Zhi Tong Cai Jing·2026-01-14 03:37Core Viewpoint - COSCO Shipping Energy (中远海能) shares have increased by over 4%, currently trading at HKD 12.13 with a transaction volume of HKD 247 million, driven by strong VLCC (Very Large Crude Carrier) freight rates and anticipated demand growth in the coming years [1] Group 1: Company Performance - The latest report from Shenwan Hongyuan indicates that VLCC freight rates are exceptionally strong in Q4 2025, with average rates reaching the fourth highest in history [1] - The estimated performance for COSCO Shipping Energy in Q4 is approximately RMB 1.9 billion, attributed to significant improvements in VLCC freight rates averaging around USD 95,500 per day [1] Group 2: Industry Outlook - Structural changes in the VLCC market are expected to lead to higher-than-expected growth in 2026, driven by new refinery capacities in China contributing approximately 1.7% to VLCC demand growth [1] - Compliance of Venezuelan crude oil is projected to increase VLCC demand by 2.1%, alongside trade structural changes due to geopolitical factors in regions like Iran and Russia, which will also contribute to VLCC demand growth [1]