The Jones Act market is rife with rumours that the company, which is backed by AKPS, American Shipping Co and private equity funds, has already pulled the trigger.

In its fourth-quarter earnings report AKPS said Philly will likely exercise options to order two more 50,000-dwt vessels but didn’t indicate whether pen has met paper.

“AKPS is confident in the demand for these two vessels and expects them to be constructed either for Philly Tankers or for others if the existing option is not declared,” it added.

Erik Nikolai Stavseth, a forecaster at Arctic Securities, notes the shipyard also indicated that “most of the purchasing activities for Hulls 21 through 28 have been completed”.

In a client briefing the equity analyst argued that this suggests AKPS is already moving forward with the first phase of the projects linked to Philly’s options, Hull 27 and Hull 28.

Stavseth also pointed out that the fledgling operator recently lined up charters for the first pair of Jones Act product tankers, Hull 25 and Hull 26, which are due for delivery in late 2016 and early 2017, respectively, according to the Clarksons database.

While AKPS and Philly haven’t shed light on the terms of the fixtures the equity analyst noted that the shipyard described them as “long-term”, which suggests durations of at least five years.

The day rate wasn’t disclosed either but Stavseth reminded clients it is widely believed Seacor Holdings recently sealed a three-year deal that saw a 50,000-dwt newbuilding chartered to a third party for more than $70,000 daily.

Philly Tankers opened its doors in the summer of last year. Today shares of the company, which bills itself as a vehicle that will offer investors “pure-play exposure” to the Jones Act tanker segment, are listed over-the-counter in Oslo.

Earlier this week AKPS argued that the “fundamental outlook” for the sector “remains firm” but acknowledged that uncertainty increased in late 2014.

“In the short and medium term, available tonnage continues to be limited compared to demand,” the Oslo-quoted shipyard added in its earnings report.

“The company continues to believe [however] that new tonnage planned to come online in 2016 and 2017 will be effectively absorbed in the market.”

AKPS and General Dynamics NASSCO are the only US shipyards actively involved in the construction of both bluewater tankers and containerships.

The former is on the fringe of completing a second aframax for SeaRiver Maritime. This week it said the unit will likely hit the water by the end of next month, which is later than previously anticipated.