Rates spike for Jones Act tankers unlikely to last

Spot rates for Jones Act tankers received a quick boost as Hurricanes Harvey and Irma threatened gaso­line shortages along the US Gulf Coast.

But the spike will not last as non-US flag vessels enter the coastwise market, and the shortages appear to be short-lived.

Spot rates for US-flagged tankers were about $30,000 per day before the two hurricanes. But in the wake of Harvey’s hit on Texas and Irma’s impact on Florida, rates were last quoted at $55,000 per day and higher.