NEW YORK - U.S. ship builders are making a $500 million (292 million pounds) bet on robust domestic demand for crude oil from newly-tapped shale fields by building new tankers without having lined up customers to lease them.
Philly Tankers AS, majority-owned by Aker Philadelphia Shipyard is building four ships on spec, and Seabulk Tankers Inc, an indirect wholly-owned subsidiary of SEACOR Holdings Inc, is building another two. The 330,000-barrel ships, which cost about $125 million each, conform to the 1920 Jones Act, which requires ships moving between U.S. ports to be U.S.-built, -crewed and -flagged, making them about three times more costly to build and operate than a comparable foreign-flagged ship.
Read more: http://finance.yahoo.com/news/u-oil-tankers-built-spec-051707536.html
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