Home / Shipping News / International Shipping News / Aspo subsidiary ESL Shipping has signed EUR 20 million loan agreement with Nordic Investment Bank in relation to electric hybrid vessel investment

Aspo subsidiary ESL Shipping has signed EUR 20 million loan agreement with Nordic Investment Bank in relation to electric hybrid vessel investment

Aspo’s subsidiary ESL Shipping has signed EUR 20 million loan agreement with Nordic Investment Bank (NIB). The maturity of the loan is 10 years. The loan is a part of financing of ESL Shipping’s investment in a series of six new, highly energy-efficient electric hybrid 5,350 dwt vessels, a project first announced in September 2021.

New 1A ice class electric hybrid vessels are market leaders in terms of cargo capacity, technology and innovation. 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. 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. We are heading towards fossil-free shipping, and ESL Shipping is determined to remain an industry forerunner in this aspect, as well”, says Mikki Koskinen, Managing Director of ESL Shipping.

“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”, says André Küüsvek, NIB President and CEO.

The new vessels will be built at Chowgule and Company Private Limited shipyard in India The first vessel will enter service starting from the third quarter of 2023.
Source: Aspo Oyj

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