Zhi Tong Cai Jing·2025-09-24 01:40Group 1 - Zhongyuan Shipping (01138) opened over 3% higher, currently up 3.09% at HKD 9.34, with a trading volume of HKD 4.0722 million [1] - On September 22, Zhongyuan Shipping indicated a significant increase in tanker freight rates, positively impacting the fleet earnings of global tanker owners [1] - The company's VLCC fleet is mostly in spot operation, benefiting from the current market conditions [1] Group 2 - JPMorgan considers Zhongyuan Shipping as China's largest tanker operator and a global leader in crude oil, refined oil, and LNG transportation [1] - The company operates a diversified fleet under China COSCO Group, providing downside protection in a volatile freight market due to its scale, newer vessel age structure, and increasing LNG business [1] - Huayuan Securities reported that VLCC TD3C TCE reached USD 96,000 per day on September 16, 2025, maintaining high levels thereafter, marking the best September VLCC freight rates since 1990 [1] Group 3 - The upcoming week is the last full working week before China's National Day holiday, with a concentration of Middle East cargoes expected for October shipments [1] - The available VLCC capacity in the next 30 days is projected to reach the lowest level in the past year, suggesting potential further increases in VLCC freight rates, possibly surpassing the September high since 1990 [1]