22 March 2026 | 4:08PM HKT Equity Research COSCO Shipping Energy (1138.HK) Industry consolidation to strengthen VLCC super-cycle; Buy | 1138.HK | 12m Price Target: HK$29.00 | Price: HK$19.21 | Upside: 51.0% | | --- | --- | --- | --- | | 600026.SS | 12m Price Target: Rmb32.00 | Price: Rmb23.46 | Upside: 36.4% | The market has shifted its focus to Hormuz disruption since March, while overlooking the VLCC (Very Large Crude Carrier) market's underlying and structural evolution — much higher concentration should ...