ESL Shipping Oy

The loan co-finances dry bulk cargo company ESL Shipping Oy’s investment in four 1A ice-class, fossil-free fuel capable handy size cargo vessels.

The handies can and will operate on regular fossil fuel and can use also green methanol. Equipped with dual-fuel methanol engines and large methanol tanks, these ships can also run entirely on green hydrogen-based e-methanol or biomethanol, offering an operating range of up to 10,000 nautical miles (18,520 km) and significantly reduced fossil GHG emissions.

Developed in collaboration with Finnish ship designer Deltamarin and Swedish SSPA, they will be built at China Merchants Jinling Shipyard in Nanjing and enter service between Q3 2027 and Q1 2028.

ESL Shipping is a dry bulk cargo company operating in the Nordic-Baltic region. ESL Shipping Oy has been in business for more than 75 years and is a subsidiary of Aspo Oyj, a Finland-based conglomerate that owns and develops businesses with a focus on sustainability and long-term growth.

Productivity
The optimised hull & engine design and cargo hold configuration of these 17,000 tonnes ships significantly increase cargo intake capacity and energy efficiency. This is expected to benefit the forest, metals, mining, chemicals, and food industries in the Nordic region. These vessels can also carry wind turbine parts for offshore wind farms, enhancing cost competitiveness in Finland and Sweden.

Environmental
International shipping carries approximately 80% of all global trade from port to port and is also among the most efficient freight carrier with the lowest CO2 emissions per ton transported. At the same time, maritime transport accounts for 2–3% of GHG emissions and the sectors is hard-to-abate.

Supported vessels are net-zero ready technology wise, thus providing a potential to significantly reduce GHG emissions, and are technologically currently at the forefront of environmental performance in the market. Vessels also have good designed environmental features (such as EEDI, ballast and wastewater water treatment, etc.).

ESL Shipping is among the first movers in green methanol-based shipping and is in the process of setting Science-Based Targets Initiative (SBTi) targets to align operations with climate science and increase green methanol usage.

Expected impact:

Number of green e-methanol fuelled vessels: 4

Tonnage of ships: 17,000 tonnes for each ship

Annual efficiency rate per vessel: in the range from 11 to 0.6, as per biofuel percentage

CO₂ emissions per vessel: 378-7,190 tCO₂ annually, as per biofuel percentage

ESL Shipping is committed to sustainability and long-term growth, aligning its operations with climate science through the SBTi targets.