Crude Oil Production Cut Down Slows Down Tanker Recover To Second Half

According to a Freight Waves article written by their Senior Editor Greg Miller, Analysts have warned that the tanker recovery will be  a distant dream  as rates are unlikely to recover before the second half of the year over crude oil production cut down 

“It feels a bit like someone stole our clothes while we were enjoying a swim,” mused the analyst team at Fearnleys. They were quoting a political saying and referring to what just went down in the tanker market.

Saudi Crude Production Cut...

https://mfame.guru/crude-oil-production-cut-down-slows-down-tanker-recover-to-second-half/

Jones Act discussed at Marine Money

The Jones Act tanker Liberty. NASSCO photo.

The Jones Act remains a hot topic in the workboat industry.

Jovi Tenev, a partner in the maritime group at legal giant Holland & Knight, moderated a session on the subject Wednesday at the Marine Money Week conference in New York. At a high level, the Jones Act (which requires vessels that operate in the domestic trades be U.S. built, owned and crewed) presents “barriers to entry” and a limited capacity for newbuilds, said Pål Lothe Magnussen, president and CEO of American Shipping Company ASA,...

https://www.workboat.com/news/coastal-inland-waterways/jones-act-discussed-at-marine-money/

American Shipping Company ASA Reports Q4 Results

On 28 February 2019, American Shipping Company ASA announced the results for fourth quarter ending 31 December 2018.

Report Highlights
  • Overseas Shipholding Group (“OSG”) exercised options to extend the bareboat charter agreements for all nine of AMSC’s vessels up for renewal
  • Stable Q4 bareboat revenue of USD 22.1 million and backlog of secured bareboat revenue of USD 302.7 million with average weighted tenor of 3.4 years
  • Normalized EBITDA for Q4 of USD 22.2 million
  • Adjusted net profit for Q4 of...

http://mfame.guru/american-shipping-company-asa-reports-q4-results/