COSCO SHIP ENGY (01138) saw its shares rise more than 10% during the trading session. At the time of writing, the stock was up 9.13%, trading at HKD 20.56, with a turnover of HKD 563 million.

Reports indicate that spot freight rates for tankers have surged to their highest level in nearly six years. The latest data from Tuesday showed that the cost to charter a Very Large Crude Carrier (VLCC) to transport Middle Eastern crude oil to China has soared past $170,000 per day, tripling since the beginning of the year. Industry insiders point out that shifts in global crude oil supply trends and aggressive vessel ordering by South Korean shipping companies have contributed to the sharp price increase.

Huayuan Securities noted that the fundamentals of the oil shipping market continue to improve. With the "Changjin factor" and geopolitical changes acting as catalysts, a "great era for oil shipping" may be on the horizon. The firm believes that the strong performance of VLCC freight rates in the first quarter of 2026 is driven by three favorable trends: solid fundamentals, supply-side restructuring, and geopolitical shifts. The scale and duration of this "great era for oil shipping" are expected to consistently exceed expectations.