Changes in Hong Kong stocks | COSCO Haineng (01138) rose more than 7% in the afternoon. Management expects a sharp rise in freight rates in September, which may be reflected in the fourth quarter results

The Zhitong Finance App learned that COSCO Haineng (01138) rose more than 7% in the afternoon. As of press release, it rose 6.23% to HK$20.46, with a turnover of HK$385 million.

According to the news, oil freight rates have recently risen over the past few days, and freight rates on many routes have reached record highs. The TD3C route once reached 1,213,000 US dollars/day. Wu Jialu, chief analyst at CITIC Futures, said that at present, the total amount of freight that can be traded on the TD3C route is limited, but the overall daily rent level is still at the highest level, which indicates the high level of market sentiment. It is expected that tanker shipping rates will remain high in the fourth quarter.

Morgan Stanley released a research report saying that thanks to increased freight rates and utilization rates, COSCO Marine's profit for the third quarter of this year is expected to improve on a quarterly basis. The company's management expects that most of the sharp rise in freight rates in September will be reflected in fourth-quarter results. In addition, the Strait of Hormuz will disrupt or last longer than expected, supporting the continued bullish market for tanker shipping.