Cosco Shipping Energy initiated with a Buy at Goldman Sachs

Goldman Sachs initiated coverage of Cosco Shipping Energy with a Buy rating. The firm believes it could benefit from the ongoing upcycle for both crude and product oil tankers, as the largest listed oil tanker fleet in the world. Goldman is also positive on Cosco Energy on three key thesis points, namely supply – as the firm thinks the tanker industry is well positioned to benefit from insufficient supply, demand, and exposure – as Cosco Energy’s fleet mix and geographic footprint positions it well to capture the rising demand.