Union Maritime has added two more 24,200 dwt product tankers at China’s Dalian Shipbuilding Offshore Co. (DSOC), expanding its programme at the yard to six vessels. The latest additions follow recent disclosures involving large ammonia carriers at Hengli Heavy Industries and platform supply vessels at Fujian Mawei Shipbuilding, extending an investment programme that now spans tankers, chemical carriers, bulkers, gas carriers and offshore support vessels.

As of 3 November, the UK shipowner’s website listed 94 tankers, 15 bulk carriers, six offshore vessels and 81 newbuilding projects—a combined total of 196 operating vessels and ships awaiting delivery. The 81 newbuildings represent the outstanding programme, including previously contracted ships and acquired projects, rather than vessels ordered entirely during 2026.

The recent transactions reveal several connected elements of Union Maritime’s strategy: continued investment in its established tanker business, entry into additional shipping markets, and the use of financing, co-investment and leasing structures to support a larger operating platform.

Another Product Tanker Pair Reinforces the Core Business

The latest DSOC additions, hull numbers PC24K-5 and PC24K-6, are scheduled for delivery in 2028. Contract prices have not been disclosed. They extend a four-vessel programme first reported in early 2025, when shipbuilding sources estimated prices at approximately US$30 million per vessel. The current schedule places three of the original ships in 2026 and the fourth in 2027.

The repeat order shows that smaller product tankers remain part of Union Maritime’s investment priorities alongside its expansion into larger vessels and new sectors. For an owner serving different regional markets, a range of tanker sizes provides flexibility to match cargo volumes, port restrictions and customer requirements.

A larger series of similar ships can also support greater consistency in equipment procurement, spare parts, crew training and maintenance. The commercial value of that standardisation will depend on the vessels’ final specifications and operating arrangements.

Other recently disclosed projects reinforce the continuing importance of liquid bulk shipping. September reporting identified four 49,400 dwt MR2 product tankers at China Merchants’ Yangzhou Dingheng yard, with two due in 2028 and two in 2029, alongside two 19,900 dwt chemical carriers at Japan’s Fukuoka Shipbuilding.

Union Maritime was also reported to have acquired two 49,800 dwt MR tankers under construction at Jingjiang Nanyang Shipbuilding from Yangzijiang Maritime Development, with delivery expected in 2027. Those transactions are newbuilding resales and should be distinguished from fresh contracts placed directly with a shipyard.

Together, these investments combine longer-term construction commitments with the acquisition of ships already progressing through the building process.

Six Large Gas Carriers and a Growing Bulker Programme

Large gas carriers have become one of the clearest additions to Union Maritime’s future fleet.

Reports emerging from July identified the owner behind two approximately 90,000 cbm VLGC/VLAC newbuildings at South Korea’s HD Hyundai Heavy Industries, scheduled for delivery in 2029. In August, its involvement in two 88,000 cbm very large ammonia carriers at Yangzijiang Shipbuilding became clearer, with deliveries planned for 2029 and 2030.

By late October, a further two 88,000 cbm VLACs at Hengli Heavy Industries had appeared in the company’s newbuilding programme, both scheduled for 2029 delivery. The disclosed large gas carrier portfolio consequently comprises six vessels across three shipbuilding groups.

The timing of these disclosures should be distinguished from the underlying contracting dates. The Yangzijiang pair, for example, had already been included in the shipbuilder’s first-half 2026 order intake before the buyer’s identity received wider attention.

Union Maritime’s dry bulk investments are also developing into larger series. Its programme at Wuhu Shipyard has grown to six 211,000 dwt Newcastlemax bulk carriers, scheduled for delivery across 2028 and 2029. The company’s fleet register additionally lists two 82,000 dwt Kamsarmax bulkers at Hengli, both due in 2029.

These investments broaden the company’s exposure to cargoes, routes and chartering markets with different operating characteristics. They also require appropriate commercial teams, technical management and customer relationships for each segment. Securing shipbuilding capacity establishes the future fleet; developing sustainable employment for that capacity remains a separate part of the investment process.

Offshore Expansion Through Union Vega Offshore

Union Maritime is also advancing its offshore business through Union Vega Offshore, its joint venture with Vega Maritime.

The confirmed newbuilding component comprises two platform supply vessels at Fujian Mawei Shipbuilding. Listed as MW656-1 and MW656-2, the ships are expected to be delivered in 2028 and 2029 respectively. Options are attached to the programme, although public statements from the shipyard and designer differ on their number.

According to Breeze Ship Design, the vessels will use its Z 4409 design. Each will measure 84 metres in length and feature approximately 900 square metres of deck area, battery-hybrid propulsion, a moonpool and accommodation for up to 44 personnel. The design also provides for the future installation of a 50-tonne active heave-compensated crane.

