The Baltic Sea operator will repay the EUR 10m ($13.75m) toPohjola Bank in a single instalment after four years, it revealed today in astatement.
ESL will put the cash towards the EUR 13m it paid to takefull control of a 21,000-dwt ice-class bulker previously jointly owned withDonsoshipping of Sweden.
The Credo was renamed Kallio after a district ofHelsinki and now flies the Finnish flag.
ESL has time-chartered and operated the ship ever since ithit the water at Shanghai Edward in 2006.
"Being part of the Aspo conglomerate, the financingterms of ESL Shipping are better than those of an independent shipping company,”said Mikki Koskinen, managing director.
ESL Shipping operates a fleet of 15 vessels, all but two ofwhich are fully owned.
