HK Stock Market Move | COSCO SHIPPING Energy Transportation (01138) fell more than 10% in early trading as Iran intensifies its crackdown on dark fleet shipping, raising market concerns over a decline in oil exports from the Persian Gulf.

COSCO SHIPPING Energy Transportation (01138) fell more than 10% in early trading. As of press time, it was down 10.53% at HK$19.45, with a turnover of HK$254 million. On the news front, Iran has escalated its crackdown on "non-compliant" vessels. On local time the 14th, the Navy of Iran's Islamic Revolutionary Guard Corps issued a statement saying that on that morning, a cargo ship carrying 2,500 containers attempted to pass through an unauthorized and dangerous shipping lane in the Strait of Hormuz, struck a naval mine, exploded, caught fire, and sank. According to reports, this is the first time Iran has reported a ship sinking after hitting a mine since the outbreak of the U.S.-Israel-Iran conflict in late February this year. It is worth noting that, according to ship tracking data, over the past week, tankers with at least 37 million barrels of crude oil capacity stopped advancing or changed course while heading toward the coastal waters of the United Arab Emirates and Oman. There is currently no conclusive evidence that the caution of vessels has translated into a decline in oil exports from the Persian Gulf.