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37/100 39Buffett Watch China Merchants Energy Shipping: A CNY 6.19 Billion H1 Tanker Windfall Meets 151 VLCC Orders, and CNY 22.36 Already Prices a Prolonged Boom China Merchants Energy Shipping (CMES) is a state-controlled diversified ship-owner with 51 owned VLCCs, 34 VLOCs, regional container and ro-ro networks and a rapidly expanding contract-backed LNG fleet, so a spot-driven tanker and dry-bulk layer sits on top of contracted ore and LNG cash flows. H1 2026 revenue rose 56.15% to CNY 19.65 billion and attributable profit 227.57% to CNY 6.96 billion, with the tanker unit alone earning CNY 6.19 billion as TD3C reached USD 1.099 million per day on 15 September, yet roughly 151 VLCCs ordered by July 2026 set up a 2027–2030 supply response and the report's central value is only about CNY 18 per share. Rating Watch: contract-backed diversification is real, but CNY 22.36 already prices an extended tanker boom, so the preferred entry is CNY 11.0–12.0. China Merchants Energy Shipping Co., Ltd.601872 · Shanghai航运20. September 2026