Seaspan Corporation (Seaspan) and Hapag-Lloyd on Wednesday (3 June) announced the successful completion of the first of the five vessel conversions under their methanol retrofit programme with the delivery of Seaspan Yangtze.

From the early SAVER (Seaspan Action for Vessel Energy Reduction) programme to today’s CleanBlue initiative, Seaspan has committed over USD 230 USD million across 86 vessels, executing more than 550 efficiency and retrofit projects.

Following Seaspan Yangtze, the remaining vessels planned for retrofit under the programme are Seaspan Amazon, Seaspan Ganges, Seaspan Thames, and Seaspan Zambezi. Each retrofit is expected to reduce well-to-wake CO₂e emissions by approximately 30,000 to 50,000 metric tonnes per vessel annually when operating on low-carbon methanol, while also extending vessel lifespan and enhancing fuel flexibility.

“Decarbonisation is not just about building the fleet of tomorrow, it is also about unlocking the full potential of the fleet we have today. Retrofitting and upgrades on existing fleets play a practical, immediate, and economical role in accelerating shipping’s decarbonization journey,” said Bing Chen, Chairman, President and CEO of Seaspan. 

“Project SAVER CleanBlue highlights Seaspan’s strong customer partnerships, deep technical expertise, and unique platform integrated with JV partners, such as WattSpan Maritime Technology, in executing complex and large-scale retrofit projects.”

“The successful conversion of the Seaspan Yangtze together with the planned retrofit of its four sister vessels is another important step on our ambitious path towards net-zero fleet operations by 2045,” said Silke Lehmköster, Managing Director, Fleet, Hapag-Lloyd. 

“Together with Seaspan, we are demonstrating that retrofitting existing vessels for low-carbon methanol can be a practical way to reduce emissions in shipping.”

Photo credit: Seaspan
Published: 4 June, 2026

By Capt. Vikas Pandey, Founder & CEO, Shipfinex

The numbers on alternative-fuel orders look encouraging. Seventy-two percent of newbuild capacity ordered in the first ten months of 2025 was for alternative-fuel vessels, with LNG dual-fuel accounting for 60% of that figure. More than 1,369 LNG dual-fuel vessels are now in operation or on order globally. By most measures, the transition appears to be happening.

Look at who is actually placing those orders. MSC. Hapag-Lloyd. CMA CGM. Carriers with balance sheets large enough to absorb the cost premium of alternative-fuel newbuilds and relationships with Chinese leasing companies that extend leverage ratios unavailable to most of the industry. The Strait of Hormuz disruption this March accelerated that activity further: LNG tanker charter rates spiked above $200,000 per day and carriers with deep pockets moved to lock in fuel flexibility. Meanwhile, for vessels under 6,000 TEU, orders for conventionally fuelled tonnage rose to 28% of capacity ordered in 2025, up from 19% the year before. That is not a story of broad commitment to green fuels. It is a story about who has access to capital.

An alternative-fuel newbuild costs materially more than a conventional equivalent. Methanol-ready designs, ammonia-ready structures, LNG dual-fuel systems, each carries a cost premium above the base vessel price. For an independent shipowner financing through a traditional bank, that gap is increasingly difficult to bridge. Top-40 bank lending to shipping fell from $454.9 billion in 2011 to $284.3 billion by end-2023. The Chinese leasing companies that absorbed part of that contraction are structurally oriented toward Chinese-built vessels under long-term contracts with tier-one counterparties. Independent bulk owners, mid-tier tanker operators, feeder container companies: they are working with a materially shrunken pool of willing lenders at precisely the moment they are being asked to upgrade their fleets.

This bifurcation deserves more attention from the marine fuels industry than it currently receives. Bunkering infrastructure investment follows demand signals. Alternative-fuel bunkering at secondary ports, methanol at regional hubs, LNG outside the major transhipment centres, requires a broader fleet base of alternative-fuel vessels to justify the investment. If green fuel adoption stays concentrated among a handful of majors rather than spreading across the independent owner fleet, the economics of scaling bunkering supply infrastructure outside the primary corridors remain thin.

