1/3: Thoughts on #tankers, when lock downs slowly ease, it's not uniform. So demand slowly comes back in pockets, and each refinery is optimally configured only for specific crude grades. These grades could be storing anywhere in the world (less deviation onshore) on tankers..

2/3: You will see a lot of strange shipping routes. In the meantime, storage slowly has to be worked off these tankers. So there's lesser active fleet for actual shipping of crude, naphtha, jet, gasoil, etc.
So if you think contango will just DISAPPEAR past Q2 2020 abruptly...

3/3: I'm not so sure. Anyone that tells you they know what will happen & have great models showing collapse in shipping demand post Q2 2020 is kidding you. Facts are rates are at ridiculous rates since Q4 2019. Actual FCF.

$STNG $FRO $TNK $EURN