Finnish industrial group Aspo has approved a plan to separate its subsidiary ESL Shipping into an independent listed company through a partial demerger, alongside reporting improved first-half financial results.
Under the proposal approved by the board on August 3, shareholders would receive one share in ESL Shipping Group for each Aspo share held, while Aspo would subsequently be renamed Telko Group.
The demerger remains subject to shareholder approval at an extraordinary general meeting scheduled for December 7, with completion targeted for December 31. Trading in ESL Shipping Group shares is expected to commence on or about January 4, 2027.
Aspo stated that a potential sale of ESL Shipping remains an alternative if it is determined to maximise shareholder value.
Meanwhile, the shipping business continued progressing its fleet renewal programme, commencing construction of its first methanol-powered Handysize vessel on June 1. The company also expects all 12 of its new plug-in hybrid vessels to enter commercial service by the end of 2026.
ESL Shipping reported comparable EBITA of €3.8 million ($4.4 million) for the second quarter, down from €5 million in the corresponding period of 2025, reflecting technical fleet maintenance and weaker contractual transport demand from the steel sector.
At group level, Aspo reported comparable EBITA from continuing operations of €17.9 million ($20.6 million) for the first half of 2026, up from €14.8 million in the corresponding period of 2025.
Second-quarter comparable EBITA reached €10.8 million, while the operating margin improved to 8.2 per cent from six per cent a year earlier.
For the full year, Aspo expects comparable EBITA from continuing operations to exceed the €29.4 million recorded in 2025, supported by a gradual recovery in its core markets and planned operational efficiency improvements despite ongoing geopolitical and supply chain challenges.
