During the trading session, COSCO SHIP ENGY (01138) saw a decline exceeding 9%. As of the latest update, the stock was down 6.98%, trading at HK$17.87 with a turnover of HK$508 million. On the news front, according to information from the Shanghai Shipping Exchange, this week's VLCC market on the Middle East route remains constrained by restricted traffic through the Strait of Hormuz. Crude oil exports from the Gulf continue at low levels, with overall public transactions limited. Only a few private deals have been reported for available loading ports. The geopolitical situation in the Middle East still lacks substantive breakthroughs, with core disagreements persisting in U.S.-Iran negotiations, heightening expectations for further escalation. Currently, overall vessel supply is relatively ample, increasing downward pressure across the market. Guosen Securities noted that at this stage, traffic through the Strait of Hormuz remains at low levels. Against the backdrop of the strait blockade, the oil transport market is characterized by an overall oversupply. Moreover, as the market is currently in its off-season, the fluctuating state of oil freight rates is considered stable. The firm believes that current oil freight rates are still at a bottom support level. Should the strait resume short-term passage, a combination of urgent crude oil shipment demand and controlled capacity from long-term charterers could potentially drive a rapid short-term surge in freight rates.