I think the phrase "positive for product tankers" is simply wrong.
At first, 30% of Japanese refineries shut down. Currently less than 15% are shut down.
But here is the important part. Before the earthquake, the refineries were operating at 80% capacity. Now they have upped it to 95% and are producing for inventory. So, they have all they need and more.
I think that is what this little "rally" is all about. Prudent investors should sell now and/or go short until after the capital raise. Perhaps buy back in for the dividend chase, but I would be very cautious.