Good News from Tue, 11 May, 2010:

Aspo makes largest ever vessel investment on Baltic Sea cargo market

ESL Shipping ESL Shipping tends to name its vessels after different suburbs in Helsinki.
ESL Shipping Oy, a subsidiary of Aspo Plc, has ordered two new ice-strengthened dry bulk cargo vessels from the Korean Hyundai Mipo Dockyard Co. Ltd. The new vessels are clearly bigger than ESL Shipping's existing vessels, 56,150 dwt supramax class vessels.

The total value of the investment is approximately 60 million euros. The vessels, which meet the ice class 1A, have been tailored for ESL Shipping and will be delivered in the first half of 2012.

– The turbulence in the global economy has had a positive effect on new building prices on ships, so now is the right time to invest, says CEO of Aspo Aki Ojanen.

– The Baltic Sea cargo markets will continue growing as the economic development in the area recovers. Simultaneously the need to transport raw materials around the year with ever growing vessels is increasing. We are increasing our capacity by over 50 percent. At the same time, we can participate in new projects where transportation reliability around the year is crucial, says SEO of ESL Shipping Markus Karjalainen.

ESL Shipping transports dry raw material mainly in the Baltic Sea region. In 2009 this amounted to approximately 11 million tons. The steel industry's share of transports was 53 percent, and the energy industry represented 43 percent. The shipping company's fleet consists of 18 vessels, of which 14 belong to ESL Shipping, three are time-chartered and one is partially owned.

www.aspo.com

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Comments (5)

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