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ExxonMobil pays record $110,000 per day for Jones Act tanker

Dec 20, 2013 11:35 AM

The six-month charter agreement reflects a shipping niche being squeezed by a surge in U.S. oil production

Overseas Cascade

Courtesy Seafarers.org

Overseas Cascade

(NEW YORK) — ExxonMobil recently chartered a Jones Act tanker for a record high rate of $110,000 per day, Reuters reported. Market experts say the six-month charter for the 337,000-barrel Overseas Cascade is the latest sign of how surging U.S. oil production is squeezing the market for U.S.-flag ships. The rate is nearly 50 percent more than what was paid for the same ship last summer.

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