Union Maritime Secures $130m Financing for Next-Generation LR2 Tankers
Diversified UK shipowner Union Maritime has successfully closed a $130m delivery financing package for two state-of-the-art LR2 tankers, marking a significant milestone in the company’s commitment to innovation and sustainability in the maritime industry.
The financing deal, led by Société Générale and the Export–Import Bank of China and arranged through a syndicated facility, will support the construction and delivery of two LR2 tankers from Yangzijiang Shipbuilding. These vessels are set to be delivered in late 2025 and early 2026, equipped with cutting-edge technologies to enhance operational efficiency and reduce emissions.
One of the key features of these newbuild tankers is the inclusion of BAR Technologies’ WindWings wind-assisted sails and LNG dual-fuel propulsion systems. Union Maritime believes that these advancements will position the vessels as some of the most innovative and sustainable LR2 tankers in the market.
In a statement on LinkedIn, Union Maritime expressed pride in setting a new standard for innovation and sustainability with the integration of WindWings technology and dual-fuel capability on their vessels.
This financing aligns with Union Maritime’s long-term strategy of deploying eco-friendly vessels with reduced emissions and fuel savings. The company has already committed to a fleet of 34 wind-assisted newbuilds, including LR2 tankers, chemical tankers, and MR tankers, all equipped with WindWings systems to enhance sustainability and efficiency.
Union Maritime’s collaboration with BAR Technologies has already yielded positive results with the world’s first LR2 newbuild fitted with WindWings, named Brands Hatch. This vessel is projected to achieve significant fuel savings of about 1,200 tonnes annually and reduce CO₂ emissions by over 3,800 tonnes per year, representing a 30% improvement compared to modern 2022 vessels.
Overall, Union Maritime’s focus on innovation and sustainability in the maritime sector underscores their commitment to driving positive change and leading the industry towards a more environmentally friendly future.