ESL orders two ice bulkers from ABG

The Finnish dry bulk cargo carrier ESL Shipping Oy, a subsidiary of Helsinki-based Aspo Plc, has placed a contract for two new ice-strengthened bulk carriers from the Indian shipbuilder ABG Shipyard. Expanding ESL?s so-called ?Eira? class, the18,800 dwt vessels are based on a design by the Swedish naval architect firm FKAB and will be equipped with deck cranes and will meet the highest Finnish ice class (1A Super).

The total value of the investment will be around EUR 50 million ($60 million) and the newbuildings are destined for operation in the Baltic Sea and will be commissioned in 2008 and 2009. A similar vessel ordered from China at the end of 2003 is about to be commissioned.

“With these new vessels, ESL Shipping will be able to ensure a modern fleet. The acquisitions completed in recent years have helped our business to move in a positive direction, and the ongoing growth of transportation volumes will fuel the need for

investments”, says Eerik Yrjölä, CEO of ESL Shipping Oy. “As far as its size and technology go, the ms Eira commissioned in 2001 has proven its excellence under very trying winter conditions. The newly ordered vessels will enlarge the “Eira” class fleet to four ships.”

“This vessel order will help Aspo secure the long-term competitiveness of its fleet, both in terms of technology and pricing. In the current market situation, the order is a very

competitive one as far as its price and schedule are concerned”, Aspo?s CEO Gustav Nyberg points out.