HK Stock Market Move | COSCO Shipping Energy Transportation (01138) dropped nearly 6% in the early session as the VLCC Yuanxi Lake changed its route from the Red Sea to go around Africa.

COSCO Shipping Energy Transportation (01138) fell nearly 6% in the morning session, and as of the time of this report, it was down 5.74%, priced at HKD 14.11, with a trading volume of HKD 75.0486 million. In related news, the Houthi forces in Yemen announced on the evening of the 5th that the organization had attacked a Saudi oil tanker in the Gulf of Aden. This was the organization's second announcement of an attack on a Saudi tanker that day. The statement said that since the maritime blockade against Saudi Arabia was implemented at the end of July, the Houthis have carried out a total of 8 attacks on Saudi tankers and have intercepted and forced 29 Saudi tankers to turn back in the Red Sea and the Arabian Sea. According to Caixin, to circumvent the blockade in the Red Sea, a Chinese very large crude carrier (VLCC) is docking in Egypt and circumnavigating Africa. On August 4th, the 330,000-ton VLCC "Yuanxi Lake," operated by China COSCO Shipping Group, arrived off the coast of Sidikireel pier in the Mediterranean of Egypt, waiting in line to load oil. The ship entered the Red Sea on July 11 and has been stranded off the coast of Yanbu, Saudi Arabia, since the Houthi forces announced the maritime blockade against Saudi Arabia. On August 1st, the "Yuanxi Lake" passed through the Suez Canal heading north in an empty state, with its destination listed as Sidikireel pier in Egypt.