1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The BDTI crude oil freight rate index closed at 1029 points on August 21, 2025, with a week - on - week increase of 0.98% and a year - on - year increase of 9.11%, but the growth rate narrowed. The significant increase in Middle East crude oil shipments and the obvious recovery of the demand for VLCC tankers supported the continuous rise of the BDTI index. However, the decrease in tanker traffic in major sea areas may have a negative impact on the next period's BDTI index, with the growth rate continuing to narrow or turning from rising to falling. Key events to watch include the Fed's interest - rate cut expectations and the Jackson Hole Conference [2] 3. Summary by Relevant Catalogs 3.1 BDTI Crude Oil Freight Rate Index Trend - As of August 21, 2025, the BDTI crude oil freight rate index closed at 1029 points, up 0.98% week - on - week and 9.11% year - on - year. From a seasonal perspective, the growth rate of the freight rate continued to narrow [2] 3.2 Tanker Shipping Distance - In the 31st week of 2025 (as of August 8), the shipping distances of VLCC, Suezmax, and Aframax tankers all increased week - on - week, with the Suezmax tanker having the largest increase at 33.33%. Compared with the same period last year, the shipping distances of all three types of tankers decreased, and the Aframax tanker had the largest decrease at 12.62% [5][8] - From August 15 - 21, 2025, the total tanker traffic in the Red Sea decreased. The average number of tankers passing through the Red Sea was 792, 23 less than the previous week. In the Aden Gulf, the tanker traffic decreased significantly, with 104 tankers passing through, 41 less than the previous week [7] 3.3 Tanker Capacity - As of August 15, 2025, the number of scrapped tankers remained unchanged week - on - week at 9425, an increase of 81 year - on - year; the number of effective tankers increased by 10 week - on - week to 18320, an increase of 444 year - on - year; the number of delivered tankers decreased by 6 week - on - week to 213, an increase of 93 year - on - year; the number of tanker orders decreased by 1 week - on - week to 1342, an increase of 103 year - on - year; the number of tankers under construction increased by 1 week - on - week to 216, an increase of 75 year - on - year [9] - As of August 16, the tanker capacity at ports for all types of tankers decreased. The number of VLCC tankers at ports decreased by 46 to 2288, Aframax tankers decreased by 98 to 2638, and Suezmax tankers decreased by 86 to 2121 [9] 3.4 Crude Oil Shipment Data Tracking - As of August 15, 2025, the crude oil shipments from the US and Russia decreased week - on - week, while those from Saudi Arabia and the UAE increased. US crude oil shipments decreased by 11.89%, Russian shipments decreased by 10.47%, Saudi Arabian shipments increased by 12.85%, and UAE shipments increased by 2.98% [2][11] - In terms of shipment vessel types: For US crude oil, the demand for VLCC tankers increased by 29.09% week - on - week, while the demand for Aframax and Suezmax tankers decreased by 24.92% and 27.22% respectively. For Russian crude oil, the demand for Aframax and Suezmax tankers decreased by 11.28% and 14.72% respectively. For Saudi Arabian crude oil, the demand for VLCC tankers increased by 17.54% week - on - week, while the demand for Aframax and Suezmax tankers decreased by 10.73% and 29.31% respectively. For UAE crude oil, the demand for VLCC and Suezmax tankers increased by 0.36% and 12.66% respectively, while the demand for Aframax tankers decreased by 63.84% [11][12] 3.5 Crude Oil Arrival - During the week, the crude oil arrivals in China and the Netherlands increased week - on - week and were higher than the same period last year, while India's crude oil arrivals were lower than the historical average and similar to last year [29]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - From August 11th to 14th, the BDTI crude oil freight rate index closed at 1019 points, up 1.19% week-on-week (with narrowing growth) and 12.72% year-on-year (with expanding growth). The increase in the number of crude oil vessels in the Red Sea and Gulf of Aden regions continued to boost the BDTI index, but the decline in demand for VLCC tankers and the decrease in shipping distances limited the index's growth [2]. - As of August 8th, the shipping volume showed a pattern of "two increases and two decreases." The shipping volumes of the US and Russia increased by 11.69% and 18.95% respectively, while those of Saudi Arabia and the UAE decreased by 5.14% and 20.83% respectively [2]. - Attention should be paid to important events such as OPEC+ crude oil production increase, US tariff policies, and the Fed's interest rate cut expectations [2]. 