Shanghai Shipping Exchange: Crude oil shipping prices surged sharply this week.

This week, the VLCC market saw a significant increase in freight rates during the Chinese New Year holiday period, with a concentration of March early cargoes released on the Middle East route. With the rise in geopolitical risks, rates have surged due to both fundamental and emotional support. On Thursday, the freight rate for a 270,000-ton ship from Ras Tanura in the Middle East Gulf to Ningbo was reported at WS213.36, up 59.41% from February 12. The 4-day average of CT1 was WS184.87, up 35.64% from the previous average, with an average TCE of $168,700. The freight rate for a 260,000-ton ship from Malongo/Genoa in West Africa to Ningbo was reported at WS187.76, up 53.63%, with an average of WS162.82 and an average TCE of $177,000 per day.