HK Stock Market Move | Oil shipping prices in two major sub-sectors rise, COSCO SHIPPING Energy Transportation (01138) surges over 4%, The Pacific Shipping (02343) rises over 3%.

Some shipping stocks have seen a noticeable rise. As of the time of reporting, COSCO SHIPPING Energy Transportation (01138) is up 4.11%, trading at HKD 18.73; The Pacific Shipping (02343) has increased by 3.04%, reaching HKD 4.4. In news, influenced by factors such as geopolitical conflicts and extreme weather disturbances, tanker and dry bulk freight rates have continued to rise this year. Multiple industry analysts have indicated that with structural increases in demand being continuously released, effective capacity on the supply side being rigidly tightened, fleet aging, and external disturbances becoming normalized, the traditional seasonal fluctuations in the oil and bulk markets have been disrupted, leading to stronger sustainability of high industry prosperity. CMSC pointed out that, in terms of oil transportation, current VLCC rates have risen back to USD 160,000-170,000 per day, with global inventories remaining low, and it is expected that the demand for replenishment will gradually be released from September to next year. In the dry bulk sector, affected by climatic conditions and canal congestion, the high level of prosperity is expected to be maintained in Q3; if the El Nio phenomenon intensifies in Q4 and leads to drought in the canals, freight rates may rise further.