Finnish conglomerate Aspo has announced a significant restructuring plan that involves integrating its shipping brand, ESL Shipping, into a newly formed company. As part of the restructuring, Aspo will create two distinct entities: Aspo Compounder and Aspo Infra, with the shipping operations slated to be incorporated into Aspo Infra. Aspo’s strategic reorganization is designed to optimize shareholder value, according to a recent press release from the company. Various strategies are being considered to achieve this goal, including a demerger, an Initial Public Offering (IPO), and the possibility of either full or partial sales of the business units. ESL Shipping, which specializes in handysize and coaster vessels, operates primarily in the Baltic Sea region. This division, along with its Swedish subsidiary AtoB@C Shipping, commands a fleet of over 40 bulk carriers, with capacities ranging from 4,000 to 25,500 deadweight tonnes (dwt). The restructuring aims to enhance operational efficiency and market responsiveness by aligning ESL Shipping under the Aspo Infra brand. 15-May-2024
The Helsinki-based Aspo Group’s maritime division, ESL Shipping, has reported a loss in Q1 2024, primarily due to port strikes and impairments related to ship sales. CEO Rolf Jansson-led shipowner and operator ESL Shipping faced decreased volumes during an exceptionally harsh winter. According to ESL Shipping, the severe winter conditions significantly impacted operations. Helsinki-listed Aspo Group’s maritime division, ESL Shipping, noted that domestic strikes and challenging ice conditions resulted in a financial impact of approximately USD 3.8m. 7-May-2024
The Aspo Group, based in Helsinki, is realigning its maritime division, ESL Shipping, with its strategic goal of providing carbon-neutral dry bulk shipping services. This move involves the divestment of its sole pair of supramax bulk carriers. ESL Shipping, a subsidiary of the Aspo Group, has successfully negotiated a transaction with HGF Denizcilik, a shipowning and operating firm based in Istanbul, for the transfer of its two supramax sister ships, the MV Arkadia and MV Kumpula, both constructed in 2012 with a capacity of 56K DWT. This sale is a key part of ESL Shipping’s announced strategy from last April to bolster the company’s green transition efforts. These efforts include securing additional funding for the acquisition of non-fossil fuel ships, attracting equity investments in ESL Shipping from minority stakeholders, and disposing of the firm’s two largest vessels. According to Rolf Jansson, CEO of Aspo Group and chairman of ESL Shipping, the transaction aligns seamlessly with ESL Shipping’s commitment to reducing carbon emissions, ensuring stable profitability, and liberating resources for the future strategic development of both Aspo and ESL Shipping. The transaction for the MV Arkadia and MV Kumpula is set to be finalized in April and May, respectively, with a combined sale price of $37.1 million. Post-sale, ESL Shipping intends to concentrate on managing handysize and coaster vessels within the Baltic Sea region. Together with its Swedish subsidiary, AtoB@C Shipping, ESL Shipping operates an extensive fleet of over 40 bulk carriers, with capacities ranging from 4K DWT to 25K DWT. The decision to sell these supramax carriers comes at a time when the traditional markets for these vessels in the Baltic Sea and the Arctic have evolved markedly. This strategic divestment is geared towards supporting ESL Shipping’s journey towards environmentally sustainable maritime operations and its goal to introduce carbon-neutral handysize bulk carriers into the market. 22-March-2024
The Helsinki-based Aspo Group’s maritime division, ESL Shipping, is setting its sights on new hybrid coastal cargo ships to enhance future profitability. ESL Shipping is navigating through subdued market conditions but anticipates that a new fleet generation will elevate its operational performance. The Finnish shipowner and operator, ESL Shipping, continues to face challenges with reduced trading volumes in northern Europe and Scandinavia. With a fleet of 43 bulk carriers, ESL Shipping is now witnessing some positive shifts in its principal markets. ESL Shipping reported an operating profit of $4.73 million in the Q4 2023, a decrease from $10.97 million in the previous year. Revenue also fell to $52.99 million from $68.04 million in 2022. The annual profit dropped to $8.92 million from $40.22 million. ESL Shipping noted that, despite facing extremely turbulent weather across most of Europe and Scandinavia and ongoing subdued activity in certain sectors, notably the forestry