We hosted China Merchants Energy Shipping Co Ltd (601872.SS, Not Covered) at the GS China Forum on March 6, 2026. Overall, mgmt are bullish on VLCC TCE due to tight supply with an aging fleet exit against limited shipyard capacity, and a high market concentration after the Sinokor consolidation, and management believe they are a key beneficiary of this VLCC upcycle considering 90% of their VLCCs are exposed to spot rate. On the other hand, management explained that their ships are also avoiding transiting S ...