Changes in Hong Kong stocks | COSCO Haineng (01138) rose more than 7% in early trading to restore the scale of Middle East crude oil exports, loss of efficiency or irrevocability

The Zhitong Finance App learned that COSCO Haineng (01138) rose more than 7% in early trading. As of press release, it rose 6.60% to HK$21.64, with a turnover of HK$367 million.

According to the news, the CEO of PIF Energy said that the company is spending $2 billion to buy 15 old supertankers to transport Middle Eastern crude oil across the high-risk Strait of Hormuz. This move took place against the backdrop of global diesel shortages continuing to increase and tanker freight rates soaring to historic extremes, highlighting the market's extreme thirst for scarce capacity.

Changjiang Securities pointed out that during the holiday season, Saudi Arabia restarted the East-West Pipeline, began VLCC transit operations in Cooch Bay on the west coast of India, and Suezmax freight rates jumped. What is behind the incident is a recovery in the scale of crude oil exports to the Middle East, but the loss of efficiency may be irreversible. Under the resonance of multiple factors, VLCC freight rates reached a record high. At the same time, under the “CNPC China Transportation” guarantee system, leading domestic oil transportation companies have the ability to steadily deliver on the high boom.