Union Maritime triples gas carrier orderbook with two Hengli VLACs. 27 Oct 2026 by Georgios Georgiou UK-based shipowner Union Maritime has tripled its gas carrier orderbook since entering the segment last July, placing a fresh order at China's Hengli Heavy Industries Union Maritime has contracted Hengli to build two 88,000-m[3] very large ammonia carriers (VLACs), with deliveries scheduled for 2029. The pair has now been added to the company's updated newbuilding fleet list. Riviera first reported during the summer that Union Maritime had ordered two very large gas carriers (VLGCs) at South Korea's HD Hyundai, with deliveries scheduled for 2029. The deal marked the shipowner's first entry into the gas carrier segment. The contract was followed by an order for two 88,000-m[3] VLGCs at China's Jingjiang New Yangzi Shipbuilding, with deliveries scheduled through 2030. With the latest Hengli deal, Union Maritime now has six gas carriers on order. The contract also marks the second collaboration between Union Maritime and Hengli, following an order placed earlier this year for two 82,000-dwt Kamsarmax bulk carriers. Union Maritime has maintained an active newbuilding programme in recent months as it continues to expand its fleet. According to Clarksons, the shipowner has placed orders in 2026 for Newcastlemax and Kamsarmax bulk carriers, Aframax/LR2 and MR2 tankers, as well as smaller chemical and oil tankers. Riviera also recently reported that Union Maritime had established a joint venture with Vega Maritime Group, Union Vega Offshore. The new venture has already signed a newbuilding contract with China's Fujian Mawei Shipbuilding for platform supply vessels (PSVs). According to information published on its website, Union Maritime's active fleet comprises tankers, bulk carriers and offshore support vessels. Hengli has steadily built up a substantial gas carrier orderbook spanning VLGCs and VLACs. Alpha Gas recently placed an order for two vessels at the yard, following contracts from other owners, including Dynagas, Evalend, Capital Group, ADNOC Logistics & Services and SFL Corp.

Stephenson Harwood advises on four Marine Money Deal of the Year Awards 2025. Law firm Stephenson Harwood LLP has advised on four deals which have been recognised at the Marine Money Deal of the Year Awards 2025. "Winning four Marine Money awards is a testament to the calibre of our team and the trust our clients place in us," said Ian Mace, Global Head of Maritime Trade and Offshore Finance. "The deals recognised span a range of jurisdictions and include significant decarbonisation and energy transition elements. Our expertise in this area is an essential part of our offering, underscoring our ability to deliver innovative, sustainable solutions that help our clients succeed in a rapidly changing maritime landscape." Green Deal of the Year - Union Maritime builds new vessels with WindWings The firm advised Société Générale on the financing of two newbuild LR2 vessels for Union Maritime Limited (UML), a leading provider of smart shipping solutions. This Sinosure-backed transaction includes financing the acquisition and installation of WindWings technology - a rigid sail technology that uses wind propulsion, to reduce fuel consumption and lower CO2 emissions. The team was led by Partner Ian Mace. Bank Debt Deals of the Year - Hafnia's $715 million senior secured revolver and $417 million accordion financing The firm advised Hafnia Limited, as corporate guarantor, and Hafnia SG Pte. Ltd., as borrower, in relation to revolving credit facilities of up to US$1.13 billion. The facilities were initially used to refinance 32 tankers including Handy, LR1, LR2 and MR tankers. An additional accordion facility, if established, will provide refinancing for a further 19 tankers. The financing involved 11 banks with ING Bank, OCBC and Standard Chartered Bank as mandated lead arrangers, BNP Paribas, DBS, Iyo Bank, Societe Generale and UOB as lead arrangers and E.Sun, Skandinaviska Enskilda Banken, Taishin International as co-arrangers. The team was led by Partner Gregg Johnston. Bank Debt East Deal of the Year - BW LPG financing for 6 Mid-Life VLGCs The firm advised BW Global United LPG India Private Limited (BW LPG) on the US$215 million financing for six Very Large Gas Carriers (VLGCs). The financing was provided by a consortium of five banks, led by Standard Chartered. This is BW LPG's first financing out of India's GIFT City. BW LPG India owns and operates India's largest fleet of LPG Very Large Gas Carriers (VLGCs). The company is a subsidiary of BW LPG, the world's leading owner and operator of LPG VLGCs. The team was led by Partner Gregg Johnston. Wild Card East Deal of the Year - Fund for Energy Efficient Technologies The firm advised Global Centre for Maritime Decarbonisation (GCMD) on the world's first "pay-as-you-save" vessel retrofit fund, a pioneering initiative designed to accelerate maritime decarbonisation. The Fund for Energy Efficiency Technologies (FEET), aims to remove financial barriers to retrofitting vessels with energy-saving technologies, enabling shipowners to upgrade their fleets and reduce emissions without heavy capital expenditure upfront. The team was led by Senior Consultant Haris Zografakis and Of Counsel Rachel Hoyland, with specialist expertise drawn from across Stephenson Harwood's global network. A separate team from Stephenson Harwood's Singapore office led by Pedram Norton is providing ongoing advice to ING Bank N.V., Singapore Branch as the coordinating bank for the senior lenders.