I think part of the reason they under perform in a down market is they pay no dividend like most other tankers. Rates are now horrible. The one thing TNK has going for it is part of their fleet is on time charter for much higher rates which should keep earnings above water for the next 3-4 quarters. Q2 should be very good but after that earnings will plummet. It's hard to say when rates will come back. That said TNK does appear to be oversold at this point.