If we take your "nothing" to mean "nothing practical" to do with oil, then you are completely correct. If a boat could be operated for free, then overcapacity

If we take your "nothing" to mean "nothing practical" to do with oil, then you are completely correct. If a boat could be operated for free, then overcapacity wouldn't matter, just ship boats underloaded. Of course there are costs so that notion is silly. I suspect he thought that fuel costs were among the biggest costs in shipping. I bet licensing and legal fee are the biggest costs, then I bet personnel cost come in second, then boat maintenance, then somewhere below that oil.