In the wake of British shipping company Union Maritime Ltd (UML) taking delivery of its newly built Brands Hatch, the world’s first Aframax LR2 tanker equipped with wind-assisted propulsion, Greek lender Piraeus Bank has announced its involvement in the innovative vessel’s financing. Although the bank did not reveal the exact size of its financial contribution, Piraeus—whose shipping portfolio totals around $5 billion—has reaffirmed its status as a key financier in the global maritime sector.
Named after the iconic motor racing circuit in Kent, the Brands Hatch is a 114,000-dwt, 250-meter-long and 44-meter-wide Aframax-class vessel built at Shanghai Waigaoqiao Shipbuilding (SWS) in China and delivered on June 11. It is the world’s first LR2 tanker equipped with three rigid WindWings®, each measuring 37.5 meters tall, developed by BAR Technologies in the UK and manufactured by CM Energy Tech (CMET) in China.
Sailing Into the Future: Wind Innovation at Sea
The WindWings® are expected to slash the ship’s annual fuel consumption by approximately 1,200 tonnes, translating into a reduction of over 3,800 tonnes of CO₂ emissions annually. Under ideal sea conditions with 20-knot wind speeds, trials suggest the sails could save up to 14.5 tonnes of fuel per day, equating to roughly 12–15% in daily fuel savings.
Union Maritime, already a global leader in managing a diverse fleet of tankers, is making this vessel the cornerstone of its sustainability strategy. The company aims to build 34 wind-assisted ships, including 14 LR2 tankers, 12 chemical tankers, and 8 medium-range tankers, making UML the operator of the world’s largest wind-assisted fleet once completed.
Laurent Cadji, Managing Director of UML (Credit: UML)
Laurent Cadji, Managing Director of UML, commented: “As our first vessel with WindWings®, and with many more to follow, it marks the beginning of a new era for Union Maritime and the global shipping industry as we combine our deep maritime expertise with cutting-edge innovation to drive towards a more efficient and sustainable future.”
UML is also collaborating with Finnish firm Norsepower to install rotor sails on smaller vessels. The Brands Hatch, meanwhile, will primarily serve European routes, representing a major commercial and environmental milestone for the company.
Shanghai Waigaoqiao Shipbuilding, a subsidiary of China State Shipbuilding Corporation (CSSC), praised the vessel as “a step forward in sustainable shipbuilding technology,” noting that it “redefines sustainable shipping by merging wind power with cutting-edge technology.”
The Brands Hatch complies with the IMO Greenhouse Gas Fuel Intensity (GFI) standard, boosts its Energy Efficiency Design Index (EEDI), and qualifies for the maximum 5% Wind Reward Factor under the FuelEU Maritime regulation. These certifications remove the need for alternative fuels and position the ship well within the regulatory frameworks expected through 2030.
Navigating Finance: Greece’s Investment in Shipping
According to Petrofin Research, Greek bank financing of the shipping sector rose 17.5% in 2024, signaling a continued trend of rising domestic support for the industry. The National Bank of Greece, Eurobank, Piraeus Bank, and Alpha Bank remain the dominant players, with UBS being the top foreign lender.
Eurobank leads among Greek banks with $4.6 billion in shipping loans. Piraeus Bank follows closely with $4.47 billion. National Bank of Greece ranks third with $4.24 billion. Alpha Bank holds $3.97 billion. Other notable contributions include: Aegean Baltic Bank – $420 million (now owned by billionaire Telis Mistakidis), Attica Bank–Pancreta merger – $203 million, Cypriot banks in Greece (combined) – over $664 million, led by Bank of Cyprus, Hellenic Bank, and Astrobank. Switzerland’s UBS, which absorbed Credit Suisse, reversed last year’s decline and recorded a 2% increase, bringing its portfolio to $5.2 billion.
