COSCO SHIP ENGY (01138) saw an increase of more than 4%. At the time of writing, the stock was up 4.08%, trading at HK$18.89 with a turnover of HK$184 million. During the Spring Festival holiday, VLCC freight rates continued to rise, reaching their highest level in nearly a decade. According to Huachuang Securities, as of February 20, 2026, the Clarksons VLCC-TCE rate settled at US$142,000 per day, up 24.5% week-on-week. The Middle East–China route rate reached US$157,000 per day, a weekly increase of 26%. One-year VLCC time charter rates also climbed to US$92,500 per day, rising 28.5% from the previous week. The securities firm noted that geopolitical risk premiums, aggressive purchasing by long-term charterers, and strengthened sanctions are driving nearly unprecedented optimism in the VLCC market. On the geopolitical front, according to a February 23 report from CCTV, while the U.S. and Iran have signaled a willingness to negotiate, the risk of U.S. military action against Iran remains. Separately, U.S. media cited a former CIA intelligence officer as saying that the U.S. could launch a military strike against Iran on February 23 or 24.