中远海能- 地缘政治场景下油轮运费与盈利敏感性分析；买入评级

4 February 2026 | 7:27AM HKT Equity Research COSCO Shipping Energy (1138.HK) As highlighted in our 2026 outlook, we see further upside to the freight rate on tighter supply as the exit or low utilization of shadow or sanctioned capacity drives the effective capacity lower than market expectations. We expect this to be driven by tighter controls over sanctioned oil and the shadow fleet (as flagged in our Aug-25 note). We continue to believe COSCO Shipping Energy stands to be a beneficiary of this upside to f ...