EO and Founder of Peninsula Signs Agreement with Hyundai Mipo Dockyard

[By: Peninsula]

John A. Bassadone, through his private shipping company, Hercules Tanker Management, has signed an agreement with South Korea’s Hyundai Mipo Dockyard to construct a new 18,000-cbm dedicated LNG and Bio LNG bunkering vessel, which will be deployed through his leading marine energy company, Peninsula.

The new vessel is expected to be delivered during 2027, and the agreement provides an option to construct a second vessel.

Peninsula has been operating the 12,500-cbm LNG bunkering vessel, Levante LNG, since October 2023. The leading physical supplier is successfully supplying LNG as marine fuel to multiple customers across the Strait of Gibraltar and Western Mediterranean, including Royal Caribbean, Eastern Pacific, K-Line & MSC.

Commenting on the agreement, John A. Bassadone said: “I am thrilled to be adding another LNG bunkering vessel to our fleet. The close working partnership between our own technical experts and Hyundai Mipo, one of the leaders in LNG bunkering vessel construction, will deliver a best-in-class ship, with no expense spared, to deliver optimal solutions for global shipping.  The industry is increasingly looking to low-carbon fuels to help meet international decarbonisation targets. LNG is one of the few lower-emission marine fuels available for commercially viable use today. Since the launch of Levante LNG, we have seen a significant increase in the LNG-capable global fleet, with many more vessels scheduled for launch in the coming years. We are investing today to maintain decarbonisation momentum tomorrow.”

Nacho de Miguel, Head of Alternative Fuels & Sustainability at Peninsula added: “Our LNG business has been carefully built over the past 4 years and this new vessel will enable us to further expand our global LNG supply footprint. Our experience and knowledge on LNG as a viable, lower-carbon fuel puts Peninsula in a strong position to meet future customer demand, and I look forward to welcoming the new vessel to the fleet in due course.”