HK Stock Market Move | Shipping stocks rose in the afternoon, with the escalation of tensions in the Middle East affecting the shipping market. TS LINES (02510) surged more than 27%.

Shipping stocks rose in the afternoon, with TS LINES (02510) up 27.16% at HK$9.41, COSCO SHIP PORT (01919) up 4.24% at HK$5.16, COSCO Shipping Energy Transportation (01138) up 2.74% at HK$7.13, CHINA MER PORT (00144) up 2.5% at HK$14.76, and OOIL (00316) up 1.45% at HK$132.9. In recent news, former Iranian Minister of Economy Ehsan Khandouzi stated on social media that oil tankers and LNG ships must obtain permission from Iran to pass through the Strait of Hormuz, with this policy to be implemented for 100 days starting tomorrow (June 18). Additionally, Iraqi Shia armed group "The Popular Mobilization Forces" threatened to block the Strait of Hormuz and the Bab el Mandeb strait if the US intervenes in the conflict between Israel and Iran. China International Capital Corporation (CICC) pointed out that the escalating conflict between Iran and Israel has intensified tensions in the Middle East, potentially increasing risk premiums in the shipping market in the short term. This could bring trading opportunities, but the resumption of shipping routes in the Red Sea may be further delayed in the medium to long term. It is recommended to track future changes to assess the impact on the oil shipping supply pattern and maritime demand. According to data from Clarksons Research, the rental price of a Very Large Crude Carrier (able to carry 2 million barrels of oil) from the Gulf region to China has doubled from $19,998 per day last Wednesday (two days before the Israeli attack) to $47,609 per day this Wednesday.