The Zhitong Finance App learned that COSCO Haineng (01138) fell more than 4% in early trading. As of press release, it decreased by 3.67% to HK$15.22, with a turnover of HK$216 million.

According to the news, recently, with the US midterm elections, crude oil prices have clearly declined, and market trading conflicts have begun to ease. Huayuan Securities released a research report saying that there was a short-term adjustment in the VLCC market due to limited inquiries and substitution of small boats. The VLCC market “opened high and went low” last week. Expectations of the easing of the situation in the Middle East and the sharp drop in oil prices led to limited short-term inquiries. Combined, the replacement economy of Suez tankers continued to improve, suppressing shipowners' expectations.

Everbright Securities believes that although crude oil freight rates have fallen from a high point, spot freight prices are still relatively high. The subsequent trend depends on the navigation environment, ship turnover efficiency, and pallet changes in the Strait of Hormuz; freight prices for refined oil products need to pay attention to changes in pallets and capacity supply and demand. It is recommended to pay attention to COSCO Marine and China Merchants Shipping.

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