The Jones Act tanker fleet is entering a period of prolonged softness due to lower US oil production, according to Pal Lothe Magnussen, chief executive of American Shipping Company.
Speaking at the TradeWinds Shipowners Forum USA, Magnussen says it may take a couple of years for supply-and-demand to come back to the US-built tanker fleet. The number of older tankers in the fleet will be potential scrapping candidates, but he says it will be a while before any new orders will be placed for Jones Act ships.
“It’s
