COSCO SHIP ENGY (01138) rose more than 6% in afternoon trading. At the time of writing, the stock was up 6.31% to HK$19.38 with a turnover of HK$375 million. On the news front, it was reported that on the morning of May 20, the VLCC "YUAN GUI YANG" of COSCO Shipping Group, as the last supertanker stranded in the Persian Gulf, successfully sailed out of the Strait of Hormuz. The vessel entered the Persian Gulf in late February and has been stranded since March 3 after loading crude oil at the Iraqi port of Al Baq. The report noted that COSCO still has three 110,000-ton large crude oil carriers and one 75,000-ton large product tanker stranded in the Persian Gulf, with further progress on clearing the backlog yet to be observed. Guotai Haitong Securities previously released a research report stating that in the short term, vessel traffic through the Strait of Hormuz has increased by 74% month-on-month but remains only 7% of the February level. The crude oil supply gap persists, with spot freight rates for oil tankers having declined somewhat, while one-year time charter rates for VLCCs still exceed $120,000 per day. With one of COSCO SHIP ENGY's VLCCs recently exiting the strait, it is expected that the operational efficiency of Chinese ship owners will continue to outpace the industry, and Q2 performance is likely to exceed expectations again.