ESL Shipping subsidiary AtoB@C Shipping has ordered five additional electric hybrid vessels from the Chowgule & Company shipyard in India.
The shipping company had previously ordered seven identical vessels, now bringing the total to 12. Furthermore, every other vessel out of the 12-strong order is sold to a company formed by a group of investors. ESL Shipping’s total investment for six vessels now equates to €70m (US$69.6m).
The Chowgule & Company shipyard is currently building the first two vessels, with delivery of the first electric hybrid currently scheduled for the third quarter of 2023. The final vessel is estimated to be completed and delivered in the second quarter of 2026.
ESL announced earlier on in 2022 that – together with institutional and private investors, it would establish a long-term GreenCoaster pool for energy efficient electric hybrid vessels. The pooling structure model is commonly used within the maritime shipping sector for the operation and ownership of vessels. By establishing the GreenCoaster pool, ESL aims to accelerate its growth, profitability and return on capital.
The pool will also form the first phase of ESL’s new low-carbon growth strategy which is also set to utilize investor funding and a pooling structure. AtoB@C Shipping will manage the pool and all of its vessels.