China Cosco Shipping suspends bookings for multiple routes, listed companies collectively respond to impact on business.

Regional conflicts have already had a substantial impact on the operations of some shipping companies. On the evening of March 4th, China Ocean Shipping Group announced that due to the escalating conflict in the Middle East, traffic in the Strait of Hormuz has been restricted. As of today, all new booking services on routes to the UAE, Qatar, Bahrain, Iraq, Saudi Arabia, Kuwait, and other related routes have been suspended. In response to this business adjustment, reporters contacted the four listed companies under China Ocean Shipping Group as investors. All companies said that their production and operations are currently normal, and the impact on financial data is still being observed. A senior expert in the shipping industry told reporters that at present, routes to the Middle East are severely blocked, "all routes to the Middle East have been suspended, and some vessels en route have even turned around". The expert also stated that the industry is currently in a wait-and-see state, "whether to spend a high price to send to a port far from the destination for complex transshipment, or to wait a bit longer, maybe the route will be restored". The prices of oil and war surcharges on relevant routes are currently increasing, and the pricing model has changed to "each customer negotiates individually".