Union Maritime clinches $130M financing for LNG, wind-assisted tanker duo

UK shipping company Union Maritime has closed a $130 million delivery financing agreement for two newbuild long-range (LR2) tankers that will be fitted with LNG dual-fuel and wind-assisted propulsion solutions.

The company announced the agreement, arranged through a syndicated facility and led by Societe Generale and The Export-Import Bank of China, on July 29.

The vessels, scheduled for delivery in late 2025 and early 2026, will be equipped with LNG dual-fuel propulsion systems and WindWings, a rigid sail technology from UK-based design and engineering firm BAR Technologies.

With the integration of WindWings and dual-fuel capability, the vessels are expected to be “the most innovative and sustainable LR2 vessels on the water”, according to Union Maritime.

Last year, BAR Technologies and Union Maritime reached an agreement to deploy wind-assisted propulsion solutions on a total of 34 new vessels, including fourteen LR2, twelve chemical, and eight medium-range (MR) tankers.

This partnership recently delivered Brands Hatch, described as the world’s first wind-assisted LR2 tanker.

Featuring three 37.5-meter WindWings, the vessel is projected to reduce fuel consumption by approximately 1,200 tonnes annually, equating to a reduction of over 3,800 tonnes of CO2 emissions each year, as per Union Maritime.