industry, its financial performance is on a recovery path from the second and third quarters. Cargo volumes dipped to 3.3 million tonnes from 3.8 million tonnes in the last quarter, affected by reduced shipments of energy coal and the decreased capacity of coaster bulk carriers. Typically, the final quarter marks the peak season for energy transportation; however, volumes were lower than usual due to the extraordinary circumstances of the previous year, including additional shipments to secure supplies after the onset of the conflict in Ukraine. ESL Shipping observed an improvement in freight market conditions as the year concluded. Looking forward, ESL Shipping anticipates its main markets to persist at a low level of industrial activity. Nevertheless, ESL Shipping expects steady demand from the steel industry, thanks to long-term partnerships. Adding to its strategic growth, ESL Shipping will incorporate a series of new hybrid-electric coastal bulkers, constructed in India, into its fleet in 2024. 17-February-2024
The pension fund has acquired a $19 million stake in Helsinki-based Aspo Group’s shipping arm ESL Shipping as part of an initiative to promote the use of low-carbon bulk carriers. Helsinki-based Mikki Koskinen-led shipowner and operator ESL Shipping has introduced Varma pension fund as a new shareholder. In a move towards environmental sustainability, ESL Shipping, a Finnish bulk carrier operator, has secured a second significant investment. Varma Mutual Pension Insurance Co has committed to invest $19 million, joining forces with the existing investor, OP Finland Infrastructure. As a result of this partnership, ESL Shipping will now have approximately $48.15 million at its disposal for the fleet’s eco-friendly overhaul, following OP Finland’s contribution of about $32.1 million in November of the previous year. 11-February-2024
Helsinki-based Aspo Group’s shipping arm ESL Shipping is actively transitioning its fleet with a focus on sustainability, as evidenced by its recent financial restructuring. The parent group of ESL Shipping, Aspo, has entered into a loan agreement amounting to $41.4 million. This funding is earmarked to refinance existing loans associated with two of their ships, both built in 2018. These two ships, notable for their 25K DWT ice-class and LNG-fuelled capabilities, represent ESL Shipping’s commitment to environmentally friendly maritime operations. The ships, MV Vikki and MV Haaga, are part of ESL Shipping’s fleet of 15 owned vessels, all of which boast ice-class status, with these two being dual-fuelled, operating on both traditional and LNG fuel. The Helsinki-listed Aspo specified that the new loan agreements with OP Corporate Bank are intended to replace loans of a similar size. This financial move underlines ESL Shipping’s strategic approach to managing its fleet’s financial and environmental aspects. By refinancing these loans, CEO Mikki Koskinen-led shipowner and operator ESL Shipping demonstrates its dedication to maintaining a modern, eco-friendly fleet while ensuring financial sustainability. Such decisions are increasingly important in the maritime industry, where environmental considerations are becoming paramount, and companies are seeking to balance ecological responsibility with economic viability. 23-December-2023
Helsinki-based Aspo Group’s shipping arm ESL Shipping is making significant strides in its efforts to expand its eco-friendly bulk carrier fleet with the help of a new investor. CEO Mikki Koskinen-led shipowner and operator ESL Shipping has entered into an agreement with OP Finland Infrastructure, where the investor will inject €30 million into ESL Shipping in exchange for new ESL Shipping shares. This investment is based on a pre-money equity valuation of €165 million, giving OP Finland Infrastructure a 15.38% stake in ESL Shipping. It also implies an enterprise value of €300 million for Finish shipowner and operator ESL Shipping. This move reflects ESL Shipping’s commitment to advancing its zero-emission bulk carrier initiatives. Currently headquartered in Helsinki, ESL Shipping maintains a fleet comprising 26 owned ships and an additional 22 chartered-in vessels. This extensive fleet enables ESL Shipping to engage in diverse shipping operations and efficiently meet the transportation requirements of its charterers. 8-November-2023
