COSCO Marine (01138) is now up nearly 4%. As of press release, it has risen 3.67% to HK$8.76, with a turnover of HK$469.58 million.
The Zhitong Finance App learned that COSCO Hainan (01138) is now up nearly 4%. As of press release, it has risen 3.67% to HK$8.76, with a turnover of HK$469.58 million.
According to the news, J.P. Morgan Chase published a research report saying that the geographical misalignment between refinery production capacity and consumer demand, as well as the restructuring of oil trade, showed a structural increase in tonne mile demand for tanker transportation. Coupled with limited room for supply improvement, it is expected to drive the tanker shipping industry, including refined oil tankers and crude oil tankers, to usher in a long-term upward cycle.
The bank explained that due to the cancellation of the OPEC+ production reduction agreement and the fact that more tankers avoid the Red Sea and areas where tension in the Middle East escalates, the tonne mile will rise further. Assuming that all tankers that normally transit through the Suez Canal are diverted to the Cape of Good Hope, the average cruising range of crude oil and products is expected to increase by 10% and 17%.