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Aspo Oyj: Aspo’s esl shipping to order two new vessels from india

Monday 16 January 2006 12:40 EET Kauppalehti Online
ASPO Plc       STOCK EXCHANGE BULLETIN  January 16, 2006 at 00:40 p.m.


ESL Shipping Oy, a subsidiary of Aspo Plc, has secured a contract
to order two new ice-strengthened dry cargo vessels from the
Indian ABG Shipyard Ltd. Expanding ESL Shipping’s so-called Eira
class, the vessels will be approximately 18,800 dwt bulk carriers
equipped with on-deck cranes, and they will be designed to meet
the highest Finnish ice class (1A Super).

The total value of the investment will be around EUR 50 million.
The vessels 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 in January
2006. The vessel investment will be financed with cash, loans and
with the revenue from the sale of current fleet assets.

”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

”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.

ESL Shipping is a dry bulk cargo carrier mainly in the Baltic
region. In 2005, the company shipped some 14 million tons of
cargo. The energy sector accounted for approximately 33% and the
steel industry for about 57% of the transportation volume.


Gustav Nyberg

For further information, please contact:
Gustav Nyberg, +358 9 – 7595 256, +358 40 503 6420

Aspo Group focuses on logistical services for industry. Aspo
serves businesses in the energy and industrial process sectors
requiring strong specialist and logistical know-how. Aspo’s net
sales in 2004 totaled EUR 184.3 million. About 36% of this came
from Aspo Chemicals, 44% from Aspo Shipping and 20% from Aspo

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