Reviews & Ratings for the Seabulk-Arctic

Monroe Energy, the Delta Airlines' subsidiary managing the 165,000 barrel per day (bpd) Trainer refinery, has made a significant move by entering into a time-charter agreement for the 330,000-barrel MR Seabulk Arctic. This Jones Act-compliant vessel, constructed in 1998, will be under charter for two years starting in August, as confirmed by sources with insight into the arrangement. A spokesperson from Delta acknowledged the charter but withheld further specifics. Notably, there is an option to transition to a newly constructed vessel in 2016 for an extension of three additional years. Seabulk Tankers, fully owned indirectly by Seacor Holdings and the current owner of the Seabulk Arctic, has three new tankers currently on order at General Dynamics’s NASSCO shipyard located in San Diego, with the first vessel expected to be delivered in the fourth quarter of 2016. Previously, the Seabulk Arctic was chartered to Valero Energy, a leading name in U.S. refining, which industry insiders indicate has sought to minimize its involvement in the Jones Act shipping sector—an area that, after years of relative quiet, is experiencing a surge due to increased demand for transporting Texas shale oil to refiners on the East Coast.