Kinder Morgan renewed charters for its Jones Act tanker fleet, but it took a haircut on rates.
The company's American Petroleum Tankers' subsidiary has a fleet of 12 medium-range (MR) tankers eligible for US cabotage trade. Four newbuildings are to be delivered this year, with the 48,500-dwt American Freedom (built 2017) recently delivered and chartered out.
But rates for Jones Act tankers have taken a hit amid lower demand and high vessel supply.
