COSCO Shipping Energy Climbs on Iran Talks, Shipping Rates Jump

COSCO SHIPPING Energy Transport (1138.HK) climbed 8% during Hong Kong trading to HK$17.18, with turnover exceeding HK$328 million.

The rally came after high-level US-Iran negotiations concluded in Switzerland with a 60-day roadmap agreed upon by all parties. CITIC Securities reported that spot freight rates on major routes surged, with the Middle East TD3C route climbing to nearly $500,000 per day, while the US Gulf rose close to 30% to $150,000 per day and West Africa jumped over 80% to $170,000 per day. JPMorgan earlier reiterated its overweight rating on COSCO Shipping Energy with a target price of HK$27, citing potential tanker demand recovery if the Strait of Hormuz reopens.