Hong Kong’s Marine Department (MD) on Wednesday (3 June) launched the Quality Bunker Operator Scheme to encourage bunker operators to install and use mass flow meter systems (MFM systems) on their bunker vessels.

MD said the scheme aims to enhance Hong Kong’s bunkering service quality and the competitiveness of Hong Kong ports, thereby further consolidating Hong Kong’s position as an international maritime centre and a major bunkering port.

Under the Scheme, bunker operators of traditional maritime fuel and biodiesel that install and use MFM systems on their bunker vessels, with the MFM systems inspected and certified by an accredited body in accordance with the International Organization for Standardization’s ISO 22192 Standard or equivalent requirements, can apply to the MD for inclusion in the scheme’s “List of Quality Bunker Vessels”, provided they meet the relevant technical and operational requirements. 

Details of the bunker vessels successfully included in the List will be published on a dedicated page on the MD’s website for reference by shipping companies and relevant stakeholders.

Participation in the Scheme is voluntary. In addition to receiving recognition from the MD, participating bunker operators will benefit from enhanced corporate image and competitiveness through the adoption of MFM systems, thereby boosting customers’ confidence and helping to create new business opportunities.

 A spokesman for the MD, said: “As an international maritime centre supported by our country, Hong Kong has a strategic location adjacent to major international fairways. Coupled with years of development in marine fuel bunkering, Hong Kong possesses rich experience and talent in the field. For many years, Hong Kong has consistently ranked as the seventh-largest bunkering port globally, the second-largest in our country, and the largest in the Greater Bay Area, providing reliable and competitive fuel bunkering services to ocean-going vessels from around the world. 

“As the international shipping industry has an increasing demand for accuracy and transparency in bunkering services, service quality and measurement precision in bunkering operations have become important indicators of a bunkering port’s competitiveness. The Scheme will enhance bunkering accuracy and transparency, further enhancing the quality of Hong Kong’s bunkering services.

The spokesman added that comprehensive port services are one of Hong Kong’s key advantages as an international maritime centre.

“We will also mandate the use of MFM systems on all methanol bunker vessels this year to ensure that Hong Kong continues to provide high-quality bunkering services in the era of green maritime fuels.” 

Note: The application form for the Scheme can be found on the MD’s website. Interested bunker operators can download the application form from the website or contact the MD’s Green Maritime Fuel Team via email ([email protected]) for details.

Photo credit: Manifold Times
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