIB).

As informed, the 10-year loan will support ESL Shipping’s investment in a series of six new energy-efficient electric hybrid 5,350 dwt vessels, a project first announced in September 2021.

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The greenhouse gas emissions, including CO2, of the new vessels, will decrease by almost 50% compared to existing ships, making the vessels the most efficient in the world in their size class, ESL Shipping claims.

The vessels’ battery packs, shore-side electricity solution and electric hybrid use enable completely emission-free and noise-free port calls. Ships can also arrive and leave the port with only electric power.

“We are pleased to have this loan agreement signed with Nordic Investment Bank, an organization that shares our values and commitment to driving sustainable solutions,” Mikki Koskinen, Managing Director of ESL Shipping, commented.

“With this loan, we support the decarbonisation of the shipping industry, enabling wider value chain impact on environmentally friendly transportation. ESL Shipping is demonstrating increased capacity and productivity, while at the same time supporting the transition towards low-carbon future, André Küüsvek, NIB President and CEO, said.

The new vessels will be built at Chowgule and Company Private Limited shipyard in India. The first unit is planned to enter service in third quarter of 2023.

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