30 March 2026 | 7:33AM HKT Equity Research China Merchants Energy Shipping (601872.SS): NDR takeaways: management remain bullish on VLCC; arbitrage demand across regions We hosted China Merchants Energy Shipping Co Ltd (601872.SS, Not Covered) post-result NDR on Mar 27 as part of our Navigating the Supply Chain Resilience in a Post-Hormuz Era call series. Generally, management remain bullish on VLCC, expecting 1yr VLCC TCE (US$130k/day) to be a support to TCE with further upside if the Strait of Hormuz open ...