Fleetscape provides funding for 1 LR1 and 2 MRs

In September 2019, Fleetscape completed its first Sale and Leaseback (“SLB”) transaction with Union Maritime Limited (“UML”) by acquiring an LR1 Product Tanker. The proceeds from the transaction were used to repay existing debt on the vessel, and release equity towards new acquisitions. Part of the proceeds were utilized to acquire two MR2 Product Tankers in January 2020. The vessels were acquired in a back-to-back SLB with Fleetscape and placed under a cross collateralised structure with the LR1 Product Tanker. The total acquisition price of the vessels was US$30.8 million, and the transactions include purchase obligations by UML at the end of the four/five-year charter period.


Union Maritime is the largest independent UK based tanker owner and operator, with a fleet in excess of 60 vessels. Its operations include ship-owning, technical and commercial management, agency and fully integrated logistics management.

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