ESL Shipping acquires ice-strengthened dry cargo vessel from Sweden

        Print
| Source: Aspo
Aspo Plc   STOCK EXCHANGE RELEASE  January 9, 2014 at 14:00

ESL Shipping Ltd., part of Aspo Group, has today purchased m/s Credo, a 20,000
dwt dry cargo vessel, which it previously owned jointly with the Swedish
Donsöshipping KB.

After the transaction the vessel will be renamed m/s Kallio and transferred from
the Swedish flag into the Finnish Register of Ships. ESL Shipping's vessels have
traditionally been named after districts of Helsinki. This modern 1A Super ice-
strengthened Eira-class dry cargo vessel was built in China.

ESL Shipping has time-chartered and operated the vessel since 2006 when it
initially started sailing. At the time, the cost level of vessels sailing under
the Swedish flag was considerably lower than in Finland. Recently, measures
taken in Finland to improve the competitiveness of shipping have created the
preconditions for the acquisition of the vessel and transferring it under the
Finnish flag. In addition to the tonnage tax introduced in Finland, in
particular the competitive manning agreement signed with the shipping trade
unions assist in creating new jobs on the seas.

The transaction will enable more cost-efficient operation of the vessel. The
value of the investment is approximately EUR 13 million and it is estimated to
improve ESL Shipping's operating profit by approximately EUR 1.5 million
annually. At the same time, ESL Shipping will sell its minority share in Credo
AB, the former owner of the vessel.

ESL Shipping transports dry bulk materials, mainly in the Baltic Sea region; in
2012, it transported approximately 10.4 million tons. The cargo mainly consists
of ore, coal and limestone. With the newest addition, m/s Kallio, the shipping
company's fleet consists of 15 vessels, 13 of which it owns in full and two are
leased. The combined deadweight capacity of the vessels is approximately
287,000 tons.

M/s Kallio - technical details: (ex m/s Credo)
Tonnage 21.353 dwt
Length 159 m
Breadth 24.6 m
Draft 9.4 m
Ice class 1A Super
Three built-in cranes

ASPO Plc

Aki Ojanen
CEO

Further information:
Aki Ojanen, Aspo Plc, CEO, phone +358 9 5211 or +358 400 106 592,
aki.ojanen@aspo.com, www.aspo.com
Mikki Koskinen, Managing Director of ESL Shipping Ltd, phone +358 9 5211 or
+358 50 3517791, mikki.koskinen@eslshipping.com, www.eslshipping.com

DISTRIBUTION:
NASDAQ OMX Helsinki
Key media
www.aspo.com

Aspo is a conglomerate that owns and develops business operations in the
Northern Europe and growth markets focusing on demanding B-to-B customers. Our
strong company brands - ESL Shipping, Leipurin, Telko and Kaukomarkkinat - aim
to be the market leaders in their sectors. They are responsible for their own
operations, customer relationships, and the development of these. Together they
generate Aspo's goodwill. Aspo's Group structure and business operations are
continually developed without any predefined schedules.


[HUG#1753724]