COSCO SHIP ENGY (01138) rose over 4% again, gaining 4.03% to HKD 12.13 by the time of writing, with a turnover of HKD 247 million. According to a Shenwan Hongyuan research report, VLCC freight rates were exceptionally strong in the fourth quarter of 2025, with the average quarterly rate recording the fourth-highest level ever. Structural changes in the VLCC market trade are expected to drive growth exceeding expectations in 2026: new refinery capacity in China is projected to contribute approximately a 1.7% increase in VLCC demand; additionally, the "compliance" of Venezuelan crude is expected to add 2.1% to VLCC demand. Trade structural changes resulting from geopolitical shifts in Iran and Russia will also contribute incremental VLCC demand. The institution estimates that, due to the significant improvement in VLCC freight rates during the Q4 earnings period, with an average rate of around $95,500 per day, COSCO SHIP ENGY's Q4 performance is estimated to be approximately RMB 1.9 billion.