Movement Alert|COSCO SHIP ENGY Rises 3.15% in Regular Trading, Technical Rebound After Prior-Day Pullback as VLCC Rates Sustain Historic Highs

Market Focus09-17

On September 17, COSCO SHIP ENGY rose 3.15% in regular trading, trading at HKD 18.53 per share, with turnover of HKD 30.09 million. The stock rebounded after falling 3.04% in the prior session due to profit-taking and a significant stake reduction by BlackRock.

On the news front, escalating Middle East geopolitical conflicts continue to pressure two critical maritime oil chokepoints — the Strait of Hormuz and the Bab el-Mandeb — simultaneously. The VLCC TD3C Middle East-to-China route has surged to USD 862,000, setting a new all-time high, while Brent crude futures have broken above USD 100 per barrel. Institutions believe the conflict is unlikely to de-escalate quickly, and risk premiums will persist. The prior session's decline was partly triggered by BlackRock cutting its H-share stake from 8.62% to 5.68%, a reduction of nearly three percentage points, while Morgan Stanley had also trimmed its position by approximately 475,500 shares. Despite institutional selling pressure, the company reported strong H1 results on August 28, with revenue of RMB 15.08 billion, up 30%, and net profit surging 141% year-over-year to RMB 4.56 billion.

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