Cosco Shipping Energy Transportation (01138) saw its shares rise more than 6% during the trading session. At the time of writing, the stock was up 4.29%, trading at HKD 21.38, with a turnover of HKD 1.522 billion.
The Baltic Exchange reported that tanker freight rates have surged to record levels, with benchmark daily tanker earnings reaching USD 424,000.
A recent research report from Orient Securities pointed out that increased production, sanctions, and rising market concentration are three key drivers pushing the oil shipping sector's prosperity higher. The institution anticipates that the supply and demand balance in oil shipping is expected to continue improving, further boosting the sector's upward trend.
J.P. Morgan Securities Co., Ltd. has upgraded its rating on the A-shares of Cosco Shipping Energy Transportation to overweight.