Image: ESL Shipping

21 Jun 2022

NIB finances ESL Shipping’s investment in electric hybrid vessels

NIB has signed a ten-year EUR 20 million loan agreement with the Finnish dry bulk cargo company ESL Shipping Oy (ESL). The loan will finance the company’s investments in six new dry bulk carriers. 

The company is investing in new bulk carriers to increase capacity and energy efficiency. The new vessels will be electric hybrids and the aim is to reduce CO2 and harmful air emissions with the fuel mix consisting of low-sulphur marine gas oil, biodiesel, and a battery pack. The CO2 emissions per cargo unit transported will decrease by 40-50% comparing to the existing ships.

“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.

“We are pleased to have this loan agreement signed with Nordic Investment Bank, an organisation 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.

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.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact
Eva Nickull, Senior Banker, at +358 10 618 0306,

Lotta Forssell, Senior Communications Officer, at +358 10 618 0498,

Related resources

21 Jun 2022

ESL Shipping Oy

EUR 20 million