Bassadone’s new shipping venture to propel Peninsula’s fleet modernization with ‘ultra-spec’ methanol-ready tankers

Hercules Tanker Management (HTM), a shipping venture formed by John A. Bassadone, founder and CEO of marine fuels company Peninsula, is expanding its fleet with four new ‘ultra-spec’ tankers capable of supplying methanol and 100% biofuel, with deliveries set to begin in the second quarter of 2025.

Specifically, HTM ordered four 7,700 dwt IMO II chemical tankers from Jiangmen Hangtong Shipyard in China.

In addition to being able to supply methanol and 100% biofuel, the tankers will be equipped with diesel-electric (and battery-ready) power units which are expected to reduce emissions by around 20% compared to other conventional product tankers.

Twin engine with Schottel propulsion will improve maneuverability and safety during STS or loading operations, HTM said.

The newbuilds will be delivered at three-month intervals and time-chartered to Peninsula as part of Peninsula’s fleet modernization program.

As explained, the near-term launch of methanol-ready tonnage will help Peninsula service grow rapidly in the global methanol-powered fleet, which is anticipated to rise by over 250% in the next four years.

The company stated that, given the continued lack of shipyard slots, HTM’s foresight in recognizing this demand growth is particularly relevant.

John A. Bassadone, Founder and CEO of both Peninsula and Hercules Tanker Management, commented on the order: “The partnership between HTM and Peninsula allows us to build ships which cater for customer needs thus de-risking construction whilst maintaining full flexibility. This model ensures our assets optimise efficiency and remain relevant.

“It was perhaps perceived as a risk when HTM was first-to-market with these orders over 2 years ago, but we always had the confidence, driven by Peninsula’s global customer reach, that these ships have an important future role to play in alternative fuel supply.”

Recently, the company placed an order for an 18,000 cubic meter LNG bunker vessel at South Korean HD Hyundai Mipo. The vessel’s delivery is scheduled for 2027 and is also part of HTM’s fleet modernization efforts.

HTM was officially launched in September 2024, with a managed fleet comprising over 40 vessels ranging from conventional bunker barges to deep sea-going product carriers.