ASPO'S ESL SHIPPING CANCELS SHIP ORDER
(Thomson Reuters ONE) - ASPO Plc STOCK EXCHANGE BULLETIN October 15, 2009 at 4:45 p.m.ESL Shipping Ltd, part of Aspo Group, has decided to terminate one ofthe two shipbuilding contracts it has signed with an India-basedshipyard. The first ship has been delayed and is estimated to becompleted in spring 2010. The vessel has been leased to ESL Shippingunder a leasing contract. The second vessel has been substantiallydelayed and as a result of this delay ESL Shipping has decided toenforce its right of termination pursuant to the shipbuildingcontract.Cancelling the ship will have an impact on the dissolution ofcurrency hedging of future payment installments, and capital assetitems recorded in the company's balance sheet. As a result of thesemeasures, the company will record exchange rate losses. For thereturn of advance payments, ESL Shipping will receive a positive cashflow of about EUR 9 million and interest income.ESL Shipping estimates that the compensation for the delay of thefirst ship and the termination of the second ship order will not havea significant total impact on the company's result. The impacts areexpected to be realized at the end of 2009 and at the beginning of2010."The ships were ordered in 2006 and after that the new buildingmarket has changed considerably. Now is the right time to considerthe alternatives and to reinforce the cargo capacity andcompetitiveness of the fleet of ESL Shipping," says Aki Ojanen, CEOof Aspo Plc.ESL Shipping is a dry bulk shipping company operating in the BalticSea area. Its main clients include the energy, steel and chemicalindustries. The ESL Shipping fleet includes a total of 16 units.ASPO PlcAki OjanenCEOFor more information, please contact:CEO Aki Ojanen, Aspo Plc, +358 9 521 4010, +358 400 106 592aki.ojanen(at)aspo.fiMarkus Karjalainen, CEO, ESL Shipping Ltd, +358 400 888 020markus.karjalainen(at)eslshipping.comDISTRIBUTION:NASDAQ OMX HelsinkiKey mediawww.aspo.fiAspo is a conglomerate that owns and develops business operations inthe Baltic Sea region focusing on demanding B-to-B customers. Ourstrong company brands - ESL Shipping, Leipurin, Telko andKaukomarkkinat - aim to be the market leaders in their sectors. Theyare responsible for their own operations, customer relationships andthe development of these. Together they generate Aspo's goodwill.Aspo's Group structure and business operations are continuallydeveloped without any predefined schedules.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 15.10.2009 - 15:45 Uhr
Sprache: Deutsch
News-ID 6964
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