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The minority investments in ESL Shipping by OP Finland Infrastructure and Varma have been completed

As communicated on February 8, 2024, Varma Mutual Pension Insurance Company had agreed to co-invest EUR 15 million alongside OP Finland Infrastructure LP in ESL Shipping, a subsidiary of Aspo Plc. The co-investment by Varma follows the same valuation and terms as OP Finland Infrastructure’s EUR 30 million investment in ESL Shipping, announced on November 8, 2023.

Both transactions have been completed on February 28, 2024.

For more information, please contact:
Rolf Jansson
CEO, Aspo Plc
Chairman of the Board, ESL Shipping Ltd.
mob. +358 400 600 264,

ESL Shipping is the leading carrier of dry bulk cargoes in the Baltic region. 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. 

Aspo creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these aiming to be forerunners in sustainability. Aspo supports its businesses' profitability and growth with the right capabilities. Aspo Group has businesses in 18 different countries, and it employs a total of approximately 800 professionals.

OP Finland Infrastructure LP is a fund investing in Finnish infrastructure. The fund is managed by OP Group. The fund has committed capital of some EUR 260 million from Finnish investors. The fund has an evergreen structure which enables the fund to be a truly long-term partner for owners of Finnish infrastructure. Investment management is done in co-operation with Access Capital Partners.

Varma Mutual Pension Insurance Company is a responsible and solvent investor of pension funds. The company is responsible for the statutory earnings-related pension cover of 970,000 people in the private sector. Varma’s premiums written totaled EUR 6.1 billion in 2022 and pension payments stood at EUR 6.5 billion. Varma’s investment portfolio amounted to EUR 57.5 billion at the end of September 2023.