- 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 use of green fuel will depend on end customer preference and availability.
The Nordic Investment Bank (NIB) has signed a 10-year €45 million loan agreement with ESL Shipping for the construction of four IA ice classed Handy-sized ships.
The vessel will be able to operate on green methanol. In its announcement of the loan agreement, NIB noted that ‘the actual use of green fuel will depend on end customer preference and availability.’
ESL Shipping secures loan from NIB
The ships are equipped with dual-fuel methanol engines and large methanol tanks, allowing them to run entirely on green hydrogen-based e-methanol or bio methanol, offering an operating range of up to 10,000 nautical miles (18,520 km).
The vessels will also feature low and medium shore power connectivity and wastewater can be stored onboard. A 1MWh battery type will also support operations such as cargo cranes’ peak shaving and emissions-free operations at berth.
The cargo vessels were ordered in October 2024 and will be built at China Merchants Jinling Shipyard (Nanjing). The new loan will co-finance the construction of the vessels, which are expected to enter service between Q3 2027 and Q1 2028.
‘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.’
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Source: NIB
