Union Maritime Secures $130 Million Financing for Innovative LNG Dual-Fuel and Wind-Assisted Tankers

UK shipping company Union Maritime has recently finalized a $130 million delivery financing agreement for two cutting-edge long-range (LR2) tankers. These newbuild vessels will be equipped with both LNG dual-fuel propulsion systems and innovative wind-assisted propulsion solutions.

The financing deal, arranged through a syndicated facility and spearheaded by Societe Generale and The Export-Import Bank of China, was officially announced by Union Maritime on July 29.

The two tankers, set to be delivered in late 2025 and early 2026, will feature state-of-the-art LNG dual-fuel propulsion systems and WindWings technology developed by UK-based design and engineering firm BAR Technologies.

Union Maritime has high expectations for these vessels, stating that they are poised to become “the most innovative and sustainable LR2 vessels on the water” with the integration of WindWings and dual-fuel capabilities.

In a significant move towards sustainability, Union Maritime has collaborated with BAR Technologies to deploy wind-assisted propulsion solutions on a total of 34 new vessels, including LR2, chemical, and medium-range (MR) tankers. One of the outcomes of this partnership is the world’s first wind-assisted LR2 tanker, Brands Hatch.

Brands Hatch is equipped with three 37.5-meter WindWings and is predicted to lower fuel consumption by approximately 1,200 tonnes annually, resulting in a reduction of over 3,800 tonnes of CO2 emissions per year, as confirmed by Union Maritime.