John Bassadone is CEO of both Hercules Tanker Management and bunker supplier Peninsula. Image Credit: Hercules Tanker Management

Hercules Tanker Management, the shipping company set up by Peninsula founder John Bassadone in 2024, has added five new refined products and chemical tankers to its fleet.

The firm has acquired the LR2 STI Madison and the MR2s STI Brooklyn and STI Black Hawk from Scorpio Tankers, and the MR2s Nord Marvel and Nord Maverick from Norden, it said in an emailed statement on Monday.

"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 company said.

The acquisitions represent a combined investment of about $225 million. The acquisitions are aimed at delivering asset-backed exposure to tanker markets, with downside protection through contracted earnings, as well as providing operational flexibility to serve the growing cargo flows of the company's partners and affiliates.

"This is another step in building Hercules carefully and deliberately," Bassadone said in the statement.

"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.”