Finland. ESL Shipping Oy

Date of agreement:21 Jun 2022
Customer:ESL Shipping Oy
Amount in EUR:EUR 20 million
Maturity:10 years
NACE sector / loan type:Water transport

This loan contributes to climate change mitigation: 100%


NIB has provided a loan to the Finnish company ESL Shipping Oy (ESL). The loan will finance the company’s investments in six new dry bulk carriers.

ESL Shipping is specialised in transporting dry bulk in the Nordic-Baltic region and all ESL’s vessels are certified to the highest ice class. The main customers are Nordic companies in the steel, minerals, forest, food chain, and energy sectors.

The company is investing in new bulk carriers to increase capacity and energy efficiency. The emissions are estimated to decrease by approximately 40-50 % per loaded cargo tonne compared to the existing fleet due to the improved energy efficiency. The new vessels will be hybrids, with the fuel mix consisting of low-sulphur marine gas oil, biodiesel, and a battery pack.

The borrower, ESL Shipping, is a dry bulk cargo company operating in the Nordic-Baltic region. ESL Shipping’s competitive edge is based on its ability to secure product and raw material transportation for industries and energy production all year around, even in difficult weather conditions. The shipping company loads and unloads large ocean liners at sea as a special service. ESL Shipping Oy has been in business for more than 70 years and is a subsidiary of Aspo Oyj.

Fulfilment of NIB's mandate


The increase in capacity will support the productivity of transport services in the region. This supports the cost competitiveness of the sectors the company works with, including forest, metal, and mining.


The new vessels will represent best practise, are more energy efficient, and the fuel consumption will be optimised. This will help to reduce greenhouse gas emissions and local air emissions in the Baltic Sea environment.

Sustainability summary

NIB has not identified any significant sustainability concerns.

Press release

NIB finances ESL Shipping’s investment in electric hybrid vessels

Press release

NIB rahoittaa ESL Shippingin investointeja sähköhybridialuksiin