Market Chatter: Chinese Supertanker Passes Through Hormuz Strait

MT Newswires Live05-14

Chinese supertanker Yuan Hua Hu passed through the Strait of Hormuz on Wednesday, sailing toward a U.S. blockade, Bloomberg News reported Wednesday.

The 2-million-barrel vessel, owned by COSCO Shipping (SHA:601919, HKG:1919) units, passed Iran's Larak island into the Gulf of Oman, according to the report. Fully loaded after lifting crude from Iraq's Basrah terminal in March, the ship signals Zhoushan, China as its destination.

This is the third transit by a Chinese very large crude carrier since the war began, Bloomberg wrote.

Shares of COSCO Shipping rose 1% on the Shanghai bourse on Thursday and 2% on the Hong Kong bourse.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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