Yes - 2.50 or even 2.40. However the bad result cannot be a surprise to people that follow tanker rates. It's more surprising that one VLCC under management, was arrested in Egypt and that there's problems with the new building orders, that I see as very important for the future value of Teekay Tankers
That was not a pretty quarter. We will definitely see 2.50 this week. I was a buyer at 2.50 prior to this quarter, but I don't know if I will pull the trigger anymore. Rates are still lousy and no improvement in sight for tankers. Available credit decreased almost 40 million and they are having issues with their newbuilds (thankfully they haven't made any payments yet). Cash flow was decent enough to cover the $.03 dividend, but revenue continues to get lighter and expenses keep getting bigger.