MIT students supervised by Dr Ioannis Lagoudis have come up with an analysis of tanker ownership buying or leasing. This is a summary of the study.
A simulation study was made, based on a decision tree that covers chartering (leasing) a time charter or voyage charter (per trip), and buying a new or second hand vessel, and various horizon lengths.
It also discusses the risks. Outcomes seem to show that under their assumptions, time charter is the least risky strategy.
It isn’t profound, but it is a very nice analysis.