John A. Bassadone, founder and chief executive officer of both Peninsula and Hercules Tanker Management (HTM) has revealed that HTM will start receiving four new tankers in the second quarter of 2025. These vessels will be delivered at three-month intervals and will be time-chartered to Peninsula.
The news came to light on Monday with a social media post in LinkedIn by the tanker owner Hercules Tanker Management (HTM) and marine fuel supplier Peninsula.
The company HTM commissioned the 7,700-dwt new build IMO II chemical tankers from the Jiangmen Hangtong Shipyard in China. The first vessel will be delivered by the second quarter of 2025.
The vessels will be part of Peninsula’s fleet modernisation programme, being described by them as ‘ultra-spec’, given their ability to supply methanol as well as 100% biofuel.
“Further enhanced specs include diesel-electric (and battery-ready) power units, reducing emissions by around 20% compared to other conventional product tankers,” Peninsula said in its statement on Monday in the social media LinkedIn.
“The near-term launch of methanol ready tonnage will help Peninsula service rapid growth in the global methanol-powered fleet, which is anticipated to rise by over 250% in the next four years,” it added.
HTM’s foresight in recognising this demand growth is particularly relevant given the continued lack of shipyard slots.
John A. Bassadone, founder and CEO of both Peninsula and Hercules Tanker Management, said: “the partnership between HTM and Peninsula allows us to build ships which cater for customer needs thus de-risking construction whilst maintaining full flexibility.
“This model ensures our assets optimise efficiency and remain relevant.
“It was perhaps perceived as a risk when HTM was first-to-market with these orders over 2 years ago, but we always had the confidence, driven by Peninsula’s global customer reach, that these ships have an important future role to play in alternative fuel supply.”
