On June 23, COSCO SHIPPING Energy rose 3.99% in regular trading, trading at 17.84 HKD/share, with turnover of HKD 135 million, extending the recent strong performance in the oil tanker sector.

On the news front, the first round of high-level talks under the US-Iran memorandum of understanding framework concluded in Switzerland, with all parties finalizing a 60-day roadmap, lifting expectations for the reopening of the Strait of Hormuz. Simultaneously, major shipping route spot rates surged significantly — the Middle East TD3C route jumped to nearly USD 500,000/day, West Africa soared over 80% to USD 170,000/day, and the US Gulf rose nearly 30% to USD 150,000/day.

However, Iran's military previously stated the strait remains closed, meaning rerouting premiums and war risk premiums will persist in the short term, supporting elevated tanker freight rates. JPMorgan reiterated its Overweight rating on the company with a target price of HKD 27, noting that strait reopening would drive crude procurement normalization and inventory rebuilding, boosting tanker demand.

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