石油石化行业石化运输周报（2025.2.10-2025.2.16）：中小油轮运价持续反弹，VLCC运价维持高位

Investment Rating - The industry investment rating is "Outperform the Market" [6] Core Viewpoints - The report indicates that the VLCC market is under pressure due to slow cargo release and oversupply of tonnage, while the medium to long-term outlook benefits from trade flow restructuring and capacity shortages, suggesting potential upward price movements [7] - The report highlights that the demand for medium-sized tankers in the Mediterranean is improving, leading to a steady increase in freight rates [7] - The report recommends focusing on companies such as COSCO Shipping Energy and China Merchants Energy, while also keeping an eye on China Merchants Jinling [7] Summary by Sections Oil Transportation Market - In the seventh week of 2025, the average TCE for VLCC ships was $40,122 per day, down 16.5% month-on-month and down 27.8% year-on-year [10] - The BDTI composite index averaged 897 points, remaining flat month-on-month but down 31.7% year-on-year [10] - The average TCE for LR2 ships was $22,064 per day, up 27.4% month-on-month but down 66.6% year-on-year [19] LNG Transportation Market - In the seventh week of 2025, the spot freight rates for 174,000 cubic meter LNG carriers were $9,000 per day, up 20% month-on-month but down 86.4% year-on-year [40] - The average price of LNG in China was reported at 4,235 RMB per ton, up 2.1% month-on-month and up 9.1% year-on-year [46] - The total LNG fleet size reached 120.1 million cubic meters, an increase of 6.8% year-on-year [55]