I'm almost 100 percent positive that Bruce Chan is CEO of TNK. I think people here are getting mixed up with the parent company. I think that TNK has potential, but trying to time the turnaround is most difficult.
All shareholders should watch this video interview, excellent points, very positive. TNK will make more profits being on the right track, and shareholders will get more benefit from divi and pps appreciation. Target Price over $6.00. Dividend over 14.50%. Now we know why Dahlman Rose upgraded TNK to BUY. GLTA.
He is not the TNK CEO, but rather the TK CEO. However, he did make a point that is applicable to TNK, which is, shipping routes are getting longer as Asia's appetite for crude oil grows.
Longer shipping routes do to things: generate more revenue due to the ship being utilized as opposed to be laid up, and it takes away ship inventory because the ships are busy sailing.
The above two events help increase shipping rates. A similar thing happens when the ships do something as simple as reducing their speed. Ships stay on the water longer, and in the case of slower shipping, they reduce their fuel consumption - which is a significant expense for a shipper.
msna, Peter Evensen is the CEO of TNK, check the profile and his name is there. Good to listen to the CNBC Video, very impressive and positive for TNK's future. Asia & Europe need alot of LNG (liquid nat gas) for sure, that will keep these tankers very busy. All shareholders should listen and watch the video. GLTA.