每经AI快讯，12月6日，上海航运交易所官微发布的中国外贸进口油轮运输市场周度报告显示，本周布 伦特原油期货价格波动盘整，全球原油运输市场VLCC型油轮运价小幅回调。中国进口VLCC运输市场 运价高位下跌。12月4日，上海航运交易所发布的中国进口原油综合指数（CTFI）报2321.90点，较11月 27日下跌7.9%。 ...

Group 1: Report Summary - The BDTI crude oil freight rate index closed at 1043 points on August 28, 2025, up 1.36% week-on-week and 14.48% year-on-year, with the increase widening [2]. - As of the week of August 22, the shipping volume showed a pattern of "three increases and one decrease." The shipping volume from the US increased by 54.34%, Russia by 0.27%, the UAE by 10%, and Saudi Arabia decreased by 14.1% [2]. - As of August 27, the passage volume of crude oil vessels in the Red Sea and Aden Gulf regions increased significantly [2]. - The significant increase in crude oil shipping volume from the US, Russia, and the UAE last week supported the rise of the BDTI freight rate index. The substantial increase in the passage volume of oil tankers in major seas this week indicates a significant month-on-month increase in crude oil shipping volume from the Middle East, supporting the widening increase of the BDTI freight rate index [2]. - An important event to watch is the Fed's interest rate cut expectation [2]. Group 2: BDTI Crude Oil Freight Rate Index Trend - As of August 28, 2025, the BDTI crude oil freight rate index closed at 1043 points, up 1.36% week-on-week and 14.48% year-on-year [2]. - From a seasonal perspective, the freight rate remained stable and increased this week, showing a gap compared to the same period in 2024 [2]. Group 3: Oil Tanker Shipping Distance - In the 32nd week of 2025 (as of August 15), the shipping distances of VLCC, Suezmax, and Aframax tankers all decreased month-on-month, with the VLCC showing the largest decrease. Specifically, the shipping distances of VLCC, Aframax, and Suezmax tankers decreased by 21.47%, 8.04%, and 8.01% respectively month-on-month. Compared with the same period last year, the shipping distances of all three tanker types decreased, with the VLCC showing the largest decrease [4]. Group 4: Oil Tanker Traffic in Red Sea and Aden Gulf - From August 23 - 27, 2025, the total passage volume of oil tankers in the Red Sea increased. The average passage volume of oil tankers in the Red Sea was 798, an increase of 7 compared to the previous week. Among them, the number of crude oil tankers decreased by 4, and the number of refined oil tankers increased by 11. Among the passing crude oil tankers, the number of VLCC decreased by 1, Suezmax by 4, and Aframax by 7 [6]. - The passage volume of oil tankers in the Aden Gulf increased significantly. The passage volume of oil tankers in the Aden Gulf was 117, an increase of 16 compared to the previous week. Among them, the passage volume of crude oil tankers increased by 4, and refined oil tankers by 8. Among the passing crude oil tankers, the number of VLCC increased by 1, Suezmax remained unchanged, and Aframax increased by 12 [6]. Group 5: Oil Tanker Capacity - As of August 22, 2025, 9426 oil tankers were dismantled, an increase of 1 week-on-week and 80 year-on-year; the number of effective vessels was 18331, an increase of 11 week-on-week and 447 year-on-year; the vessel delivery volume was 215, a decrease of 2 week-on-week and an increase of 98 year-on-year; the number of vessel orders was 1332, a decrease of 10 week-on-week and an increase of 108 year-on-year; the number of vessels under construction was 228, an increase of 12 week-on-week and 84 year-on-year [8]. - As of August 23, the port capacity of VLCC and Aframax tankers increased month-on-month, while that of Suezmax tankers decreased. Specifically, the number of docked VLCC tankers was 2381, an increase of 93; the number of docked Aframax tankers was 2846, an increase of 208; the number of docked Suezmax tankers was 2064, a decrease of 57 [8]. Group 6: Crude Oil Shipping Data Tracking - As of August 22, 2025, the crude oil shipping volume from the US, Russia, and the UAE increased month-on-month, while that from Saudi Arabia decreased. Specifically, the weekly US crude oil shipping volume rebounded significantly by 54.34%, Russia's by 0.27%, Saudi Arabia's decreased by 14.1%, and the UAE's rebounded by 10% [10]. - In terms of shipping tanker types for US crude oil, the shipping demand for VLCC increased by 91.79% month-on-month, Aframax by 43.19%, and Suezmax by 15.61% [10]. - For Russian crude oil, the shipping demand for Aframax increased by 17.53% month-on-month, while that for Suezmax decreased by 14.32% [10]. - For Saudi crude oil, the shipping demand for VLCC decreased by 11.87% month-on-month, Aframax decreased significantly by 25.59%, and Suezmax decreased significantly by 50% [10]. - For UAE crude oil, the shipping demand for VLCC increased by 15.65% month-on-month, Aframax increased significantly by 247.58%, and Suezmax decreased by 15.99% [10]. - The total crude oil shipping volume from other countries such as Kuwait, Iraq, Iran, Algeria, and Nigeria increased significantly this week, mainly due to the month-on-month increase in shipping volume from Nigeria, Kuwait, and Iran [28]. Group 7: Crude Oil Arrival - This week, the arrival volume of crude oil in India and the Netherlands increased month-on-month, with the arrival volume in the Netherlands higher than the same period last year. The arrival volume of crude oil in China was lower than the same period last year [29].