We said after the September update that we could see sub $2 levels before things get better. The stock hit a low of $1.84 at the beginning of November. I am surprised how quickly it recovered until we look at the November update. TNK expected rates to recover in Q4 above ten thousand dollars a day and if October is any indication the recovery is a little better than expected. In the November update they noted Suexmax rates averaged $20-25 thousand per day with Aframax rates in the mid-teens although this does not fit the charts they posted below although rates have improved dramatically.
Disclosure: I am/we are long TNK.