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Estonian Shipping Company Ltd (ESCO) - Tallinn (Estonia) (ID: 175)
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The Estonian Shipping Company, ESCO, with the registered name in Estonian: AS Eesti Merelaevandus, is the oldest ship-owning company in Estonia. The company focuses on shipowning and management of container/multipurpose and ro-ro vessels, providing full commercial ship- and operational management including financial- and accounting services. ESCO has proud traditions. Its roots date back from the middle of the 20th century. A remarkable illustration of the shipping activities of ESCO has been ownership and management of ferries, timbercarriers, bulkcarriers, operating both in the tramp market, as well as managing liner activities. These liner acitivities involved a.o. approximately 30 years of shipping between Europe and West Africa, but focus has always been on trade between Estonian and Scandinavian ports. In 1999 the full privatisation of ESCO was completed, having started on the initiative of the Estonian Government in 1997. The privatisation brought together ESCO's traditions, good tangible assets and a favourable market position combining it into an active and modern thinking shipping company. By now ESCO is the major shipping company in the Baltic states, based on Norwegian private capital through the ownership of ESCO by Norwegian shipping group Tschudi & Eitzen. The current fleet of ESCO consists of over 11 vessels (see the vessel's description) that are managed by ESCO. Crewing and technical management of ESCO vessels is handled by TESMA Estonia a wholly owned subsidiary of Tschudi & Eitzen. ASSOCIATED COMPANIES T & E ESCO Container Lines AS (50%) T & E ESCO Container Lines AS is jointly owned with Samskip hf of Iceland. T & E ESCO Container Lines AS currently operates short sea container lines with 4 ESCO owned container vessels linking the ports of Antwerp, Rotterdam, Felixstowe, Bremerhaven and Hamburg with Stockholm, Helsinki and Muuga/Tallinn in the Baltic Sea. Reval Logistik AS (50%) The logistics company Reval Logistik in Tallinn, is jointly owned with Chr. Jensen of Denmark. Reval Logistik is active in all aspects of logistics with a geographical focus on the Baltic Sea and Russia. ESCO Real Estate (100%) ESCO owns a three-storied office building in the perspective port area in Tallinn. The real-estate is developed, managed and administered by ESCO subsidiary ESCO Real Estate Ltd. The Company adheres to quality both at shore as well as at sea. Only by doing so is it possible to operate as a leading shipping company serving leading shipping customers. Always bearing in mind that commercial considerations must never take precedence over safety and environmental protection, the Company seeks to optimise economic results by meeting both short and long term economic goals in order to fulfil the shareholders' expectations and to obtain the degree of freedom necessary to meet an ambitious yet realistic business strategy. The Company has a corporate vision which emphasises customer needs and quality in all activities. The Company's corporate vision is to continously improve its position in each of the Company's market segments, thus setting the standard for how customer needs are best served, never compromising the Company's commitment to quality, safety and environmental protection. The Company should continuously enhance its position as a leading supplier of sea transportation to major clients requiring reliable service, special know-how, and/or specially designed ships in each market segment in which the Company is active. The economic goals are as ambitious as the Company vision. They can only be met by successful operation in all areas of the integrated shipping company. Thus Operation should earn a fair return. So should the sale and purchase of ships, while Financing should keep the risk of debt financing to an acceptable level. Business Strategies In order to meet the vision, the Company's strategies are: To develop the Company's market platform by actively pursuing and prioritising business opportunities in each of the segments in which the Company is currently active, and vigorously pursue new business opportunities To develop the competitive platform by emphasising quality in all aspects without sacrificing cost consciousness. To develop the organisational platform through total quality management of the business. Competitive Platform In relation to competitors, the Company positions itself as an integrated shipping company with a competitive quality and cost profile. A high performance record stems from following a quality strategy where quality services are delivered at no higher cost than those of the competitors. The quality strategy leads to continuous cost improvement since it focuses on doing the right things the right way, first time. The Company emphasises controlled risk taking and pro-actively seeks the right timing in all capital decisions. The Company position itself in each market segment as the reliable supplier of quality transport services seeking long term mutual beneficial relationship with its customers. The Company seeks to operate a fleet of ships that provides economies of scale and which, in its composition, is flexible in relation to the customer's transport and service needs. As an integrated shipping company, the Company has the three essential elements of shipping in-house: Commercial Operation Contracting, Sale and Purchase of Ships Financing of ships and Currency & Cash Flow control. Core Values Safety in all aspects Integrity & Reliability Goal-oriented but flexible in finding solutions Professional & Dedicated Innovative & Entrepreneural Spirit The current fleet of ESCO consists of over 11 vessels (see the vessel's description) that are managed by ESCO. Estonian Shipping Company Ltd (ESCO) - Tallinn (Estonia)