New Finnish Shipping Company Starts Operations

Aalto Shipping Company, a new Finnish shipping company, is kick-starting operations in the dry bulk market.

To this end, the company has acquired two ice-strengthened dry bulk carriers and has started operating them. The ships are planned to be moved under the Finnish flag over the coming months.

Aalto Shipping Company has time-chartered the vessels for several years ahead, the company added.

“The shipping company project restores tonnage to Finnish hands, since the vessels will operate under the leadership of Finnish officers. The ships acquired now are familiar farers of the Baltic Sea, and one of them previously served the Finnish paper industry for many years,” says Tatu Laurila, Managing Director of Aalto Shipping Company Oy.

The names of the two new vessels under the Finnish flag will be M/S Aurora and M/S Bothnia. The two 7,750 dwt vessels are sister ships built in the Netherlands in 2002.

The ships meet the Finnish ice class requirement 1A and can operate in difficult ice conditions year-round.

As informed, the shipping company is owned by Finnish financial service company Taaleri and its customers together with the acting management.

Taaleri has capitalized its ownership in the company through its co-investment concept whereby the company invests along with its customers from its own balance sheet.

“Our domestic shipping company project immediately aroused great interest among our customers. In our co-investment model, Taaleri carries the owners’ risk together with its customers. We have found highly competent people to take charge of the project,Jorma Alanne, Investment Director at Taaleri, said.