Guotai Junan released a research report saying that the capacity utilization rate in the oil transportation market has reached a threshold. It is expected that supply and demand will continue to improve in the next few years, and the rise and continuation of the boom will exceed expectations, so strategic attention should be paid. Ongoing orders for tankers are limited, shipowners' will to place orders on a large scale is insufficient, and aging is serious. Stricter environmental regulations and sanctions will accelerate the dismantling of old ships, and supply rigidity will be highlighted. The influence of the Red Sea helped keep up the off-season. The profit center of oil tanker owners will continue to rise in 2024Q1. What is more important is to verify once again that the capacity utilization rate of oil transportation during the off-season has reached a threshold. It is expected that the impact of the geographical conflict on oil prices and oil transportation will continue or even intensify. It is recommended to reduce short-term fluctuations, focus on central trends, and continue to be optimistic about oil transportation super bull market options. Maintain the target ratings for increasing holdings: China Merchants South Oil (601975.SH), COSCO Marine (600026.SH), China Merchants Shipping (601872.SH), and China Ship Leasing (03877).