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Stephenson Harwood LLP advises Société Générale on WindWings financing
Law firm Stephenson Harwood LLP has advised Société Générale in respect of the financing of two newbuild LR2 vessels to be delivered to Union Maritime Limited (UML), a leading provider of smart shipping solutions. This Sinosure-backed transaction includes financing the acquisition costs of WindWings technology to be installed on the vessels.
WindWings is a rigid sail technology that uses wind propulsion, thereby reducing fuel consumption and a resulting reduction of CO2 emissions. This technology offers significant environmental and economic benefits, reducing fuel costs without compromising speed or service quality.
This transaction marks a strategic milestone in UML’s ongoing investment in sustainable shipping solutions. UML continues to grow its fleet, with WindWings supporting its transition to smarter, lower-emission shipping.
"This financing demonstrates the team's strength in navigating complex transactions in the maritime finance sector," said Ian Mace, Partner and Global Head of Maritime Trade and Offshore Finance, Stephenson Harwood. "We have been involved in a succession of ECA-backed financing transactions during the past few months, and we are delighted to have been able to support Société Générale in respect of this transaction. We are committed in our support of initiatives that align with our focus on sustainable practices and innovative solutions in the maritime industry."
The Stephenson Harwood team was led by Partner Ian Mace, supported by Associate Farah Butt and Senior Paralegal Rafaela Chrysostomou. Partner Vanessa Tzoannos provided Marshall Islands counsel, supported by paralegal Aikaterina Christodoulidou.