Hong Kong Stock Movement: COSCO SHIP ENGY Shares Drop Over 5% in Afternoon Trading

Stock News04-10

COSCO SHIP ENGY (01138) saw its shares decline more than 5% during afternoon trading. At the time of writing, the stock was down 5.48% to HK$18.98, with a turnover of HK$325 million. According to reports from maritime data advisory firms, vessel traffic in the Strait of Hormuz remains sparse and under strict control, with ships still required to coordinate with Iranian military authorities during passage. The report indicates that navigation conditions, toll arrangements, and the legal framework for transit remain unclear, suggesting the strait has not truly reopened and is currently in a state of regulated suspension. Goldman Sachs noted that COSCO SHIP ENGY has eight vessels, including three VLCCs, stranded in the Persian Gulf and unable to collect demurrage fees, creating a short-term drag on performance. The company has redirected more than 10 VLCCs to operate from the Red Sea port of Yanbu, where time charter equivalent rates are as high as $170,000 to $180,000 per day, providing a significant boost to profitability. Morgan Stanley added that, considering the strengthening spot market is expected to enhance tanker profitability, COSCO SHIP ENGY's net profit growth is projected to reach 54% this year and 4% next year.

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