J P M O R G A N Asia Pacific Equity Research 16 October 2025 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. COSCO Shipping Energy Transport (1138.HK/600026.SH) Takeaways from management update call: tight supply, firm demand, and rising policy premiums COSC ...