J P M O R G A N Asia Pacific Equity Research 24 February 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Tanker Shipping What to make of the YTD tanker TCE and equity frenzy? And will India and China revert to old habits? Tanker shipping remains i ...