HK Stock Market Move | Shipping stocks collectively decline; COSCO SHIPPING Energy Transportation (01138) drops over 13% amid reports that the US is considering easing sanctions on shadow fleet tankers.

Shipping stocks collectively declined. As of press time, COSCO SHIPPING Energy Transportation (01138) fell 13.39% to HK$18.83; Pacific Basin Shipping (02343) dropped 9.6% to HK$3.625; OOIL (00316) declined 4.34% to HK$160.9; COSCO Shipping Holdings (01919) fell 4.07% to HK$17.19. On the news front, according to Jinshi citing foreign media reports, the Trump administration is considering easing sanctions on some "shadow fleet" tankers to alleviate pressure from record-high global tanker freight rates. A US official revealed on Wednesday that the discussions involve vessels previously sanctioned for transporting oil and refined products from countries including Russia, Iran, and Venezuela. It is worth noting that the situation in the Middle East continues. On October 14 local time, the Islamic Revolutionary Guard Corps Navy of Iran issued a statement saying that on that morning, a cargo ship carrying 2,500 containers attempted to pass through an unauthorized dangerous channel in the Strait of Hormuz, struck a 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 US-Israel-Iran conflict in late February this year.