Helsinki-based Aspo Group’s shipping arm ESL Shipping has reported a drop in profits while working to secure new investments. CEO Mikki Koskinen-led ESL Shipping, specializing in Baltic Sea bulkers, recorded operating earnings of €4 million in the Q3 2023, a decrease from €9.8 million in the Q3 2022. Additionally, revenue experienced a 34% decline in the Q3 2023 compared to the all-time high of €43 million in the Q3 2022. Finnish shipowner and operator ESL Shipping continues to face challenges, including high time-charter costs in the Baltic region. Despite these hurdles, ESL Shipping is actively pursuing new investment opportunities to strengthen its position in the shipping industry. At present, ESL Shipping, based in Helsinki, operates a fleet consisting of 26 owned ships and an additional 22 chartered-in ships. This fleet allows ESL Shipping to engage in various shipping activities and cater to the transportation needs of its clients effectively. 2-November-2023
Helsinki-based Aspo Group’s shipping arm ESL Shipping is strategically expanding its presence in the renewable energy and project cargo sector by appointing Juha Ylitalo, a seasoned industry executive. Currently serving as the Head of Sales & Project Shipment Engineering at Rauma Cata, a domestic shipping firm, Juha Ylitalo will assume responsibilities for renewable energy and project transportation at Finnish shipowner and operator ESL Shipping starting from November 1st. With extensive expertise in the shipping industry and a background as a former master mariner, Juha Ylitalo brings a wealth of experience to his new role at ESL Shipping. CEO Mikki Koskinen-led ESL Shipping has made significant progress in the technical development of the next generation of handy-size and coastal dry cargo vessels. Currrently, Helsinki-based shipowner and operator ESL Shipping has a fleet of 26 owned ships and 22 chartered-in ships. 17-October-2023
Helsinki-based Aspo Group’s shipping arm ESL Shipping is getting closer to taking delivery of the first in a pioneering series of hybrid electric bulk carrier from Chowgule & Company Shipyard. Chowgule & Company Shipyard in India launched the 5K DWT MV Electramar this week, the first of 12 energy-efficient plug-in cargo ships. ESL Shipping managing director Mikki Koskinen expressed that the launching of MV Electramar is always a special moment in shipbuilding and the company is excited to see the hybrid electric bulk carrier in its real element for the first time. The parent company of ESL Shipping, Aspo Group, has also stated that they will be investing in environmentally friendly industrial and green energy projects in the Baltic Sea region, which they estimate to be worth tens of billions of dollars over the coming years. In August 2022, Finnish shipowner and operator ESL Shipping’s subsidiary AtoB@C Shipping ordered total twelve (12) coaster size electric hybrid bulk carriers at Chowgule & Company Shipyard. 21-June-2023
Helsinki-based Aspo Group’s shipping arm ESL Shipping’s plan to purchase a zero-emission handysize bulk carrier is contingent upon the availability of green fuel. The CEO of the Finnish bulker company, Mikki Koskinen, has unveiled the forthcoming stage of the fleet’s transformation. ESL Shipping has declared its plans to exit the supramax sector while simultaneously seeking a group of investors to purchase eco-friendly vessels. According to CEO Mikki Koskinen, ESL Shipping has made significant progress in the technical development of the next generation of handy-size and coastal dry cargo vessels. Currrently, ESL Shipping has a fleet of 26 owned ships and 22 chartered-in ships. 29-April-2023
Helsinki-based shipowner and operator ESL Shipping has announced plans to decarbonize its Baltic Sea operations by investing in zero-emission ships. To fund this transition, the ESL Shipping plans to sell some of its larger, more traditional ships and pool together funds from investors. The parent company of ESL Shipping, Aspo Group, has also stated that they will be investing in environmentally friendly industrial and green energy projects in the Baltic Sea region, which they estimate to be worth tens of billions of dollars over the coming years. As a result, ESL Shipping is expected to see substantial growth opportunities, which will require new financing models. 27-April-2023
Helsinki-based Aspo Group’s shipping arm ESL Shipping reported operating earnings of $9.6 million in Q3 2022. Mikki Koskinen-led ESL Shipping precautioned of difficulties ahead in shipping markets. Finnish shipowner and operator ESL Shipping is the top dry bulk freight company in the Baltic Sea area. ESL Shipping record third-quarter profit in 2022. Helsinki-based shipowner and operator ESL Shipping reported outstanding performance, particularly considering more mediocre shipping market circumstances and the historical transition of dumping freight flows from Russia due to the war in Ukraine. Currently, Finnish shipowner and operator ESL Shipping operates around 51 bulk carriers. 7-November-2022
