Recalling this time of year only 12 months ago brings wide smiles to everyone’s face in the oil tanker business. Amidst a Covid-19 pandemic, the oil tanker market worked long hours in the gold mine. At present, the rain cannot stop from falling and what was set aside during the 2020 highs is now spent – but not only to cover daily losses in the freight market – money has also spent on secondhand assets.

A month of ups

Chinese crude oil exports went up by 2m barrels a day in March over the...