It has not been easy for investors to make money in the crude tanker market over the past five years.
Even when tanker owners had strong operating peaks as in 2015, their profits did not fully translate to a lift in the valuations of the steel they owned.
Much the same scenario was played out in the stock market, as listed crude owners watched shares stagnate even when freight markets were high, causing some to use words like “disconnected” and “broken model” to describe events.
