CITIC Securities: Oil Tanker Leaders May Hit Record Valuations and Profits in Q4 2026

36Kr reports that a CITIC Securities research note states that as oil exports through the Strait of Hormuz return to pre-war levels, surging cargo volumes combined with limited vessel availability are driving VLCC freight rates higher, with spillover effects extending to Suezmax. Saudi Arabia's expanding discounts continue to stimulate cargo demand, while STS transfers remain the primary delivery method. Non-traditional loading and unloading operations, coupled with constraints on shuttle tanker capacity, are eroding effective VLCC capacity, which cannot keep pace with growing cargo volumes. With recent attacks on vessels increasing and repair difficulties for damaged ships further reducing effective VLCC capacity, freight rates may rise even more. The crack spread is expected to remain high, refinery procurement appetite remains strong, and energy supply is gradually shifting toward stability. Seasonal rigid demand combined with increased voyage distances from changing trade flows suggests a potential turning point for refined product transportation. By Q4 2026, leading oil tanker companies may achieve record valuations and profits.