Tanker owners in the US Jones Act market are optimistic that they have bounced off the bottom of the market and are in the early stages of a rates recovery.
Speaking at TradeWinds Shipowners Forum USA in Houston, owners said a culling of surplus tonnage has been ongoing for the past two years while the demand picture remains encouraging.
Overseas Shipholding Group (OSG) chief executive Samuel Norton said as rates improve companies should be less dependent on spot bookings and should be able to return to the traditional charter-cover relationship with energy companies.
