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MI - Jones Act vessels get in the storage and foreign shipping act - May 2020



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Watercraft used to deliver goods between US destinations, known as Jones Act vessels, are now being used to store gasoline or ship fuel overseas, sources told Reuters in an April 27 report. Several shippers, primarily traders, said they have hired JA vessels—a most unusual move—as storage through conventional means becomes increasingly scarce amid a 30% drop in worldwide petroleum demand and a huge supply glut. The Jones Act was created in 1917 and requires......
 
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