EMEA News
Nordic Investment Bank to Fund ESL Shipping's Methanol Ships
The Nordic Investment Bank (NIB) has signed a 10-year loan agreement with dry bulk cargo firm ESL Shipping to finance the construction of four methanol-capable cargo vessels.
NIB will provide a €45 million loan to co-finance the construction of these vessels, it said in a statement on its website on Monday.
All four vessels will be equipped with dual-fuel methanol engines and are expected to be delivered between 2027 and 2028.
ESL Shipping aims to operate these vessels using e-methanol. With large onboard methanol storage tanks, each vessel will be able to operate up to 10,000 nautical miles on e-methanol alone.
"NIB is supporting ESL Shipping in their efforts to transition to more sustainable shipping solutions," André Küüsvek, CEO of NIB, said.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden.
