On September 14, COSCO SHIP ENGY rose 5.76% in regular trading, trading at HK$19.27, with turnover of HK$75.53 million. The surge follows a weekend of escalating Middle East geopolitical tensions and record-breaking oil tanker rates.

Houthi forces intensified threats near the Bab el-Mandeb Strait, while US-Iran military confrontations continued to disrupt key shipping chokepoints. Brent crude briefly surpassed $100/barrel. VLCC rates on the TD3C Middle East-China route surged to $862,000, up 9.7% day-over-day and 942.8% year-over-year, while US Gulf and West Africa routes climbed to $257,000 and $354,000 respectively. Industry reports note that increased Chinese crude purchases, combined with reduced vessel turnaround efficiency due to Hormuz Strait and Red Sea disruptions, are tightening available tonnage.

The company reported H1 revenue of RMB 15.15 billion, up 30.03% year-over-year, with net profit of RMB 4.545 billion, up 143.21%. Its board also approved financing for four 88,000-cbm VLGC newbuilds, signaling continued fleet expansion. Multiple brokerages including CICC and China Merchants Securities have reiterated bullish outlooks on oil shipping.

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