COSCO SHIP ENGY (01138) surged more than 5% again, and as of the time of writing, it was up 5.31%, trading at HKD 12.69 with a turnover of HKD 140 million. According to Clarksons, as tensions escalate, crude oil prices have risen sharply, while the VLCC Middle East route Worldscale rate has increased for several consecutive days, rising to 88 sequentially, corresponding to a Time Charter Equivalent (TCE) exceeding USD 60,000 per day. BOC Securities released a research report stating that tensions in Iran have rapidly increased the risk premium for the Strait of Hormuz, with VLCC daily earnings doubling in a week to USD 68,000; while the shipping lane remains normal for now, the market has already priced in concerns ahead of time. A sharp drop in exports from Venezuela is forcing Chinese buyers to turn to the Middle East and Brazil to procure heavy crude oil, increasing demand for long-haul routes and providing short-term support for tanker freight rates, with the subsequent trend depending on whether sanctions are relaxed.