Waste is golden. To put it another way: widespread gross inefficiencies in the disposition of physical assets make for constraints in the supply of the relevant asset class, and such supply constraints make for spikes in trading and sales values.

Thanks to sanctions, today’s two-tier tanker market is nothing if not grossly and lucratively inefficient.

Take the current voyage of the 299,100-dwt crude carrier Titan (built 2003), which loaded with crude oil in February and has spent most of its time since then waiting to find a place to discharge.