With oil prices hitting seven-year highs on Tuesday, it is no surprise that tanker owners are being told to pray for a "black swan" event to bail them out.

It is not a direct correlation, of course, but soaring crude costs generally dampen industry and consumer demand, resulting in a negative impact on shipping.

High oil prices are also bad for the wider maritime community, pushing up the cost of bunkers and feeding more inflation into the wider economic system.