Seabulk Tankers

Two companies that own Jones Act tankers went through bankruptcy in recent years as the charter business declined following the Great Recession. They are Overseas Shipping Group (OSG) that own two US flag tankers and manage another ten and the smaller US Shipping Corp that owns three Jones Act tankers. These days the surge in US crude production has created strong demand for Jones Act tankers and record charter rates for owners. Now tankers once dedicated to the Alaska trade between Valdez and the West Coast are being considered for crude shuttle duty around the Lower 48.  Today we continue our review of US Flag fleet owners.

At the end of last year (2013) Kinder Morgan invested nearly $1 Billion to buy five existing Jones Act tankers and four new builds on the way. Two other companies, Crowley Maritime and Seabulk tankers (part of Seacor Holdings) placed orders in 2013 to build six more tankers in the next two years. In all there are twelve new build orders on the books and options for even more threaten to rock the boat for current record high charter rates (over $100,000/day) being enjoyed by the 42 vessel Jones Act fleet. Today we detail the tankers owned by Kinder Morgan, Crowley and Seabulk.