New cargo ship christened Ms Alppila

Aspo Plc PRESS RELEASE September 8, 2010

A bulk carrier, ordered from Indian ABG Shipyard by ESL Shipping, part of Aspo Group, has been named. At the christening ceremonies arranged in India, she was given the name Ms Alppila. The patron of the ship is Mrs. Terttu Tamminen, the spouse of Sakari Tamminen, CEO of Rautaruukki Corporation. The vessels of ESL Shipping have traditionally been named after the districts of Helsinki, and this newbuilding is the fourth one in the company's history having the name Alppila.

The vessel has a capacity of approximately 18,800 tons and it belongs to the so called Eira class of ESL Shipping. Alppila is equipped with its own cranes and it has been built according to 1A Super, the highest ice class in Finland. The ship will be completed for delivery at the end of 2010. The ship investment has been funded with a leasing agreement.

"Alppila is designed for the demanding conditions of the Baltic Sea. Year-round transport reliability is very important for our customers," says Markus Karjalainen, President of ESL Shipping.

"The new ship is part of a fleet renewal process in line with the strategy of ESL Shipping," says Aki Ojanen, CEO of Aspo Group. In addition, ESL Shipping has ordered two new 56,000 dwt ice-strengthened bulk carriers from the Korean Hyundai Mipo shipyard in May. These will be delivered during the first half of 2012.

ESL Shipping transports dry bulk materials, mainly in the Baltic Sea region; approximately 11 million tons in 2009. The steel industry's share of transports was 53 percent, and the energy industry represented 43 percent. The shipping company's fleet consists of 17 vessels, of which it owns 14 in full. Two are time chartered and one is partially owned. The total dead weight capacity of the fleet is approximately 200,000 tons.

Aspo is a conglomerate that owns and develops business operations in the Baltic Sea region 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.

Source: ASPO Plc