I wondered how fast the value fell on all those supertankers built in the U.S. to comply with the Jones Act to transport oil from Alaska to the west coast. Now they're a commodity tanker on par with all the rest in the world, must have taken a big hit in value overnight.
@Sig, The Jones Act is still in force. If you meant, the export ban was supporting Jones act volumes, I agree. But US coastal refiners will still have to use Jones Act ships for receiving US crude. I feel the US Eastcoast refiners will struggle to source US crudes off the water as there will always be better markets abroad for US crude which are accessible at lower transport costs than Jones Act.
I know, I meant the reason all those West Coast US made tankers were purchased for a premium was because it was the only way to get AK oil out between the export ban and the Jones Act. Now they can and probably will export it all direct, so no need for an expensive US built tanker anymore. The Jones Act is a classic unintended consequences thing that will now see us exporting crude from the US and importing the same amount just to get around the requirement for US flagged vessels. The Great Lakes are now the last bastion of Jones Act protection, everything else has figured out suboptimal ways to circumvent it and decimate the US maritime industry it was supposed to protect in the process.