The CEO and founder of bunker supplier Peninsula, John Bassadone, has signed an agreement with Hyundai Mipo Dockyard through his private shipping company, Hercules Tanker Management, to construct an 18,000-cbm dedicated LNG and bio-LNG bunkering vessel.

The new ship is due to be delivered in 2027 and deployed via Peninsula; and the agreement includes an option for the construction of a second vessel.

Peninsula has been operating the 12,500-cbm LNG bunkering vessel 'Levante LNG' since October 2023. The firm already supplies LNG as marine fuel to multiple customers across the Strait of Gibraltar and Western Mediterranean, including Royal Caribbean, Eastern Pacific, K-Line and MSC.

Commenting on the newbuild, Bassadone said: "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."

As regards the use of natural gas, Bassadone remarked: "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 four 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."