Hong Kong Stock Movers | COSCO Shipping Energy (01138) rises over 5% again; US relaxes sanctions on Iranian crude oil, leading to short-term declines and long-term gains in the shipping market

LootboxPhobia · 2026-03-24T03:34:23+00:00

COSCO Shipping Energy's stock price rose by over 5%, and remarks from US President Trump eased market tensions, but Iran maintains control over the Strait of Hormuz. CITIC Securities believes that the acquisition by Mediterranean Shipping will increase VLCC freight rates, and the US easing of sanctions on Iranian crude oil will affect the oil shipping market, leading to higher demand for tankers.

LootboxPhobia

2026-03-24 03:34:23

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CITIC Securities APP reports that COSCO SHIPPING Energy Transportation (01138) rose over 5% again. As of press time, it increased by 4.87%, trading at HKD 20.66, with a turnover of HKD 262 million.

On the news front, remarks by U.S. President Trump temporarily eased market concerns about further escalation of the situation. However, a spokesperson from Iran’s Hatham Anbia Central Command of the armed forces stated that Iran has taken the initiative in relevant waters of the Persian Gulf and Oman Sea, and has effective control over the Strait of Hormuz. Iran does not need to lay mines in the Persian Gulf but will take all necessary measures to ensure security when needed.

CITIC Securities released a research report stating that the Mediterranean shipping company’s acquisition of Changjin Merchant Ships may permanently boost VLCC freight rates. Additionally, the U.S. easing sanctions on Iranian crude oil has short-term bearish and long-term bullish effects on the oil shipping market. On March 20, the U.S. granted a 30-day sanctions exemption for 140 million barrels of Iranian crude oil to help stabilize high oil prices. In the short term, floating storage of crude oil around Asia will be concentrated for unloading, temporarily releasing shipping capacity; in the medium to long term, the risk of passage through the Strait of Hormuz remains high, with Iran having no surplus oil supply. Asian refineries are turning to Atlantic basin sources, lengthening routes and increasing demand for oil tanker ton-miles.

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