The U.S. Jones Act tanker operator American Shipping Company (AMSC) ended 2014 with USD 23 million net profit, almost USD 8 million less than what it earned in 2013.
The Norway-based shipper recorded USD 87.6 million and USD 87.3 million operating revenues for the full year 2014 and 2013, while EBITDA for the full year 2014 and 2013 was USD 84.5 million and USD 84.2 million, respectively.
According to the AMSC, the recent fall in crude oil prices has introduced uncertainty to the long term shale oil production level, which can potentially impact the demand for Jones Act tankers in the future.
However, the company believes that the shale oil production will continue to increase through 2015, which will positively impact the U.S. tanker market.
With limited availability for new delivery slots at the two shipyards currently able to build product tankers for shipping within the U.S., the AMSC expects the Jones Act tanker market to remain firm going forward.