Capital market structure and marine fuel adoption are connected, and pretending otherwise slows both. Digital instruments representing economic exposure to vessel-owning Special Purpose Vehicles, structured within regulated frameworks like VARA in Dubai, can extend the base of capital available to shipowners below the tier-one threshold. That capital base does not replace bank lending. It reaches operators that bank lending currently does not.

The Hormuz disruption reminded the industry that fuel supply chains carry geopolitical risk. The financing gap raises a quieter but equally structural point: the demand side of the green fuel equation depends on shipowners being able to afford the vessels that create that demand. Alternative-fuel bunkering infrastructure will scale when the fleet ordering those vessels does. Right now, that fleet is smaller than the order book numbers suggest.

About the Author

Vikas Pandey is a Master Mariner with decades at sea across various vessel categories. He is Founder and CEO of Shipfinex FZCO, a maritime asset tokenization platform operating under VARA In-Principle Approval (IPA/26/01/002) in Dubai and registered as a Virtual Asset Service Provider in Poland.

Disclaimer: This article is for informational purposes only and does not constitute financial advice or a solicitation to buy or sell any financial instrument or virtual asset. Maritime Asset Tokens are virtual assets; values may decline materially below purchase price. VARA In-Principle Approval does not constitute a final licence.

Linkedin: https://ae.linkedin.com/in/capt-vikaspandey
Website: https://www.shipfinex.com/

Photo credit: Shipfinex
Published: 4 June, 2026

Hercules Tanker Management (HTM) on Monday (1 June) announced the acquisition of five product and chemical tankers as part of its continued fleet expansion.

HTM is the shipping venture launched by John A. Bassadone, founder and CEO of independent marine fuel supplier Peninsula.

The company acquired STI Madison (2014 LR2), STI Brooklyn (2015 MR2) and STI Black Hawk (2015 MR2) – acquired from Scorpio Tankers; and Nord Marvel (2020 MR2) and Nord Maverick (2020 MR2) – acquired from Norden.

 The acquisitions represent a combined investment of approximately USD 225 million, with all vessels secured on long-term commercial charters, reinforcing Hercules’ strategy of pairing asset ownership with contracted earnings visibility.

“The acquisitions have been completed against the backdrop of a firm tanker asset market, with second-hand values continuing to trade at historically elevated levels due to strong freight markets, constrained fleet growth and limited shipyard availability,” the company said. 

 All five vessels enter the Hercules fleet with long-term commercial employment already secured, consistent with the company’s strategy of combining asset-backed exposure to tanker markets, with downside protection through contracted earnings, and operational flexibility to serve the growing global cargo flows of its partners and affiliates.

The acquisitions form part of a broader and ongoing fleet development programme at Hercules. 

The company continues to progress its newbuilding programme with Jiangmen Hangtong Shipyard in China, where it has committed to a series of up to 10 ‘ultra-spec’ chemical tankers, designed with flexibility to supply conventional fuels, biofuels and methanol, alongside enhanced efficiency and emissions performance. 

In parallel, Hercules is also investing in next-generation energy infrastructure through the construction of an 18,000 cbm LNG bunkering vessel at Hyundai Mipo, scheduled for delivery in 2027.

Market benchmarks indicate vessels of this type are currently contracting at approximately USD 90–95 million per unit, underlining the strategic and capital commitment behind this segment.

John A. Bassadone, Founder and CEO of Hercules Tanker Management, said: “This is another step in building Hercules carefully and deliberately. We are not trying to grow for growth’s sake. Our focus is on acquiring the right assets, at the right time, with the right commercial backing.

“These vessels come with strong employment already in place, which provides stability, while still allowing us to participate in a market we believe has solid fundamentals over the medium term. We are fortunate to be in a position where global cargo flows can underpin our investments, and we remain mindful that discipline is critical in this cycle.

“Additionally, we are currently engaged in negotiations for newbuilds of all sizes including LR2s, MRs, and Handys, as well as additional ultra spec vessels.”

Related: Peninsula founder launches shipping firm Hercules Tanker Management
Related: Hercules Tanker Management plans fleet expansion with new chemical bunker tankers
Related: Hercules Tanker Management orders LNG bunkering vessel from Hyundai Mipo

Photo credit: Hercules Tanker Management
Published: 2 June, 2026