Jones Act products tanker owners appear to be growing increasingly concerned about speculative newbuilding orders and an influx of private-equity capital.
Tom Crowley Jr, the chairman and chief executive of Crowley Maritime, fears overbuilding could wreak havoc on the segment despite the sharp spike in domestic oil production, which has pushed freight rates to record highs in recent years.
“The Jones Act market has never been in a better position but the space is small, it doesn’t take many ships to change the economics considerably,” he told TradeWinds in a recent interview.
“That
