Core Viewpoint - VLCC freight rates have reached the highest level for September since 1990, with VLCCTD3cTCE hitting $96,000/day on September 16, 2025, and expected to maintain high levels in the following days [1][2] Group 1: VLCC Freight Rates - VLCCTD3cTCE reached $96,000/day on September 16, 2025, marking the best September freight rate since 1990, matching the peak from September 2004 [2] - The upcoming week is the last full working week before China's National Day holiday, with a concentration of Middle Eastern cargoes expected for October, alongside the lowest available VLCC capacity in the past year [2] Group 2: Iron Ore Market - The Ximangdu iron ore project officially commenced operations on September 14, 2025, with the first batch of shipments expected in November 2025, potentially supporting the bulk shipping market from Q4 [3] - The project has iron ore reserves exceeding 2.25 billion tons, with an annual production capacity of 120 million tons, requiring at least 155 Capesize vessels for transportation, which is about 7.6% of the current Capesize fleet [3] Group 3: Investment Recommendations - With OPEC+ increasing oil production and the Ximangdu iron ore project coming online, combined with potential interest rate cuts by the Federal Reserve boosting global commodity demand, the oil and bulk shipping markets are expected to experience a positive cycle starting from Q4 2025 [4] - Companies to watch include China Merchants Energy Shipping (601872), COSCO Shipping Energy Transportation (600026), Haitong Development (603162), HNA Technology (600751), and Air China Ocean Shipping (833171) [4]