ESL Shipping secures second round of funding for methanol dual-fuel vessels

Sweden’s state-owned bank Svenska Skeppshypotek has entered into a 15-year loan agreement with dry bulk shipping company ESL Shipping to fund the construction of four methanol dual-fuel vessels.

IMAGE: ESL Shipping’s methanol dual-fuel bulk carrier concept. ESL Shipping

As part of the financing agreement, ESL Shipping will receive €70 million ($79.2 million) from the bank, the company said.

The four 17,000 dwt vessels will feature methanol dual-fuel engines and dedicated methanol tanks, enabling them to run on both methanol and conventional marine fuels like VLSFO and LSMGO.

The vessels are currently being built by China Merchants Jinling Shipyard in Nanjing, China. Delivery is scheduled between the third quarter of 2027 and the first half of 2028.

“The total value of the four ships is approximately EUR 186 million [$210 million], and this investment takes place during the years 2024–2028,” ESL Shipping said.

Earlier this month, the company secured another funding from the Nordic Investment Bank for the same series of vessels.

By Aparupa Mazumder

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