HK Stock Market Move | OOIL (00316) rose nearly 3% in the final trading session, with second-quarter revenue increasing by nearly 20% year-on-year. The feasibility of the resumption of operations in the Red Sea remains to be confirmed.

OOIL(00316) rose nearly 3% in the final trading session, rising 2.63% to HK$144.6 at the time of writing, with a turnover of HK$164 million. In terms of news, OOIL announced that in the second quarter, it achieved operating income of $2.54 billion, a year-on-year increase of 19.8%; total cargo volume reached 2.135 million TEUs, an 8.8% increase year-on-year; capacity increased by 6.3% compared to the same period last year, with an overall utilization rate increased by 1.9 percentage points; and the average freight per container was $1,188, a 10.1% increase year-on-year. In the first half of the year, accumulated operating income reached $4.68 billion, a 5.5% increase year-on-year; and total cargo volume increased by 5.2%. It is worth noting that the international shipping giants Maersk and Hapag-Lloyd announced earlier this month that they would resume some services via the Suez Canal under their jointly operated Gemini shipping network. This news initially fueled expectations of a resumption of services, leading to a decrease in shipping prices. However, with the current geopolitical situation causing turbulence, Iran has instructed Houthi armed forces in Yemen to be prepared to block oil transportation routes in the Red Sea if the U.S. targets Iran's power infrastructure. The feasibility of resuming operations in the Red Sea remains to be seen.