Morgan Stanley published a research report stating that despite numerous uncertainties in global economic growth and geopolitical situations, the firm believes there are still potential upside risks in the crude oil transportation market. These include the approaching fourth-quarter peak season, more shadow fleets facing sanctions, potential secondary sanctions on Russian oil purchases, steadily growing oil production that may translate into transportation demand, and potentially increasing long-haul transportation demand. Accordingly, the firm raised the target price for COSCO SHIP ENGY (01138) from HK$7.8 to HK$9.9 and China Merchants Energy Shipping (601872.SH) from RMB 7.8 to RMB 9.1, reiterating an "Overweight" rating. The report noted that Very Large Crude Carrier (VLCC) rates rebounded ahead of the traditional fourth-quarter peak season, breaking through $60,000 in early September, compared to slight fluctuations around the breakeven point in early August. The firm believes this was driven by tight supply, increased loading volumes, and positive market sentiment.