Marine Fuels Supplier Peninsula Splits Off Shipping Operations

Marine fuels supplier Peninsula has spun off its shipping operation into a separate entity named Hercules Tanker Management (HTM), a Peninsula press release said on Wednesday, seeking to expand in the tanker freight sector.

Hercules will take over Peninsula's vessel assets and operate as an independent ship owner, trading its vessels in tanker freight markets as well as continuing to service privately owned Peninsula's cargo and supply operations.

"Now, with a proper structure, equity assets, and a head of shipping, Hercules can handle chartering for both Peninsula and the broader market. Currently, only 10% to 15% of Hercules’ operations are for Peninsula," Chief Executive John Bassadone told Reuters.

HTM's fleet consists of 44 vessels, including deep sea tankers that were not previously part of the Peninsula fleet, with the new company planning expansion into transportation of fuel oil, refinery feedstocks and gasoil cargoes.

"We are proactively looking to grow the fleet and are already in commercial discussions to do just that," Bassadone added.

(Reuters - Reporting by Robert Harvey; Editing by David Goodman)