Aspo Plc subsidiary ESL Shipping has signed a €70m loan agreement with Svenska Skeppshypotek. The Helsinki-based company said the loan is a part of the financing of ESL Shipping’s investment in a series of four methanol-powered 17,000 dwt handysize vessels.

As informed, the loan has a maturity of 15 years, and it is expected to be drawn in 2027 and 2028. The new 1A ice class vessels can be operated fossil-free by using green methanol.

The total value of the four ships is around €186m, and this investment takes place during the years 2024-2028.

“We are delighted to continue our collaboration with Svenska Skeppshypotek in the financing of next-generation green ships. Partnering with a financial institution that possesses deep expertise in the maritime sector and a strong commitment to sustainable shipping is highly valuable,” said Mikki Koskinen, managing director of ESL Shipping.

The new vessels are built in Nanjing, China, at China Merchants Jinling Shipyard (Nanjing) Co, Ltd.

The vessels are scheduled to enter service starting from the third quarter of 2027. The fourth ship of this series is scheduled to enter service in the first half of 2028.

ESL Shipping Ltd has been in business for over 75 years and is a subsidiary of Aspo Plc. The combined fleet of ESL Shipping and AtoB@C Shipping consists of over 40 vessels with cargo capacity ranging from 4,000 to 25,000 dwt.