NIB has signed a 10-year loan agreement with ESL Shipping Oy to finance the construction of four IA ice-classed Green Handy-sized ships. These ships are fully equipped to use fossil-free green methanol, although the actual use of green fuel will depend on end customer preference and availability. This investment reflects ESL Shipping’s commitment to enhancing sustainability and reducing greenhouse gas emissions in the maritime sector.
The EUR 45 million loan will co-finance the construction of the new vessels, which are expected to enter service between Q3 2027 and Q1 2028.
These ships are equipped with dual-fuel methanol engines and large methanol tanks, allowing them to run entirely on green hydrogen-based e-methanol or biomethanol, offering an operating range of up to 10,000 nautical miles (18,520 km).
The project aims to significantly reduce fossil GHG emissions and improve the environmental performance of ESL Shipping’s fleet.
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 its operations with climate science and increase fossil-free fuel usage.
“NIB is supporting ESL Shipping in their efforts to transition to more sustainable shipping solutions,” said André Küüsvek, President and CEO of NIB. “This investment aligns with our mission to finance projects that improve the environment and contribute to the sustainable development of the Nordic-Baltic region.”
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.
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 S&P Global Ratings and Moody’s.