Business

Hercules Tanker Management acquires five product and chemical tankers

Acquisitions form part of a broader and ongoing fleet development programme at Hercules; programme also includes investing in the construction of an 18,000 cbm LNG bunkering vessel at Hyundai Mipo.

Published

2 months ago

June 2, 2026

Admin

Hercules Tanker Management plans fleet expansion with new chemical bunker tankers

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.”

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

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Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

4 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

4 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

4 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026