Beyond conventional platform supply duties, the vessels are designed to support activities including light offshore construction and geophysical and seismic operations.

The business requirements differ from those of conventional port-to-port cargo transportation. Employment depends more directly on offshore projects, equipment capability and operational support. Pursuing the investment through a joint venture provides a framework for combining capital, market access and specialist operating experience as Union Maritime expands in this sector.

Cargo Relationships Provide the Commercial Starting Point

Union Maritime’s investments are easier to understand in the context of its origins.

The company’s founder and chief executive, Laurent Cadji, established the business in 2006 with the aim of building an oil products logistics platform in West Africa. His earlier career included roles at Credit Suisse and Morgan Stanley, combining experience in finance and oil trading.

The company continues to describe integrated logistics, commercial management, technical management and marine services as central activities. Union Commercial Services manages the commercial operation of both owned vessels and third-party assets, covering international and West African markets.

At Union Maritime’s China Investor Day in September, which Xinde Maritime attended, the company illustrated its approach through work for BP. A transportation arrangement could encompass the voyage from Europe to Africa, ship-to-ship transfers, distribution using smaller vessels, terminal delivery, agency services and security.

That model creates opportunities to earn revenue across several stages of a cargo movement while reducing the customer’s need to coordinate multiple service providers. It also helps explain why different vessel sizes can have complementary roles within the same business.

The company linked its gas shipping expansion to growing LPG requirements in West Africa and South America, together with transportation demand from existing energy customers. In that context, investment in additional vessel types can extend established commercial relationships into new cargo markets.

The strength of those connections will need to be assessed project by project. Public information does not yet identify the charterer, charter duration and cargo arrangements for every newbuilding, and the commercial requirements of large bulkers, gas carriers and PSVs differ substantially.

Financing Structures Support a Larger Operating Platform

Union Maritime’s expansion also depends on how vessel ownership and operating responsibility are organised.

Under co-investment arrangements, the company and its partners contribute capital, with Union Maritime providing capabilities such as project sourcing, commercial operation and vessel management. Sale-and-leaseback transactions allow capital to be released from an asset while the company continues to employ the vessel under a lease. Partners can also own newbuildings supported by long-term charter and operating arrangements with Union Maritime.

These structures give the company several ways to balance capital investment, asset ownership and access to transportation capacity. Vessel disposals can therefore take place alongside growth in the fleet it operates.

The economics still need to work across the full transaction. Leasing creates continuing payment obligations, financing carries a cost, and investment partners require returns. Acquisition prices, financing terms, lease commitments and expected operating income must consequently be considered together.

Xinde Maritime’s October coverage of Union Maritime’s 2025 accounts reported revenue of approximately US$629 million and net profit of US$96.9 million, compared with roughly US$197.5 million in 2024. The company continued to adjust its asset portfolio, chartered-in capacity and period employment as market conditions changed.

The results demonstrate that a growing investment programme remains exposed to shipping cycles. With deliveries spread across several years, financing and commercial commitments need to develop alongside the ships themselves.

International bank financing is supporting that process. Union Maritime previously announced more than US$122 million of financing through two bilateral agreements with KfW IPEX-Bank for its 18,500 dwt chemical tanker programme. The financing covers newbuildings and recently delivered vessels, including four ships under construction that will be fitted with Norsepower Rotor Sails.

China Relationships Extend Beyond Construction

Chinese shipyards now participate across several parts of Union Maritime’s expansion. DSOC, Hengli, Wuhu, the Fujian shipbuilding group and Yangzijiang are involved in projects serving different cargo and operating markets.

The relationship is also extending into finance and investment. At its China Investor Day, Union Maritime expressed interest in expanding cooperation with Chinese financial institutions and co-investors. Previously disclosed projects involving Chinese banks and leasing companies were at different stages, including signed arrangements, due diligence and negotiations.

This creates a broader framework in which shipbuilding, financing, leasing and long-term operation can be developed together.

The fleet renewal programme is also bringing additional efficiency technologies into service. The Yangzijiang-built tanker Spa, delivered this year, combines LNG dual-fuel propulsion with WindWings rigid sails, while chemical tanker projects include rotor-sail installations. Operating experience will provide further evidence on equipment reliability, maintenance requirements and fuel savings across different trading patterns.

For Union Maritime and its partners, the next phase will increasingly centre on delivery and operation. The DSOC repeat order, six-ship gas carrier programme, larger bulker series and PSV investments establish a wider future fleet. Their long-term value will depend on how effectively that capacity is matched with customers, contracts, financing and management expertise across each market.