Aspo subsidiary ESL Shipping confirms an additional order for five electric hybrid vessels and establishes a shipping pool

Aspo Plc

August 23, 2022 at 7 p.m.

Inside information

Aspo subsidiary ESL Shipping confirms an additional order for five electric hybrid vessels and establishes a shipping pool

ESL Shipping’s subsidiary AtoB@C Shipping declares an option and order for five additional vessels from the Indian shipyard Chowgule & Company Private Limited, from which the shipping company has previously ordered seven identical electric hybrid vessels. Of the series of 12 new-generation electric hybrid vessels, every other vessel is sold to a company formed by a group of investors. As previously announced, the total amount of ESL Shipping's own investment will remain at the size of six vessels and approximately EUR 70 million.

The first two of the new vessels are already under construction, and the planned delivery of the first vessel is scheduled for the third quarter of 2023. The planned delivery of the last vessel is scheduled for the second quarter of 2026.

As announced earlier, ESL Shipping will establish a long-term GreenCoaster pool for energy efficient electric hybrid vessels together with a group of investors consisting of institutional and private investors.

A pooling structure is a model commonly used in the international shipping business for the ownership and operation of vessels. The forthcoming GreenCoaster pool will accelerate the growth, profitability and return on capital of ESL Shipping's business. The pool will also form the first phase of the shipping company’s new low-carbon growth strategy that utilizes investor funding and pooling structure.

AtoB@C Shipping will act as the manager of the pool and all vessels in the pool will be placed as part of the shipping company's existing and growing contract traffic. The investor company is offered complete services related to the construction and maintenance of the vessels on a turnkey basis.

Aspo Plc



Rolf Jansson

CEO



Further information, please contact:

Rolf Jansson, CEO, Aspo Plc, tel.  264

Mikki Koskinen, Managing Director, ESL Shipping, tel. 1



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Nasdaq Helsinki        

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Aspo creates value by owning and developing its businesses responsibly in the long term. The target of the owned businesses is to be the market leaders in their respective fields. The businesses are responsible for their operations, customer relationships and their development, aiming to reach a leading position in sustainability. Aspo supports the success and growth of its businesses through its best capabilities. Aspo Group has business operations in 18 different countries, and it employs approximately 900 professionals.