At the risk of posting on Coursonc's off-topic board by starting a thread about TNK...

Does TNK's charter/philosophy/rules dictate that it will always operate with a large percentage of its fleet using fixed contracts? Or could TNK operate at some point in the future with all or most of its fleet operating earning spot prices?

I ask this because currently, TNK looks good because it's fixed contracts are higher than the spot prices for much of 2010. But at some point, the fixed contracts will expire. If they expire and spot prices are still low, will the company renew fixed contracts at the much lower prices? Or will the company operate at the spot prices until the environment improves to where a fixed contract can be signed at a more favorable price?

I ask because we take for granted TNK's good earnings situation due to their fixed contracts. Is there a significant risk a year or two out as the contracts expire due to the management philosophy of going with fixed contracts?