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They have coated tanks, typically epoxy, making them easy to clean and preventing cargo contamination and hull corrosion, though they must be cleaned as different cargoes are introduced. Background Rates have seen a precipitous decline since the second half of 2015 and currently remain low. A major part in creating this low rate environment can be traced to large amounts of new tonnage hitting the water, which has outpaced demand growth, resulting in a supply-side-driven market disequilibrium. In this summary, we will take a brief look at where we are in the current cycle while utilizing a previous cycle as a guide.