Peninsula founder launches shipping firm Hercules Tanker Management

John A. Bassadone, founder and CEO of independent marine fuel supplier Peninsula on Wednesday (11 September) officially launched his shipping venture, Hercules Tanker Management (HTM). 

HTM operates as an independent ship owner, active in chartering tonnage and commercial management. The company also facilitates Peninsula’s cargo flows and physical supply operations.

Since 2012, Peninsula has expanded its supply chain, focusing on logistics control. Initially using product tankers for bunkering, it later incorporated larger tankers as it grew in various cargo markets. Leveraging its fleet operations experience, Peninsula established HTM in 2022, soft launching in late 2023. 

Now an active freight trader in its own right, HTM initially emanated from Peninsula’s growth in cargo markets, which necessitated the 2022 creation of a dedicated chartering desk. This desk remains the hub of HTM, with both companies maintaining close ties as shipping and energy partners.

Tonnage, previously owned and operated by Peninsula, has moved to HTM but will continue to be utilised by Bassadone’s marine energy business. 

HTM’s combined newbuild plans and gradual fleet renewal assist Peninsula with its sustainability goals. These have been further enhanced by two purpose-built LNG bunkering vessels. The Levante LNG is currently actively supplying LNG across the Western Mediterranean, and a further vessel, with an option for another, is under construction by Hyundai Mipo shipyard in South Korea.

Bassadone, said: “After almost three decades in the marine energy industry and with steady and growing cargo flow, it is the right time to launch a specialist tanker company with a growth appetite and long-term focus.”

“The experience and knowledge from operating vessels and running cargo has allowed us to accelerate this process.  We own a diverse range of tankers, allowing us to actively participate in global freight markets, flexibly servicing customer needs. HTM will increasingly operate larger tanker sizes, partly as Peninsula seeks increased economies of scale across its worldwide supply chain, but also as HTM further builds its own trading book.

“These are genuinely exciting times and I’m keen to carefully, further build the Hercules fleet, with the right assets, bringing both operational flexibility and improved environmental efficiency.  HTM is already well positioned in the market and can now forge ahead with plans to further increase tonnage under management.”

HTM Overview:

• 4 x owned Handymaxes (2 of which are signed MOAs)
• 3 x chartered in Handymaxes
• 1 x owned MR
• 1 x owned Panamax
• 1 x owned LNG bunker vessel (plus 1 under construction + option for an additional vessel)
• 11 x owned product/chemical tankers between 5k and 22k DWT
• 18 x chartered in product/chemical tankers between 5k and 20k DWT
• 1 x product/chemical tanker MOA signed for purchase
• 4 x product/chemical tanker (2 x methanol ready) under construction

Total: 44 Vessels (owned/chartered in/MOAs signed)

Related: Peninsula delivers its first LNG bunker fuel supply in Gibraltar through “Levante LNG”

Photo credit: Peninsula
Published: 12 September, 2024