Ecstatic over lofty tanker earnings brought on by OPEC policy largesse — and convinced that this is the start of a broad, cyclical recovery — owners once again ordered too many crude tankers in 2015. Their justification was a simplistic hypothesis about inter-basin crude flows, but shifts in global production, refining and imports suggested that the sector was a 1% growth business, at best. Given the orderbook size, the results were predictable.  Download 28-page summary section of 128-page presentation here.