On June 24, COSCO SHIPPING Energy (01138.HK) rose 4.05% in regular trading, trading at 18.86 HKD/share, with turnover of 72.08 million HKD, extending the recent strong momentum in the oil shipping sector.

On the news front, the US and Iran signed a memorandum of understanding between June 17 and 19, boosting expectations for the reopening of the Strait of Hormuz. VLCC Middle East route prices have surged to over $700,000/day, with the Middle East TD3C route jumping to nearly $500,000/day. Chinese and Indian refineries have sought quotes from shipowners for transporting Iraqi crude, receiving offers in the WS650-750 range — approximately triple pre-conflict levels.

Iran's military previously stated the strait remains closed, meaning rerouting premiums and war risk premiums continue to support elevated tanker rates in the near term. JP Morgan has reiterated its Overweight rating on the company with a target price of 27 HKD, noting that the strait reopening will normalize crude procurement and drive inventory rebuilding. The company reported Q1 net profit of 2.173 billion yuan, up 206.74% year-over-year.

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