According to China Merchants Shipping's announcement, China Merchants Shipping introduced the VLCC spot market freight rate trend from August to November this year during an investor relations event, mainly due to increased cross-ocean pallets, stable demand for sensitive oil, and increased OPEC+ production. Recent crude oil and tanker freight market conditions show that the supply and demand game has intensified in the global crude oil market, and the price of North Sea Brent crude oil has risen but is limited by concerns about excess. Shipping capacity in the Atlantic Ocean is tight, spot freight rates in the Middle East are high, and VLCC term rental estimates hit a three-year high. The company is optimistic about the VLCC tariff center in the next two years, and it is expected that the 2026 tariff center will be higher than 2025. In terms of supply-side constraints, delivery of VLCC orders will be limited in the next few years, and the pace of decommissioning of old ships will accelerate. It is expected that the effective supply of platforms will be insufficient before the second half of 2028. On the demand side, geopolitical influence continues. China's crude oil imports have increased, and global refining capacity is tight, favoring midstream shipping demand.

According to China Merchants Shipping's announcement, China Merchants Shipping introduced the VLCC spot market freight rate trend from August to November this year during an investor relations event, mainly due to increased cross-ocean pallets, stable demand for sensitive oil, and increased OPEC+ production. Recent crude oil and tanker freight market conditions show that the supply and demand game has intensified in the global crude oil market, and the price of North Sea Brent crude oil has risen but is limited by concerns about excess. Shipping capacity in the Atlantic Ocean is tight, spot freight rates in the Middle East are high, and VLCC term rental estimates hit a three-year high. The company is optimistic about the VLCC tariff center in the next two years, and it is expected that the 2026 tariff center will be higher than 2025. In terms of supply-side constraints, delivery of VLCC orders will be limited in the next few years, and the pace of decommissioning of old ships will accelerate. It is expected that the effective supply of platforms will be insufficient before the second half of 2028. On the demand side, geopolitical influence continues. China's crude oil imports have increased, and global refining capacity is tight, favoring midstream shipping demand.