Charter rates on for US Jones Act tankers, which are among the highest earning vessels in the world, are falling back to earth amid high supply and declining cargo demand, according to a Wells Fargo report.
Senior analyst Michael Webber says Overseas Shipholding Group (OSG), which has a fleet of 12 Jones Act tankers, extended a one-year charter at $48,000 per day, which is down from the $55,000 per day level for previous charters.
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