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The Blackstone Group L.P. Message Board

  • jdooed jdooed Feb 13, 2013 12:53 PM Flag

    Blackstone to OSG Win Record Tanker Rates on Export Ban: Freight

    Oil tankers that move crude between U.S. ports are reaping windfall profits as domestic production surges and American laws prohibit exports.

    Rates for Jones Act tankers, the only kind permitted to haul domestic fuel cargoes, jumped 87 percent to $85,978 a day in the past year, and the average cost will reach a record in 2013, according to Poten & Partners Inc., the New York-based maritime consultant. The largest owners include Overseas Shipholding Group Inc., which sought bankruptcy protection in November, and American Petroleum Tankers Parent LLC, a company controlled by Blackstone Group LP funds.

    Sentiment: Strong Buy

 
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