Stock Track | COSCO SHIP ENGY Plummets 5.17% Intraday on Oil Tanker Oversupply and Capex Concerns

Stock Track06-03

COSCO SHIP ENGY's stock plummeted 5.17% during intraday trading on Wednesday, extending a recent decline.

The sharp drop follows market concerns over an oversupplied oil tanker sector, with VLCC cargo volumes for March through May reported to have declined 54% year-over-year. The return of idle tonnage from the Middle East is further pressuring freight rates.

Investor sentiment was also weighed down by the company's sustained capital expenditure expansion, including a recent announcement to build four LNG vessels for a total investment of RMB 6.445 billion. This has raised concerns over future cash flow. Additionally, institutional selling pressure has mounted, with Bank of America and JPMorgan recently reducing their positions in the company's H-shares.

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