JP Morgan-controlled Schuyler Line Navigation has won a charter deal with the US Navy that could be worth $71m if all options are exercised.
The US Defense Department said the Maryland-based operator will earn $17.2m for the fixed portion of the contract for a vessel that can carry up to 38,500 barrels.
Schuyler can charter a US-flag vessel to the Navy’s Military Sealift Command, or it can use a foreign-flag vessel that is registered under the Stars and Stripes before the contract begins.
