ESL Shipping

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