Stock Movement Alert: COSCO SHIP ENGY (01138) Drops Over 4% Again; Analysts See Freight Rates Staying High

Stock News04-13 10:00

COSCO SHIP ENGY (01138) fell more than 4% again during trading. As of the time of writing, the stock was down 4.76%, trading at HK$18.61, with a turnover of HK$937.661 million. On the news front, former US President Donald Trump announced a blockade of the Strait of Hormuz on April 12. Oriental Securities previously stated that, excluding extreme tail risks from long-term economic impacts of a Hormuz blockade, future demand growth will mainly come from two sources: the replenishment of strategic oil reserves and additional stockpiling driven by energy security concerns among oil-consuming nations. Guojin Securities noted in a report that tensions in the Middle East escalated again this week, raising the risk of continued conflict and causing a rebound in risk premiums that had been easing. The Atlantic market showed weaker momentum, with activity declining compared to last week. As more vessels completed unloading, available shipping capacity increased, leading to a drop in spot freight rates. Currently, the situation in the Middle East market remains uncertain, with ongoing geopolitical tensions continuing to exert influence. Inquiry levels in the Atlantic market have softened relative to last week, and overall freight rates are expected to remain volatile at elevated levels in the near term.

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