EMF XVI represents the purchase of a 15-year-old Aframax Oil tanker. Acquiring an older vessel in Q1 of 2019 limited the shareholder’s downside to scrap values due to the USD 3 million difference between the vessel value and scrap prices. The shareholders anticipated that the cyclical bottom was imminent. Thus the tonnage was perfectly positioned for a surge in earnings and raising vessel valuations. The acquisition presented a countercyclical exposure on the back of depressed asset values and with significant upside potential.