HK Stock Market Move | COSCO Shipping Energy Transportation (01138) rose more than 6% in the afternoon. It was reported that the last stranded VLCC "Yuan Guiyang" of COSCO Shipping finally sailed out of the Strait of Hormuz.

COSCO Shipping Energy Transportation (01138) rose more than 6% in the afternoon, with an increase of 6.31% reported at HKD 19.38 at the time of publication, with a trading volume of HKD 375 million. In terms of news, according to Caixin report, on the morning of May 20, the "Yuanguiyang" (VLCC) of China Ocean Shipping Group, as the last super oil tanker stranded in the Persian Gulf, successfully sailed out of the Hormuz Strait. The ship entered the Persian Gulf at the end of February and has been stranded in the port of Abu Dabi in Iraq since March 3 after loading crude oil. It is reported that China Ocean Shipping still has 3 large oil tankers of 110,000 tons and 1 large product oil tanker of 75,000 tons stranded in the Persian Gulf, and the progress of subsequent dredging is still to be observed. Previously, Guotai Haitong released a research report stating that in the short term, the ship passage rate in the Hormuz Strait has increased by 74%, but still only at 7% of February levels. The shortage of crude oil supply continues, and the spot oil transportation price has fallen slightly, with VLCC one-year lease still exceeding $120,000 per day. A VLCC of COSCO Shipping Energy Transportation recently sailed out of the Strait, and it is expected that Chinese shipowners will continue to operate more efficiently than the industry, with the Q2 performance expected to exceed expectations.