Changes in Hong Kong stocks | COSCO Marine (01138) fell more than 5% at the end of the session, and the Straits reopening is expected to be repeated. The agency says the loss of oil efficiency is irreversible

The Zhitong Finance App learned that COSCO Haineng (01138) fell more than 5% at the end of the session. As of press release, it decreased by 5.71% to HK$17.68, with a turnover of HK$434 million.

According to news, VLCC spot freight rates and term rent have recently risen to historic highs, mainly driven by multiple factors such as traffic recovery, extended transportation distance, and loss of efficiency. As of September 25, Clarkson recorded a VLCC-TCE assessment of $590,000 per day. With the intensive disclosure of news related to the US-Iran negotiations, the market's expectations for the reopening of the Strait of Hormuz have been repeated, and the market is worried that extreme freight rates will not be sustainable.

Changjiang Securities pointed out that the loss of oil transportation efficiency is irreversible, and VLCC-TCE is only the beginning of history. Under the resonance of multiple factors, high cracking price spreads are beneficial to the sustainability of VLCC freight rates. At the same time, under the “CNPC China Transportation” guarantee system, leading domestic oil transportation companies have the ability to steadily deliver on the high boom. It is expected that before geological risks and the supply and demand pattern are mitigated, oil transportation will enter a trending unilateral market, and it is once again optimistic about COSCO Marine and China Merchants Shipping.