ESL to sell Supramaxes
(Posted on 25/03/24)
ESL Shipping, a leading carrier of dry bulk cargoes in the Baltic region, has signed a memorandum of understanding to sell its two Supramax class vessels Arkadia and Kumpula to companies belonging to HGF Denizcilik Limited Sirket group, a Turkish shipping and logistics company. The sale of the vessels is part of a program announced in April 2023 to support and accelerate ESL Shipping’s low-carbon growth strategy.
The delivery of the vessels is expected to take place in April-May 2024. The sales price is USD 37.1 million and it is paid fully in cash. Considering the carrying amount of the vessels and the cost to sell, the sales loss is expected to be approximately EUR 7 million.
Following the sale of the Supramax vessels, ESL Shipping will continue to focus on Handysize and Coaster vessels and further develop its partnership strategy with the current and future customer base. In 2023, the operating profit of the Supramax vessels was EUR 1.6 (2022: 5.7) million.
“The sale of the two Supramax vessels is well aligned with ESL Shipping’s low-carbon strategy. It also stabilizes ESL Shipping’s profit generation and frees up capital for Aspo’s and ESL Shipping’s future strategic growth efforts,” says Rolf Jansson, CEO of Aspo Group and Chairman of the Board of ESL Shipping.
The two 1A ice-strengthened Supramax vessels of 56,000 dwt were originally received in 2012. The length of the vessels is 197 meters and the maximum draft with a full cargo is 13.0 meters. Both m/s Arkadia and m/s Kumpula have sailed under the Finnish flag.
“As the traditional markets for our Supramax vessels on the Baltic Sea and the Arctic have changed significantly, now is the right time to sell these vessels. The sale will support our roadmap towards green shipping and our ambition to bring fossil-free handysize vessels to the market. The sale enables us to allocate even more resources to accelerate the green transition,“ says Mikki Koskinen, Managing Director of ESL Shipping.
Where possible, the crews of the Supramax vessels will be re-employed in ESL Shipping’s remaining vessels.
ESL Shipping’s competitive edge is based on its ability to responsibly secure product and raw material transportation for industries and energy production all year around, even in difficult weather conditions. The shipping company loads and unloads large ocean liners at sea as a special service. ESL Shipping Ltd has been in business for over 70 years and is a subsidiary of Aspo Plc. The combined fleet of ESL Shipping and AtoB@C Shipping consists of over 40 vessels with cargo capacity ranging from 4,000 to 56,000 dwt.
Latest News
ISS strengthens presence in South America
(Posted on 14/01/26)Inchcape Shipping Services (ISS), a global leader in port agency and marine services, has announced... Read more
NORDEN sells two vessels and adds new leases with purchase options
(Posted on 14/01/26)NORDEN have confirm that they have sold two vessels from their owned fleet, one Capesize vessel and... Read more
Pacific Basin announces acquisition of four Handysize newbuildings
(Posted on 06/01/26)Pacific Basin Shipping Limited, one of the world’s leading dry bulk shipping companies, has entered... Read more
AtoB@C Shipping takes delivery of Fleximar
(Posted on 23/12/25)AtoB@C Shipping, a subsidiary of ESL Shipping, has announced the successful delivery of Fleximar, the... Read more
Western Bulk re-enters ship ownership with selected partners
(Posted on 18/12/25)Western Bulk, together with reputable Norwegian partners A/S J. Ludwig Mowinckels Rederi, Premium Maritime... Read more
Pacific Basin announces formation of a Sustainable Energy Solutions team
(Posted on 18/12/25)Pacific Basin Shipping Limited, one of the world’s leading dry bulk shipping companies, has announced... Read more
Columbia expects significant growth as more owners shift operations to the UAE
(Posted on 09/12/25)Columbia Group anticipates a period of strong expansion as an increasing number of international shipowners... Read more
Norse Ship Management emerges as digital leader among new-generation ship managers
(Posted on 09/12/25)Norse?Ship Management has expanded its use of Smart Ship Hub’s high frequency sensor data and... Read more
Maritime health experts welcome STCW amendments, but urge against checkbox compliance
(Posted on 09/12/25)As the maritime industry gears up to welcome the IMO’s STCW bullying and harassment training amendments... Read more
NORDEN acquires Southern African cargo activities of Taylor Maritime
(Posted on 02/12/25)NORDEN has acquired the cargo activities of Taylor Maritime in Southern Africa (previously operated... Read more
