Molasses Reef is one of the most beautiful reef formations in Florida. Molasses Reef is actually much more than a dive site. It is a vast coral reef with drop-offs, caves and wrecks. Spanish Anchor, Winch Hole and Fire Coral Caves are some of the separate dive sites you will find in the Molasses Reef. The name Molasses Reef would refer to a ship that perished here, with a large cargo of Melassa. However, there is no certainty about this.