ESL Shipping signs 70 MEUR loan agreement with Svenska Skeppshypotek

ESL Shipping has signed a EUR 70 million loan agreement with Svenska Skeppshypotek. 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. The loan has a maturity of 15 years, and it is expected to be drawn in 2027 and 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,” says Mikki Koskinen, Managing Director of ESL Shipping.

”ESL Shipping is a company that has a strong focus on its customers through long-term strategies and a forward-leaning attitude towards technical developments and the green transition. The company is also very important for the Finnish and Swedish industries, and the new vessels will be at the forefront of the net-zero emission race. These are all attributes Svenska Skeppshypotek looks for in a partner”, says Arne Juell-Skielse, CEO of Svenska Skeppshypotek.

The new 1A ice class vessels can be operated fossil-free by using green methanol and are top of the market in terms of cargo capacity, technology and innovation. The total value of the four ships is approximately EUR 186 million, and this investment takes place during the years 2024–2028. 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.