3. Summary by Relevant Catalogs BDTI Crude Oil Freight Rate Index Trend - As of August 14, 2025, the BDTI crude oil freight rate index closed at 1019 points, up 1.19% week-on-week and 12.72% year-on-year. The growth rate of the freight rate narrowed seasonally [2]. Tanker Shipping Distance - In the 30th week of 2025 (as of August 1st), the shipping distances of VLCC, Suezmax, and Aframax tankers all decreased week-on-week. The Suezmax tankers had the largest week-on-week decrease, but the rate of decrease slowed compared to the previous week. Compared with the same period last year, the VLCC tankers had the largest decrease in shipping distance [4]. - From August 9th to 13th, the total tanker traffic in the Red Sea increased significantly, with an average of 813 tankers passing through per day, an increase of 20 from the previous week. The number of crude oil tankers increased by 41, while the number of product tankers decreased by 18. Among the crude oil tankers, the number of VLCCs remained unchanged, the number of Suezmax tankers increased by 21, and the number of Aframax tankers increased by 23 [6]. - In the Gulf of Aden, the tanker traffic increased slightly, reaching 154 tankers, an increase of 6 from the previous week. The number of crude oil tankers increased by 7, while the number of product tankers decreased by 2. Among the crude oil tankers, the number of VLCCs increased by 2, the number of Suezmax tankers increased by 3, and the number of Aframax tankers decreased by 2 [6]. Tanker Capacity - As of August 8, 2025, the number of scrapped tankers was 9425, an increase of 2 week-on-week and 83 year-on-year; the number of effective vessels was 18310, an increase of 3 week-on-week and 440 year-on-year; the number of vessel deliveries was 219, an increase of 23 week-on-week and 99 year-on-year; the number of vessel orders was 1343, a decrease of 13 week-on-week and an increase of 115 year-on-year; the number of vessels under construction was 215, an increase of 3 week-on-week and 77 year-on-year [8]. - As of August 9th, the port tanker capacity of all ship types increased. Specifically, the number of VLCCs docked was 2334, an increase of 141 week-on-week; the number of Aframax tankers docked was 2736, an increase of 80 week-on-week; the number of Suezmax tankers docked was 2207, an increase of 17 week-on-week [8]. Crude Oil Shipping Data Tracking - As of August 8, 2025, the crude oil shipping volumes of the US and Russia increased week-on-week, while those of Saudi Arabia and the UAE decreased. Specifically, the US crude oil weekly shipping volume continued to rise by 11.69%; the Russian crude oil weekly shipping volume rose by 18.95%; the Saudi crude oil weekly shipping volume fell by 5.14%; the UAE crude oil weekly shipping volume continued to fall by 20.83% [10]. - In terms of shipping vessel types for US crude oil, the shipping volume continued to rise. The demand for Suezmax tankers increased significantly by 45.16% week-on-week, while the demand for VLCC and Aframax tankers decreased by 8.23% and 12.07% respectively [10]. - The Russian crude oil shipping volume increased week-on-week. The demand for Aframax tankers increased significantly by 55.99% week-on-week, while the demand for Suezmax tankers decreased by 0.42% [10]. - The Saudi crude oil shipping volume decreased week-on-week. The demand for Aframax tankers decreased the most, with the demand for VLCC and Suezmax tankers decreasing by 2.74% and 5.7% respectively [10]. - The UAE crude oil shipping volume continued to decrease. The demand for VLCC and Suezmax tankers decreased, with the demand for VLCC tankers decreasing by 13.48% and the demand for Suezmax tankers decreasing significantly by 46.87%. The demand for Aframax tankers increased by 17.13% [10]. - The total crude oil shipping volume of other countries such as Kuwait, Iraq, Iran, Algeria, and Nigeria decreased slightly, mainly due to the decline in the shipping volumes of Kuwait, Iran, and Algeria [27]. Crude Oil Arrivals - During the week, the crude oil arrivals in China, India, and the Netherlands all decreased week-on-week. The arrivals in China and the Netherlands returned to the levels of the same period last year, while the arrivals in India were lower than last year [28].

