It has been a particularly disappointing few months for the tanker market. Not since 2012 has the crude tanker market performed so poorly over the winter, with almost none of the seasonal upswing we are used to seeing. TD3 averaged a paltry $22k/day in Q4 and so far this year has been even lower. Other sectors fared little better. Is this a sign of things to come for the rest of 2018?