CMES(SH:601872) Xin Lang Cai Jing·2025-12-08 10:21Core Viewpoint - The company is optimistic about the VLCC spot market rates from August to November, driven by increased transocean cargo volumes, stable sensitive oil demand, and OPEC+ production increases [1] Group 1: Market Conditions - The recent oil and tanker freight market conditions indicate intensified global oil supply-demand dynamics, with Brent crude oil prices rising but constrained by oversupply concerns [1] - The Atlantic shipping space is tight, and spot freight rates in the Middle East are high, with VLCC charter estimates reaching a three-year high [1] Group 2: Future Outlook - The company maintains a positive outlook for the VLCC rate midpoint over the next two years, expecting the midpoint in 2026 to be higher than in 2025 [1] - On the supply side, there will be limited VLCC order deliveries in the coming years, and the pace of old ship retirements is accelerating, with effective supply expected to be insufficient before the second half of 2028 [1] Group 3: Demand Factors - Geopolitical influences persist, with increased crude oil imports from China and tight global refining capacity benefiting midstream shipping demand [1]