Sounds like there is actually thought behind your opinion and I agree to some extend.
The picture I have attached is earnings in some calculations I have done(based on $STNG
public TLC rates), the first row is based on 3 quarters of average variable costs based on days ships have been out, and keeping the same other expenses and financial income. That would net them 81 mil in earnings, roughly 23,49%.
Number 2 is based on last quarters earnings % which was 18,34, which is probably on the low end.
The last number is if they want a EPS of 2.47 which would require 40% earnings, which frankly, I think is unlikely. But even if that was the case, that would add 139 million$.
Which means that they would be around the liquidity level of Q4 2019, again, and if the big earnings of 2020 are done, that means that any chance of buyback in a size that will make a difference is not going to happen.
Summary, after Q1&Q2, they are going to sit on same amount of money they had EOY 2019.