AtoB@C Shipping establishes a green shipping pool
ESL Shipping’s subsidiary AtoB@C Shipping has ordered twelve new-generation electric hybrid dry bulk cargo vessels, whereof six will be owned by AtoB@C Shipping and the remaining six by a newly established company, Green Coaster Shipping, owned by a group of institutional and private investors.
ESL Shipping’s investment is in the size of approximately EUR 70 million. All twelve vessels will be entered into the long-term Green Coaster Shipping Pool, which will be managed by AtoB@C Shipping. The vessels in the pool will be placed as part of AtoB@C Shipping’s existing and growing contract traffic. Green Coaster Shipping is offered complete services related to the construction and maintenance of its vessels on a turnkey basis by ESL Shipping. All twelve vessels will be delivered in the period from Q3 2023 to Q2 2026.
The Green Coaster Shipping Pool will accelerate the growth, profitability and return on capital of ESL Shipping’s business. The pool will also form the first phase of the shipping company’s new low-carbon growth strategy that utilizes investor funding and pooling structure. ESL Shipping is part of the Aspo group, listed on the Helsinki stock exchange.
Green Coaster Shipping’s vessels are financed by the equity investors and the Green Shipping Fund, managed by PROW Capital.
ESL Shipping was advised by Mannheimer Swartling on the structuring of the pool, the transaction regarding Green Coaster Shipping and in relation to the financing of Green Coaster Shipping’s vessels.
