HK Stock Market Move | COSCO Shipping Energy Transportation (01138) plunges 22% during trading. The United States considers providing military protection and insurance for oil tankers in the Strait of Hormuz.

COSCO Shipping Energy Transportation (01138) plunged 22% intraday and fell by 8.9% to HK$19.04 as of press time, with a turnover of HK$1.422 billion. According to the latest tracking data from Morgan Stanley, only one oil tanker passed through the world's most important energy chokepoint on March 3, a decrease of over 95% from normal levels. The Baltic Exchange has reported that due to the conflict in the Middle East, oil tanker freight rates have soared to record levels, with benchmark oil tanker daily earnings reaching $424,000. President Trump announced that the White House would provide naval escort and political risk insurance for oil tankers crossing the Hormuz Strait. COSCO Shipping Energy Transportation issued a notice on abnormal stock trading fluctuations, stating that the company's A-shares had a cumulative deviation of 20% in the closing prices on February 27, March 2, and March 3, which constitutes abnormal stock trading fluctuations. The company stated that its production and operations are currently normal. Recent international oil tanker freight rates have been soaring due to multiple factors.