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The BDTI crude oil freight rate index rebounded rapidly in the week of August 4 - 7, 2025, with a 9.33% week - on - week increase and a 7.7% year - on - year increase. The increase was more significant compared to the previous period, and it turned from a year - on - year decline to an increase [2]. - As of August 1, the crude oil shipping volume showed a pattern of "two increases and two decreases" among major countries. The shipping volumes of the US and Saudi Arabia increased by 20.37% and 28.73% respectively, while those of Russia and the UAE decreased by 4.83% and 4.27% respectively [2][12]. - As of August 6, the traffic volume of crude oil vessels in the Red Sea and Aden Gulf regions increased, which increased the demand for oil tankers and was significantly positive for the BDTI freight rate index [2]. 3. Summary by Section BDTI Crude Oil Freight Rate Index Trend - As of August 7, 2025, the BDTI crude oil freight rate index closed at 1007 points, with a 9.33% week - on - week increase and a 7.7% year - on - year increase. From a seasonal perspective, the freight rate increased significantly in that week [2][3]. Oil Tanker Shipping Distance - In the 29th week of 2025 (as of July 25), except for the Suez - max tankers whose shipping distance decreased by 23.26% week - on - week, the shipping distances of VLCC and Aframax tankers increased by 3.49% and 22.81% respectively week - on - week. Only the Aframax tankers had a significantly longer shipping distance compared to the same period last year [5]. - From August 2 - 6, 2025, the total traffic volume of oil tankers in the Red Sea increased. The average daily traffic volume was 791 vessels, 12 more than the previous week. Among them, the number of crude oil tankers decreased by 10, while the number of product tankers increased by 25. In the Red Sea, the number of VLCCs increased by 3, Suez - max tankers decreased by 20, and Aframax tankers increased by 28. - In the Aden Gulf, the traffic volume of oil tankers increased significantly, reaching 143 vessels, 25 more than the previous week. The number of crude oil tankers increased by 2, and product tankers increased by 22. Among the crude oil tankers, the number of VLCCs increased by 2, Suez - max tankers increased by 1, and Aframax tankers increased by 9 [7]. Oil Tanker Capacity - As of August 1, 2025, 9423 oil tankers were scrapped, 2 more than the previous week and 83 more than the same period last year; the number of effective vessels was 18307, 15 more than the previous week and 449 more than the same period last year; the number of vessel deliveries was 196, unchanged from the previous week and 75 more than the same period last year; the number of vessel orders was 1356, 3 less than the previous week and 148 more than the same period last year; the number of vessels under construction was 212, 8 less than the previous week and 73 more than the same period last year [9]. - As of August 2, except for the Suez - max tankers whose port capacity increased by 141 vessels week - on - week, the port capacities of other tanker types decreased. The number of VLCCs at ports decreased by 223 to 2193, and the number of Aframax tankers decreased by 615 to 2656 [9]. Crude Oil Shipping Data Tracking - As of August 1, 2025, the crude oil shipping volumes of the US and Saudi Arabia increased week - on - week, while those of Russia and the UAE decreased. The US crude oil weekly shipping volume increased by 20.37%, Russia's decreased by 4.83%, Saudi Arabia's increased by 28.73%, and the UAE's decreased by 4.27% [12]. - In terms of shipping tanker types: - For the US, except for a 1.82% decrease in the demand for VLCCs, the demands for Aframax and Suez - max tankers increased by 77.26% and 17.69% respectively [12]. - For Russia, the demand for Aframax tankers decreased by 12.78%, while the demand for Suez - max tankers increased by 0.05% [12]. - For Saudi Arabia, the demands for VLCCs and Aframax tankers increased by 25.6% and 54.23% respectively, and the demand for Suez - max tankers increased by 50% [12]. - For the UAE, the demands for VLCCs and Aframax tankers decreased by 16.46% and 52.25% respectively, while the demand for Suez - max tankers increased by 129.79% [12][13]. - Seasonal analysis: - For the US, the demand for Suez - max tankers was the strongest, higher than the four - year average [15]. - For Russia, the demand for Suez - max tankers was extremely strong, while the demand for Aframax tankers was lower than in previous years [18]. - For Saudi Arabia, the demands for all three types of tankers increased, with the most significant increase in the demand for Aframax tankers [20]. - For the UAE, the demand for Suez - max tankers was the strongest [25]. - The total shipping volume of other countries such as Kuwait, Iraq, Iran, Algeria, and Nigeria increased significantly, mainly due to a significant increase in Nigeria's shipping volume [28]. Crude Oil Arrivals - In the week, the crude oil arrivals in China, India, and the Netherlands all increased week - on - week. From a seasonal perspective, India's increase in crude oil arrivals was the smallest [28].