I agree Alan, plus their fleet is old and getting older each day. In addition, I think you are being generous when you say $6. Whatever price is quoted for tankers over 10 years old is probably way too high since there is no market for these at all.
Stj, The only reason I think that rates will rise again is because the inventory of ships is going to eventually go down. Scrappings will increase as ships become too old to charter and will not be able to find voyages on the spot market. More and more companies will go bust and lose control of their ships. Once banks and finance people take them, they will realize that they are worth more as scrap. Newbuilds have also slowed dramatically these past few years. It will happen eventually, but you have to be able to wait a long time. This is not a trading stock. Its a stock to buy and put away for a few years.
MSN you are 100% on everything except for one point. TNK is never going bankrupt. This is because they are small part of a larger enterprise, TK. Any way you loo0k at it, TNK's loans are effectively backed by TK, and TK will make sure they get paid so as to retain good relationships with their banks. It will never get to that point anyway for TNK, because the banks will never force TNK into bankruptcy. Their (the banks) relationship with the parent company, TK, is too important. TK and its banks are making loads of money in other shipping sectors right now, such an LNG carriers. They will subsidize the tanker business (TNK) for as long as necessary.