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.