Business

Peninsula founder launches shipping firm Hercules Tanker Management

John A. Bassadone, founder and CEO of Peninsula, officially launched his shipping venture, HTM, that will operate as an independent ship owner, active in chartering tonnage and commercial management.

Published

8 months ago

September 12, 2024

Admin

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)

Photo credit: Peninsula
Published: 12 September, 2024

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Milestone

Singapore: Equatorial conducts its first bio-blended LSMGO bunker fuel delivery of 2025

Several key challenges including product sourcing, sustainability certification, product handling, and logistics & planning had to be addressed to execute the complex operation, notes COO of Equatorial.

Published

19 minutes ago

May 20, 2025

Admin

Singapore: Equatorial conducts its first bio-blended LSMGO bunker fuel delivery of 2025

Singapore bunker supplier Equatorial Marine Fuel Management Services Pte Ltd (Equatorial) in early May carried out its first bio-blended B24 Low Sulphur Marine Gas Oil (LSMGO) bunker fuel delivery of 2025.

The milestone saw Equatorial’s Singapore-flagged 7,999 dwt IMO Type II bunker tanker EM Nikita delivering Used Cooking Oil Methyl Ester (UCOME) based LSMGO, blended to B24 spec, to an Orient Overseas Container Line (OOCL) operated vessel with its electronic bunker delivery note (eBDN).

“This milestone represents not just Equatorial’s first B24 LSMGO delivery, but also a significant step forward for sustainable marine fuel adoption in Singapore,” Choong Sheen Mao, Chief Operating Officer at Equatorial, told Manifold Times.

“It showcases our capability to evolve alongside the market and our commitment to providing certified, traceable, and high-quality biofuels to our customers.”

According to So Kah Meng, Sustainable Energy Manager at Equatorial, several key challenges including product sourcing, sustainability certification, product handling, and logistics & planning had to be addressed to execute the complex operation.

“Bio-blended LSMGO is significantly rarer in the market than bio-blended VLSFO due to limited production capacity, stricter blending requirements, and limited downstream demand. Equatorial secured supply through advanced procurement planning and leveraging trusted ISCC-certified upstream partners,” he explained.

“ISCC EU certification was essential to ensure traceability and regulatory compliance. Equatorial worked closely with its supply chain to ensure full documentation and sustainability verification ahead of the delivery schedule.

“Unlike bio-VLSFO, bio-blended LSMGO’s lower viscosity and pour point demanded additional considerations in tank pre-treatment and temperature control during transfer. Equatorial implemented specialised cleaning protocols and temperature monitoring to maintain fuel integrity.

“Coordination between our UCOME supplier, storage facility, barge planning, and receiving vessel was critical. Equatorial’s in-house technical and commercial teams worked closely with the Maritime and Port Authority of Singapore (MPA) and classification societies to ensure regulatory compliance and operational safety.”

Moving forward, Patrick Ng, Assistant Marketing Manager at Equatorial, believed the milestone operation was made possible by the favourable commercial maritime landscape under the supervision of MPA.

“Singapore’s strong regulatory framework, established bunkering infrastructure, and growing customer interest in low-carbon fuels have made it possible for projects like this to be commercially viable,” he stated.

“Equatorial is proud to contribute to Singapore’s decarbonisation leadership.”

Photo credit: Equatorial Marine Fuel Management Services
Published: 20 May 2025

Winding up

Singapore: Notice of dividend issued for defunct bunkering firm Coastal Oil Singapore

Second and final dividend of Coastal Oil Singapore is scheduled to be released from 19 May; company’s former Chief Finance Officer received a nine-year jail sentence in 2021.

Published

22 hours ago

May 19, 2025

Admin

A notice was published in the Government Gazette on Friday (16 May), regarding the second and final dividend to creditors of defunct bunkering firm Coastal Oil Singapore Pte Ltd.

The following are details of the notice of dividend of the company:

Name of Company : Coastal Oil Singapore Pte. Ltd. (In Creditors’ Voluntary Liquidation) (Co. Reg. No 200413975N)
Address of Registered Office : 1 Raffles Quay, #27-10 South Tower, Singapore 048583
Amount per centum : 0.3552 per centum of all admitted ordinary claims
First and final or otherwise : Second and Final Dividend
When payable : On or after 19 May 2025
Method of payment : Remittance or telegraphic transfer
Where payable : c/o FTI Consulting (Singapore) Pte Ltd, 1 Raffles Quay, #27-10 South Tower, Singapore 048583

In 2021, the former Chief Finance Officer of Coastal Oil Singapore received a nine-year jail sentence at the State Courts of Singapore.

Ong Ah Huat earlier pleaded guilty to 15 charges; the charges include three counts of engaging in a scheme to defraud and nine counts of forgery for conspiring with accomplices to defraud eight banks into approving USD 320 million in loans.

The banks involved were: China Merchants Bank (Singapore), Bank of Communications (Hong Kong), BNP Paribas (Hong Kong), Cooperative Rabobank (Hong Kong), DBS Bank (Hong Kong), HSBC (Hong Kong), OCBC (Hong Kong), and Standard Chartered Bank (Hong Kong).

In 2019, Manifold Times reported Hong Kong-listed COSCO SHIPPING International (Hong Kong) Co., Ltd stating its indirect wholly-owned bunkering subsidiary Sinfeng suspecting fraud to be involved in the liquidation of Coastal Oil Singapore during December 2018.

It was believed Coastal Oil Singapore owed approximately US $357 million to 79 firms. Out of the total USD 357 million, banks were the hardest hit taking up about US $354 million, or 99.1%, of total credit owed.

A complete coverage of the events leading to the current development has been arranged by Singapore bunker publication Manifold Times (in descending date order) below:

Photo credit: Manifold Times
Published: 19 May, 2025

Vessel Arrest

Malaysia: MMEA detains Liberia-registered boxship for illegal anchoring off Sekinchan

Container ship was anchored without permission at 22.5 nautical miles southwest of Sekinchan on 16 May; Russian captain and Second Engineer were taken to headquarters for further investigation.

Published

22 hours ago

May 19, 2025

Admin

Malaysia: MMEA detains Liberia-registered boxship for illegal anchoring off Sekinchan

The Selangor Malaysian Maritime Enforcement Agency (MMEA) on Sunday (18 May) said it detained a Liberia-registered container ship for anchoring without permission at 22.5 nautical miles southwest of Sekinchan at about 1.20pm on 16 May.

Selangor Maritime director Maritime Captain Maritime Abdul Muhaimin Muhammad Salleh said the Klang Area Control Centre’s Maritime Surveillance System detected the position of the suspicious vessel at about 9.20am.

He said checks with the Central Region Maritime Department found that the container ship did not apply for permission to anchor.

Preliminary inspection found that the ship was registered in Liberia and is operated by a 44-year-old Russian captain along with 23 crew from various nationalities aged between 32 to 50 years. All of them had complete identification documents.

Further investigation found that the captain of the ship failed to present any documents showing permission to anchor.

Following that, Abdul Muhaimin said a detention order was issued for the vessel while the captain and a Second Engineer were brought to the Selangor Maritime Department headquarters for further investigations.

The case is being investigated under the Merchant Ship Ordinance 1952 for docking without permission from the Malaysian Marine Department director-general.

“If found guilty, they could be imposed a fine of not more than MYR 100,000 or a jail term of two years or both,” he said.

Photo credit: Malaysian Maritime Enforcement Agency
Published: 19 May, 2025