As was the custom on the Frisian islands at the time, Peters left his home as a young boy of about 12 years to participate in the newly flourishing whaling business in the Netherlands and also took lessons in navigation.

At the time, the whalers would encounter great numbers of whales in the bays of Spitsbergen, so the catch for a successful return could quickly be made.

During 19 voyages as a commander, Petersen acquired a total income of € 577,800 converted, which was a valuable asset given the circumstances of the time.

[1] In 1677, Petersen and his brother donated two great brass chandeliers to the St. Laurentii parish which are still in use today in the church of St. Lawrence.

At the beginning of the Spanish War of Succession in 1701 Petersen's eldest son Matz, who was a commander as well, was abducted to St. Malo by a French privateer but was later released for ransom.

After Struensee's execution for treason he remained influential and became director of the trade and fisheries school in the then-time Danish town of Altona.

One great-great-grandson of Matthias Petersen, Jens Jacob Eschels from Nieblum on Föhr, became known by writing a detailed autobiography of his own exploits as a whaler and merchant captain.