HK Stock Market Move | COSCO SHIPPING Energy Transportation (01138) falls over 2% again; the U.S. plans to ease "shadow fleet" sanctions to curb soaring freight rates.
Following yesterday's plunge of over 15%, COSCO SHIPPING Energy Transportation (01138) fell again by over 2%. As of press time, it was down 2.56% at HK$17.87, with a turnover of HK$411 million.
Following yesterday's sharp drop of over 15%, COSCO SHIPPING Energy Transportation (01138) fell again by over 2%. As of press time, it was down 2.56% at HK$17.87, with a turnover of HK$411 million.
On the news front, it was recently reported that a U.S. official said the Trump administration is considering lifting sanctions on some so-called "shadow fleet" vessels, allowing them to transport crude oil and petroleum products not subject to Washington's sanctions, in order to push down record-high global freight rates. Daiwa believes this move is expected to weigh on shipping company stocks across the board. Although the proposal is a temporary exemption rather than a formal removal of sanctioned vessels from the list, it already signals a possible significant shift in policy.
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