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China Merchants Energy Shipping to benefit from VLCC recovery

Chinese giant’s recurring net profit has plummeted more than 60% in January-September affected by grinding tanker markets, but analysts expect the company’s VLCC business to return to the black in the fourth quarter

Shenwan Hongyuan Securities estimates CMES’s average VLCC TCE in 2018, 2019 and 2020 to reach $21,000, $30,000 and $50,000, respectively

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