According to the CITIC Securities Research Report, oil exports from the Strait of Hormuz have returned to pre-war levels, and a large increase in pallets and a limited list of available ships have driven VLCC freight rates to continue to rise and spill over to Suezmax. Saudi Arabia's expansion of water distribution continues to stimulate pallets. STS transit is currently the main delivery method. Non-traditional handling operations combined with shuttle tanker capacity limit the continuous loss of VLCC's effective capacity and cannot match the growing pallet. As the frequency of recent ship attacks increases and damaged ships are difficult to maintain, VLCC's effective capacity is further damaged, and VLCC freight rates may rise further. Cracking price spreads are expected to remain high, refinery procurement intentions are still sufficient, energy supply is gradually shifting to a stable priority, and seasonal rigid demand is compounded by increased flight distance due to changes in trade flow, and transportation of refined oil products is expected to reach an inflection point. Tanker leader valuations and profits are expected to reach record highs in the fourth quarter of 2026.

According to the CITIC Securities Research Report, oil exports from the Strait of Hormuz have returned to pre-war levels, and a large increase in pallets and a limited list of available ships have driven VLCC freight rates to continue to rise and spill over to Suezmax. Saudi Arabia's expansion of water distribution continues to stimulate pallets. STS transit is currently the main delivery method. Non-traditional handling operations combined with shuttle tanker capacity limit the continuous loss of VLCC's effective capacity and cannot match the growing pallet. As the frequency of recent ship attacks increases and damaged ships are difficult to maintain, VLCC's effective capacity is further damaged, and VLCC freight rates may rise further. Cracking price spreads are expected to remain high, refinery procurement intentions are still sufficient, energy supply is gradually shifting to a stable priority, and seasonal rigid demand is compounded by increased flight distance due to changes in trade flow, and transportation of refined oil products is expected to reach an inflection point. Tanker leader valuations and profits are expected to reach record highs in the fourth quarter of 2026.