Hercules Tanker Management acquires five product and chemical 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.”

Related: Peninsula founder launches shipping firm Hercules Tanker Management
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Related: Hercules Tanker Management orders LNG bunkering vessel from Hyundai Mipo

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