Evermore Global Advisors co-founder David Marcus believes conditions in the crude tanker market today are similar to those experienced in dry cargo when the investor first entered shipping in early 2016.

“We always saw we are nibblers not gobblers. A gobbler takes big bites," he says. "We take small bites as we do not know where the bottom is.”

Evermore's first taste of tanker stocks has been with John Fredriksen’s Frontline.