HK Stock Market Move | COSCO Shipping Energy Transportation (01138) fell more than 7% as obstacles are long and widespread in the Strait. The compliance shipowners remain cautious.
China Ocean Shipping Company (01138) fell more than 7%, as of the time of writing, down 6.45%, at HK$18.13, with a turnover of HK$266 million.
COSCO Shipping Energy Transportation (01138) fell more than 7%, as of the time of writing, down 6.45% at 18.13 Hong Kong dollars with a trading volume of 266 million Hong Kong dollars.
On the news front, the US and Iran previously signed a temporary memorandum of understanding. On June 18th, JMIC lowered the risk level of the Strait of Hormuz to medium and stated that the waterway has been reopened and blockade operations have stopped, but also warned of the continued risk of mines, mine clearance operations, and congestion. Orient believes that the strait will gradually return to normal levels and will not happen overnight.
It is worth noting that according to shipping tracking data, nearly one-fifth of commercial vessels passing through the Strait of Hormuz on Monday were sanctioned ships involved in transporting Iranian oil. Data from maritime analysis firm Kpler shows that out of 48 vessels confirmed to have crossed the strait, 9 had previously been sanctioned for transporting energy for Iran, Russia, and Venezuela. In contrast, compliant large ship owners and ship management companies remain cautious about the Middle East shipping situation.
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