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ESL Shipping subsidiary orders five more electric hybrid vessels from Indian shipyard

25 Aug 2022

ESL Shipping’s subsidiary [email protected] Shipping on Wednesday (24 August) said it has declared an option and order for five additional vessels from the Indian shipyard Chowgule & Company Private Limited, from which the shipping company has previously ordered seven identical electric hybrid vessels. 

Of the series of 12 new-generation electric hybrid vessels, every other vessel is sold to a company formed by a group of investors. As previously announced, the total amount of ESL Shipping’s own investment will remain at the size of six vessels and approximately EUR 70 million (USD 69.9 million).

The first two of the new vessels are already under construction, and the planned delivery of the first vessel is scheduled for the third quarter of 2023. The planned delivery of the last vessel is scheduled for the second quarter of 2026.

ESL Shipping will establish a long-term GreenCoaster pool for energy efficient electric hybrid vessels together with a group of investors consisting of institutional and private investors.

A pooling structure is a model commonly used in the international shipping business for the ownership and operation of vessels. The forthcoming GreenCoaster 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 utilises investor funding and pooling structure.

[email protected] Shipping will act as the manager of the pool and all vessels in the pool will be placed as part of the shipping company’s existing and growing contract traffic. The investor company is offered complete services related to the construction and maintenance of the vessels on a turnkey basis.

Main particulars of the vessels:

DWT: 5,350
Length 90 metres
Breadth: 16 metres
Draft: 6 metres
Ice class: 1A

 

Photo credit: ESL Shipping
Published: 25 August, 2022

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