The Zhitong Finance App learned that COSCO HNA (01138) rose more than 4%. As of press release, it had risen 4.45% to HK$8.92, with a turnover of HK$455.28,900.
According to the news, VLCC-TCE recorded 44,648 US dollars/day in the first quarter, a month-on-month increase of nearly 2 times, and a year-on-year increase of 30%. It jumped to $65,537 per day on February 16, the highest level since the second half of 2023. Haitong Futures pointed out that in the first quarter, freight rates moved upward compared to the center, and VLCC ships performed well. Looking ahead to the second quarter, Saudi Arabia will extend voluntary measures to reduce oil production until the end of June this year. Combined with the centralized maintenance of refineries in Asia and Europe in the second quarter to restrict procurement demand, and international oil prices continued to rise, the tanker freight center in the second quarter may face the risk of a pullback compared to the first quarter.
Guoxin Securities said that the number of VLCCs that can be delivered globally in 2024 is only 1, and in the context of increasing aging, stricter environmental policies, and stricter administrative sanctions, the supply side is currently facing strong constraints. On the demand side, the US expects interest rate cuts starting in 2024 to release economic momentum for the world, and global demand for crude oil is expected to increase. The gap between global oil supply and demand is expected to be 4.1% in 2024, and we are optimistic that the freight center will continue to rise in 2024.