There are probably 50 VLCCs too many in the market today, says Frontline Management chief executive Jens Martin Jensen. This situation could have been, if not avoided, at least mitigated, had the tanker industry felt the brunt of the credit crisis in 2008 rather than three years later. “We would have seen less ordering. Instead we were all living on a kind of artificial hope, buffeted by other factors, notably floating storage,” Mr Jensen says, speaking from the company’s Sing....

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