Marine Fuels Supplier Peninsula Splits Off Shipping Business into Separate Entity

Marine fuels supplier Peninsula has recently established a new entity called Hercules Tanker Management (HTM) to focus on expanding its presence in the tanker freight sector. Hercules will operate as an independent ship owner, taking over Peninsula’s vessel assets and trading in tanker freight markets. The new company will also continue to provide services to Peninsula’s cargo and supply operations, with only 10% to 15% of its operations currently dedicated to Peninsula.

HTM’s fleet consists of 44 vessels, including deep sea tankers that were not part of Peninsula’s previous fleet. The company plans to expand its operations to include the transportation of fuel oil, refinery feedstocks, and gasoil cargoes. Chief Executive John Bassadone stated that Hercules now has the necessary structure, equity assets, and leadership to handle chartering for both Peninsula and the broader market. The company is actively seeking to grow its fleet and is already engaged in commercial discussions to achieve this goal.

With the establishment of Hercules Tanker Management, Peninsula aims to strengthen its position in the tanker freight sector and capitalize on new opportunities for growth. The new entity will operate independently, focusing on trading in tanker freight markets while also servicing Peninsula’s cargo and supply operations. HTM’s fleet of 44 vessels, including deep sea tankers, will facilitate the transportation of various cargoes, including fuel oil, refinery feedstocks, and gasoil. The company’s leadership is committed to expanding the fleet and exploring new avenues for business development.

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