American Shipping Company clinches long-term employment for tanker pair

Aker-dominated owner of Jones Act compliant tankers, American Shipping Company (AMSC) has struck a long-term bareboat charter deal for two of its vessels with US tanker operator Keystone Shipping.

The charters will begin in December of this year and last for a minimum of three years. The deals are secured by back-to-back time charters of the same duration between Keystone and a major US-based oil and refinery group. 

“Jones Act tanker capacity will remain constrained for the foreseeable future, and these charters are indicative of strong demand for our vessels. Chartering our vessels to a premium US tanker operator like Keystone gives us a great deal of confidence that our vessels will be operated and maintained to the highest standards in order to serve US oil companies’ transportation needs going forward,” stated Pal Lothe Magnussen, AMSC CEO.

AMSC said the new charters will add nearly $60m to its backlog, excluding any proceeds from the profit share component. The Oslo-listed company owns nine handysize product tankers, one handy shuttle tanker, and it recently entered the offshore sector with the purchase of one of the most advanced offshore subsea construction vessels.

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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