Changes in Hong Kong stocks | COSCO Haineng (01138) rose more than 4% in the intraday period, STS reduced turnover efficiency, and freight rates from the Middle East Gulf to China set a new record

The Zhitong Finance App learned that COSCO Haineng (01138) rose more than 4% intraday. As of press release, it rose 2.60% to HK$19.35, with a turnover of HK$450 million.

According to the news, the blockade of the Strait of Hormuz has entered its seventh month, and Middle Eastern oil producers are maintaining oil exports through a ship-to-ship (STS) transfer system. As a result, ship waiting times and turnaround times have increased, and the number of sailings that can be carried out has decreased. Freight rates from the Middle East Gulf to China set a new record. On September 15, the TCE for the TD3C route from the Middle East Gulf to China reached 1.09 million US dollars/day, up more than 50% from about 700,000 US dollars/day at the beginning of September; on September 16, the composite index of imported crude oil prices from China reached 14575.03 points, up about 83% from the beginning of September.

Everbright Securities believes that blocked strait traffic, increased transit links, and detours on some routes are reducing fleet turnover efficiency. Geographic risks have not subsided in the short term. Combined with the seasonal recovery in crude oil transportation demand in the fourth quarter, VLCC freight rates are expected to remain high. It is recommended to focus on COSCO Marine and China Merchants Shipping, which account for relatively high oil tanker capacity and benefit from rising freight rates.