Stock Track | COSCO SHIP ENGY Plummets 5.53% on Stranded Vessels in Persian Gulf

Stock Track04-10

COSCO SHIP ENGY's stock plummeted 5.53% during afternoon trading, following reports of operational challenges in the Strait of Hormuz affecting its fleet.

According to maritime data advisory firms, vessel traffic in the Strait of Hormuz remains sparse and under strict control, with ships required to coordinate with Iranian military authorities. Navigation conditions, toll arrangements, and the legal framework for transit remain unclear, indicating the strait has not truly reopened and is 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. While the company has redirected more than 10 VLCCs to operate from the Red Sea port of Yanbu with high time charter equivalent rates, the stranded vessels issue has negatively impacted investor sentiment.

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