Report Summary 1. Investment Rating for the Industry No investment rating for the industry was provided in the report. 2. Core Viewpoints - The BDTI crude oil freight rate index rebounded in the week from July 28th to July 31st, with a week - on - week increase of 4.81% and a year - on - year decrease of 8.17% (the decline significantly narrowed). The increase in the demand for tanker use in the Red Sea and the decrease in the Aden Gulf region were favorable for the BDTI index. Attention should be paid to OPEC+ crude oil production increases and global economic expectations [2]. - As of July 25th, the crude oil shipment volume showed a pattern of "three decreases and one increase." The shipment volume decreased in the US by 6.26%, Saudi Arabia by 21.02%, and the UAE by 0.48%, while it increased in Russia by 12.6% [2]. - In the week from July 26th to July 30th, the total tanker traffic in the Red Sea increased, with an increase in the number of crude oil tankers and a decrease in the number of refined oil tankers. In the Aden Gulf, the tanker traffic decreased slightly [7]. - As of July 26th, except for the Suez - type tankers, the port tanker capacity of other tanker types increased [9]. - In the week from July 26th to July 30th, China, India, and the Netherlands all saw a week - on - week decline in crude oil arrivals, and their import demand fell below the level of the same period in 2024, reaching the average of the past four years [30]. 3. Summary by Section BDTI Crude Oil Freight Rate Index Trend - As of July 31st, 2025, the BDTI crude oil freight rate index closed at 921 points, with a week - on - week increase of 4.81% and a year - on - year decrease of 8.17%. The freight rate increased significantly in that week from a seasonal perspective [2][3]. Tanker Voyage Distance - In the 28th week of 2025 (as of July 18th), except for the Aframax tankers whose voyage distance decreased week - on - week, the voyage distances of VLCC and Suez - type tankers increased. Specifically, the voyage distances of VLCC, Aframax, and Suez - type tankers changed by +3.2%, - 7.33%, and +13.94% week - on - week respectively. Compared with the same period last year, the Aframax tankers' voyage distance was still in a shortened state [5]. Tanker Traffic in the Red Sea and Aden Gulf - From July 26th to July 30th, the average daily tanker traffic in the Red Sea was 771 ships, an increase of 26 ships from the previous week. Among them, the number of crude oil tankers increased by 34, and the number of refined oil tankers decreased by 11. Among the crude oil tankers, the number of VLCC decreased by 5, the number of Suez - type increased by 5, and the number of Aframax increased by 7 [7]. - In the Aden Gulf, the tanker traffic reached 113 ships, a decrease of 3 ships from the previous week. Among them, the number of crude oil tankers increased by 2, and the number of refined oil tankers decreased by 1. Among the crude oil tankers, the number of VLCC remained unchanged, the number of Suez - type increased by 1, and the number of Aframax decreased by 4 [7]. Tanker Capacity - As of July 26th, 2025, 9,421 tankers were dismantled, an increase of 3 week - on - week and 81 year - on - year; the number of effective ships was 18,292, an increase of 8 week - on - week and 443 year - on - year; the number of ship deliveries was 196, a decrease of 6 week - on - week and an increase of 72 year - on - year; the number of ship orders was 1,359, an increase of 3 week - on - week and 170 year - on - year; the number of ships under construction was 220, unchanged week - on - week and an increase of 85 year - on - year [9]. - As of July 26th, except for the Suez - type tankers whose port capacity decreased week - on - week, the port tanker capacity of other tanker types increased. Specifically, the number of VLCCs berthed was 2,416, an increase of 18 week - on - week; the number of Aframax berthed was 3,271, an increase of 74 week - on - week; the number of Suez - type tankers berthed was 2,409, a significant decrease of 358 week - on - week [9]. Crude Oil Shipment Data Tracking - US crude oil shipments decreased week - on - week, with the demand for VLCC use increasing week - on - week. Seasonally, the demand for Aframax tankers was the weakest, below the average level of the same period in the past four years [11][15]. - Russian crude oil shipments increased week - on - week. Seasonally, the demand for Suez - type tankers was extremely strong [11][19]. - Saudi crude oil exports continued to decline week - on - week. Seasonally, the demand for VLCC use was extremely weak [21]. - UAE crude oil shipments decreased. Seasonally, the demand for all three tanker types was higher than the four - year average, and the demand for Aframax tankers was the strongest in that week [26]. - The total crude oil shipments of Kuwait, Iraq, Iran, Algeria, and Nigeria increased slightly, mainly due to the week - on - week increase in the shipment volume of Kuwait and Iran [29]. Crude Oil Arrivals - In the week from July 26th to July 30th, the crude oil arrivals in China, India, and the Netherlands all decreased week - on - week. Seasonally, the crude oil import demand of the three countries fell below the level of the same period in 2024, reaching the average of the past four years [30].