Helsinki-based shipowner and operator ESL Shipping’s subsidiary AtoB@C Shipping has announced an option for five (5) more coaster size electric hybrid bulk carriers 5K DWT at the Chowgule & Company Shipyard. Finnish shipowner and operator ESL Shipping’s subsidiary AtoB@C Shipping ordered total twelve (12) coaster size electric hybrid bulk carriers. Mikki Koskinen-led ESL Shipping aims to create a new green fleet. Finnish Aspo Group’s shipping arm ESL Shipping cooperates with investors to launch first phase of its low-carbon strategy. Finnish shipowner and operator ESL Shipping”s subsidiary AtoB@C Shipping has added to the company’s string of innovative electric hybrid bulk carrier newbuildings in India. Furthermore, ESL Shipping’s subsidiary AtoB@C Shipping establishes a new electric hybrid bulk carriers pool. Currrently, ESL Shipping has a fleet of 26 owned ships and 22 chartered-in ships. 25-August-2022
Helsinki-based shipowner and operator ESL Shipping will have disengaged the company from all Russian trade by Q4 2022. Mikki Koskinen-led ESL Shipping’s operations in Russia have been suspended and bulk carriers will be transferred to other regions. Finnish Aspo Group’s shipping arm ESL Shipping’s agenda is dependent on the commitments of existing charter contracts. In March 2022, Finnish shipowner and operator ESL Shipping declared the company was shifting bulk carriers into other businesses as ESL Shipping aimed to cease Russian operations. Furthermore, Helsinki-based shipowner and operator ESL Shipping has stopped the start-up of a new office in St Petersburg. ESL Shipping will resume supporting the company’s long-term charterers from other trading regions. Finnish shipowner and operator ESL Shipping is the top dry bulk freight company in the Baltic Sea area. Finnish Aspo Group has condemned Russia’s military action in Ukraine. Finnish Aspo Group has two other subsidiaries: industrial chemicals supplier Telko and baking industry supplier Leipurin. Finnish Aspo Group has determined to withdraw from Leipurin’s operations in Russia, Belarus, and Kazakhstan. Currently, ESL Shipping controls around 51 ships. 26-April-2022
Helsinki-based shipowner and operator ESL Shipping has joined Botnia Link H2 as the first customer shareholder. Botnia Link H2 will produce hydrogen as a bunker at the port of Lulea. Finnish Aspo Group’s shipping arm ESL Shipping and Botnia Link H2 partnership aim toward fossil-free shipping. Finnish shipowner and operator ESL Shipping joins Uniper, ABB, and Lulea Energi in the project. Botnia Link H2 backers assess the Lulea hub could decrease CO2 emissions in Sweden by up to 235K tonnes annually. The vision is to plant and sell green hydrogen for the shipping industry. Industrial collaborations like Botnia Link H2 are critical to reducing CO2 emissions. Every year, Helsinki-based Aspo Group’s shipping arm ESL Shipping transports more than 5.5 million tonnes of dry bulk cargoes from Lulea Port, Sweden. Finnish shipowner and operator ESL Shipping has already financed more than $217 million towards the company’s foremost plan of delivering fully fossil-free shipping. In Botnia Link H2, associates want to create a hub that can deliver hydrogen directly to the ships. 13-April-2022
Helsinki-based Aspo Group’s shipping arm ESL Shipping discontinues Russian operations. Mikki Koskinen-led ESL Shipping commenced moving bulk carriers into other businesses as the company discontinues Russian operations. Furthermore, Finnish Aspo Group’s shipping arm ESL Shipping terminated the Russian subsidiary plans and canceled the office in St Petersburg. Helsinki-based shipowner and operator ESL Shipping will resume supporting long-term charterers in other trading locations. ESL Shipping will be focusing on the Western dry bulk markets in the future. ESL Shipping is the leading shipowner in the Baltic Sea area. Currently, Finnish shipowner and operator ESL Shipping operates around 51 bulk carriers. 10-March-2022
Finnish Aspo Group’s shipping arm ESL Shipping laid up its bulk carriers and redelivered chartered-in bulk carriers due to the post-coronavirus recession in Q2 2020 due to the huge slowdown in bulk cargo demand. In Q2 2020, ESL Shipping reported that cargo volume dropped to 3 million metric tones from 4 million metric tones in Q2 2019. Currently, as a result of improved cargo demand in Q3 2020, ESL Shipping has a positive outlook and ESL Shipping has been estimating an operating profit of $14 million at the end of 2020. During the Q1 and Q2 2020, ESL Shipping has suffered critically from declines in heavy industrial production capacity in the Atlantic market. ESL Shipping’s result is calculated to be negative in Q3 2020. However, Q4 2020 is calculated to be profitable due to increasing bulk cargo transportation demand. Currently, Helsinki based shipowner and operator ESL Shipping has a fleet of 8 bulk carriers and 3 tug boats. 12-September-2020
