On June 25, COSCO Shipping Energy fell 5.62% in regular trading, trading at 18.16 HKD/share, with turnover of 59.88 million HKD. The stock had surged over 20% in the prior three trading sessions before reversing sharply.

On the news front, Iran's Permanent Representative to the UN Geneva office announced on June 23 that the Strait of Hormuz is now fully open to commercial vessels for a 60-day period at no charge. Concurrently, the US Treasury issued a 60-day general license authorizing Iranian oil production and sales. The formal resumption of navigation means the rerouting premium and war risk premium that had previously supported elevated tanker rates now face substantive erosion, with markets concerned about shortened crude oil transport distances and declining ton-mile demand.

Previously, VLCC Middle East route quotes had surged above $700,000/day as Chinese and Indian refineries scrambled for tonnage amid the strait closure. JPMorgan had reiterated an Overweight rating with a target price of 27 HKD, citing potential demand from inventory restocking. The company reported Q1 net profit of RMB 2.173 billion, up 206.74% year-over-year.

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