HK Stock Movement | COSCO SHIP ENGY (01138) Rises Over 5% in Afternoon Session as US Intercepts Third Tanker Near Venezuela

Stock News12-22 14:10

COSCO SHIP ENGY (01138) surged more than 5% in afternoon trading, reaching a 4.46% gain at the time of writing, with shares trading at HK$10.08 and a turnover of HK$136 million.

Reports indicate that the US Coast Guard intercepted the tanker "Bella 1" in international waters near Venezuela on the 21st, marking the third such interception in the region recently.

JPMorgan noted in a research report that while market concerns over existing shipping disruptions may gradually ease, it expects crude tanker earnings to remain resilient next year. Over 20% of the global tanker fleet is over 20 years old, with an increasing number concentrated in the "shadow fleet," limiting their ability to participate in compliant trade.

Geopolitical tensions have further boosted shipping demand. With expanded sanctions on vessels linked to Russia, Iran, and Venezuela, approximately 18% to 20% of the global fleet is engaged in non-compliant transportation.

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