Finnish shipowner and operator ESL Shipping has been laying up bulk carriers. Furthermore, ESL Shipping has been handing back chartered in bulk carriers due to a significant drop in bulk cargoes during the coronavirus recession. In Q2 2020, Helsinki based shipowner and operator ESL Shipping carried around 4 million tonnes versus 3 million tonnes in Q2 2019. In Q2 2020, ESL Shipping reported an operating profit of €0.6 million and a revenue of €32.9 million due to lower demand for dry bulk shipping. In Q2 2020, ESL Shipping laid-up one (1) bulk carrier and will redeliver three (3) time-chartered bulk carriers to shipowners at the end of the charter-party. Furthermore, ESL Shipping is planning to lower the time charter rates at the end of the contracts. The coronavirus recession had a vital impact on the demand for dry bulk shipping especially in ESL Shipping’s main businesses in Northern Europe. In Q2 2020, ESL Shipping moored one (1) supramax bulk carrier and another one will be moored soon. In Q3 2020, ESL Shipping expects to be more distressed in dry bulk markets and weak results. ESL Shipping’s main charterers will significantly decrease their production. In Q4 2020, ESL Shipping expects the steel industry will return to normal production levels. ESL Shipping has a fleet of 26 owned ships and 22 chartered-in ships. 15-August-2020
Helsinki based shipowner and operator ESL Shipping is planning to build its presence in the Baltic Sea sector. Mikki Koskinen led ESL Shipping increased earnings in Q3 2019. ESL Shipping reported an operating profit of Euro 4.4 million in Q3 2019, from Euro 4 million in Q3 2018. ESL Shipping reported a revenue of Euro 43.4 million in Q3 2019, from Euro 30.6 million in Q3 2018. In September 2018, Finnish shipowner and operator ESL Shipping acquired Swedish shipowner and operator AtoB@C. Furthermore, ESL Shipping took delivery of two (2) LNG-powered bulk carriers. ESL Shipping has been actively investigating different opportunities to have a broader presence in growing markets in the Russian Arctic. Cargo volumes carried during Q3 2019 is reached 4.2 million tons, from 3.4 million tons in Q3 2018. Finland based shipowner and operator ESL Shipping is a parent company of conglomerate Aspo. According to Aspo CEO Aki Ojanen, ESL Shipping’s goal is to further improve the company’s position as the leading and the environmentally-friendliest shipping company in the Baltic Sea. New LNG-fuelled bulk carriers and investment of AtoB@C had a positive impact on ESL Shipping’s operating profit. However, there are signs of weak demand in ESL Shipping’s main sector. Currently, ESL Shipping owns nine (9) bulk carriers and three (3) tug boats. ESL Shipping operates around 50 vessels. 3-January-2020
Helsinki-based shipowner and operator ESL Shipping reported an operating profit of $2.5 million in Q1 2020. ESL Shipping reported revenue of $46.6 million in Q1 2020. Finnish Aspo Group’s shipping arm ESL Shipping states pandemic provoked important differences in Q1 2020. Mikki Koskinen-led ESL Shipping has boosted supplementary funds after taking a significant hit from the pandemic in Q1 2020. Helsinki-based shipowner and operator ESL Shipping’s operating circumstances worsened during Q1 2020. ESL Shipping’s revenue was decreased due to a drop in raw material prices and dry bulk charter rates in the shipping business. Dry bulk charter rates were particularly affected by the restraints caused by the pandemic in China. Finnish Aspo Group had allocated new capital securities worth around $21.8 million at a fixed interest rate of 8.75%. Finnish Aspo Group embarked on an offer to buy back the outstanding $27.8 million, 6.75% issue sold in May 2016. Furthermore, Finnish Aspo Group’s shipping arm ESL Shipping was considering whether and when to pay its 2019 dividend of $0.12 per share. 28-April-2020
