Many of the industry’s leading lights believe the rapid increase in US shale oil production has ushered in a new era of sustained prosperity for the Jones Act tanker market — but not everyone is buying into the hype.

Given the $150m price tag tied to a 45,000-dwt newbuilding, which could be built for one third of that in South Korea but would not comply with US cabotage laws, it may not come as a surprise that Charlie Papavizas of Winston & Strawn is urging owners to proceed with caution.

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