HK Stock Market Move | COSCO SHIPPING Energy Transportation (01138) fell more than 5% in early trading. Iran says the US has accepted some of Iran's conditions for reopening the Strait of Hormuz.

COSCO SHIPPING Energy Transportation (01138) fell more than 5% in early trading. As of press time, it was down 5.07% at HK$20.24, with a turnover of HK$340 million. On the news front, Iranian media reported that Mohsen Rezaei, secretary of Iran's Supreme National Security Council, said in an interview with Iran's Press TV on the 11th that the US side has responded to the seven conditions proposed by Iran for ending the war and opening the Strait of Hormuz, but Tehran considers the US response "insufficient." According to him, the US has accepted some of Iran's conditions, but remains unclear on others. Changjiang pointed out that the oil shipping boom is heading toward a longer and broader cycle. On the supply side, "dark fleet shuttle" activity and Red Sea diversions have significantly tightened capacity, and before geopolitical risks ease and large-scale deliveries of new ships occur, efficiency losses may be irreversible; on the demand side, restricted diesel exports from Russia and the Middle East, high US refinery utilization, and the seasonal peak season are expected to sustain high diesel cracking spreads, driving active arbitrage demand. It reiterated its bullish view on COSCO SHIPPING Energy Transportation and China Merchants Energy Shipping.