Helsinki based shipowner and operator ESL Shipping has acquired 2011 built 20K DWT MV Alppila from SEB Leasing. ESL Shipping and SEB Leasing signed a lease agreement in 2011 for MV Alppila. Finnish shipowner and operator ESL Shipping expands fleet again in deal relating to the 2011 lease agreement. ESL Shipping has been operating MV Alppila according to the 2011 lease agreement. Currently, ESL Shipping has a fleet of eleven (11) ships, two (2) pusher tugs, and nine (9) bulk carriers. 2011 built 20K DWT MV Alppila is a self-unloading dry cargo vessel that was specially built for the Baltic Sea operations of ESL Shipping. MV Alppila is an ice-classed vessel and capable of operating even in the northern ports. Assuranceforeningen Gard, Norway is the Protection and Indemnity (P&I) Club of MV Alppila. MV Alppila’s transfer of ownership from SEB Leasing to ESL Shipping will improve ESL Shipping’s profitability in the second half of 2019. 2-September-2019
Finnish shipowner and operator ESL Shipping has said serious technical problems with its new LNG-fuelled bulk carriers have been mainly fixed. In 2018, LNG-fuelled bulk carriers 25K DWT MV Viiki and 23K DWT MV Haaga were delivered from Chinese Shipyard Jinling. In February 2019, ESL Shipping confronted with serious technical problems” with their cranes, supplied by Cargotec MacGregor. In Q1 2019, profitability was hit as a result of the extensive and serious problems in the conventional mechanics of Cargotec MacGregor cranes. As a result of these crane problems on both ships, ESL Shipping had significant loss of income and additional costs. ESL Shipping was forced to identify other transport options with lower profitability during the repairs, which were carried out under warranty. At the end of Q1 2019, Cargotec MacGregor mainly finished repair works. ESL Shipping profit rose despite lots of troubles. ESL Shipping explained that the financial performance of new LNG-fuelled bulk carriers can only reach the targeted level starting from Q2 2019. In Q1 2019, Finnish shipowner and operator ESL Shipping has reported an operating profit of EUR 3.2 million ($3.58 million). In Q1 2018, ESL Shipping had reported EUR 2.6 million. ESL Shipping’s parent company Aspo’s CEO Aki Ojanen explained that growth was driven by higher transportation volumes and the earnings of the acquired Swedish shipping company AtoB@C. LNG-fuelled bulk carriers 25K DWT MV Viiki and 23K DWT MV Haaga’s cranes remained inoperable throughout Q1 2019 and ships were unable to operate as planned. ESL Shipping group 49 ships with a total capacity of 464,000 DWT. 22 are wholly-owned by ESL Shipping. In August 2019, ESL Shipping has an option to acquire the ownership of SEB Leasing’s 2011 built bulk carrier 20K DWT MV Alppila. Currently, MV Alppila is only managed by ESL Shipping. In 2011, ESL Shipping signed a lease agreement with SEB Leasing for MV Alppila and the transfer of ownership would improve profitability. Finnish shipowner and operator ESL Shipping is aiming at revenue of EUR 200 million and an operating profit margin of between 12% and 15% in 2020. 8-May-2019
Finland based shipowner and operator ESL Shipping has taken delivery of the world’s most eco-friendly dry bulk carrier 25K DWT MV Haaga from Jinling Shipyard in Nanjing, China in the first week of August 2018. MV Haaga is LNG-fueled and generates less than 50% of CO2 emissions of the previous generation of ships. MV Haaga can also be fueled by completely carbon-free biogas when its availability improves in the near future. Recently, Finland based on shipowner and operator ESL Shipping took control of AtoB@C. In September 2018, MV Haaga will accomplish its maiden voyage with raw material cargo ex-Japan to the Baltic Sea. ESL Shipping has also ordered the sister ship of MV Haaga. Finland based shipowner and operator ESL Shipping and Cargotec’s MacGregor have also developed the world’s first autonomous cargo processing solution for MV Haaga to further improve safety and efficiency. Finland based shipowner and operator ESL Shipping is owned by Aspo. MV Haaga price tag is around $69 million. Finnish shipowner and operator ESL Shipping is one of the most environmentally responsible shipowners in the world. ESL Shipping is considering future generations. 25-August-2018
Finnish shipowner and operator ESL Shipping chartered in tonnage for renewable bioenergy cargoes and recycled raw materials. ESL Shipping has now added two more chartered-in vessels to the venture. Finnish shipowner and operator ESL Shipping has fleets of 13 vessels and 5 on period charter. Finnish shipowner and operator ESL Shipping reported an operating profit of $5.11 million for Q4 2017. ESL Shipping also reported that cargo volumes were up at 3.3 million tons from the previous year 3.2 million tons. ESL Shipping commenced that balance between supply and demand is expected to improve, due to lower vessel orders. Finnish shipowner and operator ESL Shipping aims to increase revenue and to reach an operating profit margin of between 20% and 24% by 2020. 15-February-2018