The increase in ROCE suggests that COSCO SHIPPING Development is becoming more efficient at generating returns. However, the stock's performance over the past five years suggests that these promising fundamentals may not yet be recognized by investors.

The market's past overconfidence led to a steeper share price decline compared to the EPS drop. The CEO's modest remuneration is noteworthy. The company's total shareholder return of -14% over the last 3 years is largely due to its dividend payments.

COSCO SHIPPING Development's P/E mirrors the market, indicating investor hopes for a business turnaround. However, if P/E aligns with recent negative growth rates, shareholders may face disappointment.

Core point：
1. The International Energy Agency forecasts that U.S. oil production will increase by another 950 Kb/d by 2023 while domestic oil demand remains virtually unchanged.
2. We expect more crude oil exports from the U.S. Gulf in 2023 but fewer incremental barrels from Europe.
3. As a result, we expect VLCCs to be less competitive in transatlantic trade, with Suezmax and Aframax regaining market ...