The original tanker thesis was:

For crude, tonne (barrels) and mile (Western hemisphere production, including shale) growth.

For products, IMO 2020 shuffle.

Low and constrained vessel supply.

The current thesis is:

COVID-19 global lock-down demand cliff.

OPEC oil war

Super-contango.

The reason for owning tankers has not only evaporated, but reversed. From too much oil demand, to oil going no-bid. Some have rightly commented on thesis creep on the tanker trade. Thesis creep has been massive!

Question:

What if the new thesis is better than the old thesis?