Robert Grune, the Jacksonville, Florida-based shipowner’s vice president of petroleum services, tells TradeWinds that additional purchases would likely be driven by the demands of customers like BP, Shell, ConocoPhillips, Chevron and Marathon Petroleum.
“We are a service-based company,” he added. “We are not speculative; we meet the requirements of our customer base. If one of our customers were interested in a product tanker or articulated tug barge and willing to grow with us we would certainly be willing to expand.”
Grune noted that Crowley lined up time charters for all 17 of its articulated tug barges prior to placing orders and said the same strategy applied to the purchase of the 46,000-dwt Pennsylvania and Florida, which are due for delivery in September 2012 and March 2013, respectively.
While he wouldn’t discuss charter duration or pricing in detail, the King’s Point graduate said the duo were fixed by one of the group’s five US oil major customers for more than a year and will likely trade in the US Gulf and East Coast as soon as they hit the water.
When asked about future the Jones Act product tanker trade, Grune said: “The market is in equilibrium, demand and supply of vessels are pretty much even and rates have been firming over the past year.
“I don’t think we are not going to see allot of additions to the [Jones Act tanker] fleet going forward because it seems to be sized properly. As vessels age you will potentially see some tonnage coming in but right now it’s just about right.”
Crowley’s chemical and products transportation division, Crowley Petroleum Services,made TradeWinds headlines yesterday when it announced a deal to buy twonewbuildings ordered and constructed on spec by Aker Philadelphia on its own behalf in a transaction worth around $180m in total.
Grune said DNB Markets has been helping the company explore different funding options but he and a spokesman declined to comment on whether loan guarantees and $30m in construction financing from Aker ASA were given to Crowley or directly to the yard.
He did indicate, however, Crowley Petroleum, which exited the product tanker space in 2011 with the demolition of the 42,000-dwt Blue Ridge (built 1986) and Blue Range (built 1981), doesn’thave immediate intentions to file applications for Title XI guarantees fromthe US Maritime Administration but may in the future.
