可用运力相对充足，VLCC运价或延续承压态势

Report Industry Investment Rating - No relevant information provided Core View of the Report - The available capacity of VLCC is relatively sufficient, and the freight rate is likely to continue to be under pressure. The BDTI maintains a weak oscillating trend. OPEC+ has gradually increased production by 411,000 barrels per day since May, which may increase the global seaborne demand for crude oil. In the short term, domestic consumption demand is relatively weak due to refinery maintenance, and the freight rate is expected to maintain an oscillating trend. The shipping rhythm also needs to be monitored [1][4] Summary According to Related Catalogs Chapter 1: Comprehensive Analysis and Trading Strategy - The BDTI maintains a weak oscillating trend. OPEC+ has gradually increased production by 411,000 barrels per day since May, which may increase the global seaborne demand for crude oil. In the short term, domestic consumption demand is relatively weak due to refinery maintenance, and the freight rate is expected to maintain an oscillating trend. The shipping rhythm also needs to be monitored [4] Chapter 2: Core Logic Analysis - On May 23, the Baltic crude oil transport index BDTI was reported at 962, a month-on-month decrease of 1.23% and a year-on-year decrease of 21.92%. The Baltic product oil transport index BCTI was reported at 724, a month-on-month decrease of 2.95% and a year-on-year decrease of 32.40% [3] - In the week of May 23, the weighted earnings of the three major crude oil tanker markets continued to decline. Among them, the weighted earnings of Aframax were $33,012 per day, a month-on-month decrease of 6.91%; the weighted earnings of Suezmax were $38,290 per day, a month-on-month decrease of 9.49%; the weighted earnings of VLCC were $41,710 per day, a month-on-month decrease of 8.96% [10] - On May 22, the Clarkson VLCC-TCE was reported at $42,478 per day, a month-on-month decrease of 4.51%; the Clarkson Suezmax-TCE was reported at $34,785 per day, a month-on-month decrease of 11.12%; the Clarkson Aframax-TCE was reported at $29,408 per day, a month-on-month decrease of 3.07% [10] - The available capacity of VLCC is relatively sufficient, and the freight rate is expected to continue to be under pressure in the short term. The freight rate of Aframax and Suezmax is also declining [11] Chapter 3: Weekly Data Tracking - In the week of May 23, the passage volume of oil tankers in the Red Sea increased significantly month-on-month. In the week of May 17, the crude oil shipments of Saudi Arabia, the UAE, and Russia decreased month-on-month, while the crude oil shipments of the United States increased month-on-month [17] - According to the VLCC Suez Canal east-west capacity deployment data, in the week of May 23, 176 VLCCs were deployed west of the Suez Canal, an increase of 4 compared to last week, accounting for 20%; correspondingly, 697 VLCCs were deployed east of the Suez Canal, a decrease of 1 compared to last week, accounting for 80%. The westward market continued to attract ships [18]