This one has been a sleeper for sometime. They manage their fleet well with a mix of fixed rate charters...and a mix in the spot market. This company really only needs spot rates to be 10-15k day to break even and pay the bills. It will be interesting to see how low fuel prices keep affecting rates and a shut down of a major field in Libya.
Europe gets a huge amount of oil from North African Oil producers. Getting more from mid east suppliers means longer sail times for tankers...ie the need for more tankers.
Plus we just got a report about last quarter...this quarter is going to produce great results to based on the continued high spot rates.
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