ESL Shipping secures funds for LNG-fueled newbuilds

Helsinki-based ESL Shipping on Thursday signed a deal with the OP Corporate Bank to finance its two LNG-fueled handysize dry bulk carrier newbuildings. 

Under two separate agreements, the OP Corporate Bank will provide loans totaling €50 million (Approx. US$53 million) with a loan period of seven years.

The company’s total investment in the two vessels is approximately €60 million with the European Union providing up to €5.9 million in the period from 2016 to 2019 with €2.1 million to be paid in 2016.

According to ESL Shipping, the two 25,600 DWT LNG-fueled bulkers being built by Jinling Shipyard, in Nanjing, China, will be the first of their kind in the world.

The design and construction work is made together with the Finnish designer Deltamarin, as the vessels are based on Deltamarin’s B.Delta26LNG design.

The delivery is scheduled for 2018 and both vessels will be operating in the northern Baltic Sea.

1 EUR = 1.05915 USD

LNG World News Staff