The world's leading tanker owners saw their net profits soar in the first half of the year thanks to high tanker rates and increased demand for floating oil storage. As of Aug. 28, seven tanker owners around the world have reported first-half operating results. These companies achieved a net profit of 13.472 billion yuan in the first half of the year, an increase of about ten times over the same period last year. Among them, the two Chinese shipowners, COSCO SHIPPING Energy and China Merchants Shipping, achieved net profits of 2.907 billion yuan and 3.047 billion yuan respectively in the first half of the year, with year-on-year growth of 520.04% and 378.92%, respectively. The plunge in international oil prices in March prompted a surge in demand for VLCC transport and oil storage. At one point, the chartering price of VLCC vessels used for offshore floating oil storage rose by more than 60% from the beginning of the year. The average Time Charter Equivalent (TCE) for VLCC Middle East to China route was about US$82,200 per day in the first half of the year, an increase of approximately 303.74% year-on-year, according to data released by COSCO SHIPPING Energy. In addition to the two biggest tanker owners in China, other tanker owners in the world also make a lot of money. Singapore's DHT HOLDINGS achieved a net profit of US$208 million in the first half of the year, a 28-fold increase over the same period last year. Norway's Hunter Group and Frontline Company achieved net profits of US$30.6 million and US$365 million in the first half of the year, an increase of approximately 20 times and 8 times, respectively, from the same period last year. Euronav, a Belgian oil tanker, made a net profit of US$485m in the first half of the year, compared with a loss of US$19 million in the same period last year. In May, the world's crude oil tanker earnings began a correction after OPEC's biggest production reduction agreement in history took effect. In its earnings report, Concordia said global tanker demand will likely remain sluggish in the second half of the year, with rates lower than they were in the first half, due to oil production cuts and other factors.