HK Stock Market Move | COSCO Shipping Energy Transportation (01138) rose more than 6% during trading hours as Middle East conflict led to a surge in oil tanker freight rates to record levels.
China COSCO Shipping Energy Transportation Co., Ltd. (01138) rose more than 6% during trading hours, and as of the time of writing, it was up 4.59% at 21.44 Hong Kong dollars, with a turnover of 1.202 billion Hong Kong dollars.
COSCO Shipping Energy Transportation (01138) rose more than 6% in intraday trading, as of the time of writing, it has risen 4.59% to 21.44 Hong Kong dollars, with a turnover of 1.202 billion Hong Kong dollars.
On the news front, the tension in the Middle East continues. According to CCTV news, on the late night of March 2nd local time, an Iranian Islamic Revolutionary Guard adviser stated that the Strait of Hormuz has been closed, and Iran will strike all ships attempting to pass through the strait. In addition, the Baltic Exchange reported that due to the Middle East conflict, tanker freight rates have soared to record levels, with benchmark tanker daily earnings reaching 424,000 US dollars.
Orient's recent research report pointed out that under the triple drive of production increase, sanctions, and concentration improvement, the oil shipping market is expected to continue to rise. The potential for a U.S. strike on Iran or the acceleration of geopolitical options could further boost market sentiment. The bank expects oil shipping supply and demand to continue to improve, driving the market sentiment to rise further.
Related Articles
HK Stock Market Move | Guotai Junan I (01788) rose more than 4% in the morning recently, approved to use ISDA SIMM, and the company's risk management capabilities have reached a new level.
HK Stock Market Move | TUYA-W(02391) rises more than 3%, with a net profit of 57.89 million US dollars last year, a year-on-year increase of more than 10 times.
79 billion debt topped! Paramount (PSKY.US) acquisition triggers credit avalanche, Fitch first downgrades its rating to "junk".
HK Stock Market Move | Guotai Junan I (01788) rose more than 4% in the morning recently, approved to use ISDA SIMM, and the company's risk management capabilities have reached a new level.
HK Stock Market Move | TUYA-W(02391) rises more than 3%, with a net profit of 57.89 million US dollars last year, a year-on-year increase of more than 10 times.
79 billion debt topped! Paramount (PSKY.US) acquisition triggers credit avalanche, Fitch first downgrades its rating to "junk".
RECOMMEND
