American Shipping Company charters out third tanker to Keystone

Oslo-listed owner of Jones Act-compliant tankers, American Shipping Company (AMSC) has sealed another long-term bareboat charter deal for one of its vessels with US tanker operator Keystone Shipping.

Following a deal in June for a pair of tankers, Keystone will be taking a third AMSC ship this December for three years on the back of its time charter with a US fuel supplier.

AMSC said the new charters would add nearly $31.3m to its backlog, excluding any proceeds from the profit share component.

“By successfully bareboat chartering the three ships, we have increased our charter backlog by over $91m. Jones Act tanker capacity is likely to remain constrained for the foreseeable future, and these charters are indicative of strong demand for our vessels,” AMSC chief executive Pål Lothe Magnussen said.

The three ships are the MR2 product tankers Overseas New York, Overseas Los Angeles and Overseas Texas City, New York-listed operator Overseas Shipholding Group had decided not to extend and return in December this year.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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