American Shipping Co (AMSC) has pointed to strong headwinds in the Jones Act tanker market but said its quarterly results remain cushioned by long-term bareboat charters.
Refinery throughout and fuel consumption in the US has remained below normal levels with the coronavirus pandemic showing no sign of abating, hurting domestic shipping demand.
“The current impact of the Covid-19 pandemic has significantly reduced demand for crude oil and clean products in the US market in the near term,” AMSC said in a quarterly report on Friday.
