The US-Iran conflict completely disrupted the original routes of global oil transportation. As a result, the costs of oil tankers detouring and the like continued to increase. Combined, the supply of oil tankers was at a historically low level, and global oil transportation prices continued to rise throughout the year. According to Wind data, as of September 24, 2026, the global crude oil transportation index had soared to 5,250 points, an increase of more than 100% during the year, up more than 5 times from about 850 points in early 2025. It is worth noting that this year's increase of more than 100% was basically achieved in the last month. According to CITIC Securities analysis, current freight rates do not fully reflect the degree of tension between supply and demand. The traditional shipping cycle supply and demand analysis paradigm needs to be optimized and adjusted accordingly. The valuation and profit of leading tankers is expected to reach a record high in 2026.

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