News from the Financial Associated Press on December 13 (Editor Hu Jiarong)Shipping stocks strengthened sharply today, among which SITC International (01308.HK), COSCO Shipping Energy (01138.HK), China Merchants Port (00144.HK) and Orient Overseas International (00316.HK) rose 6.09%, 5.61%, 2.80%, 2.12%.
Note: The performance of shipping stocks has recently been caused by the serious congestion of oil tankers waiting to pass through the Strait due to Turkey’s change in the insurance policy for tankers navigating the Turkish Strait, which once aroused market attention.
The Turkish Strait is a key choke point for oil shipments by countries along the Black Sea such as Russia and Kazakhstan. Last year, 700 million barrels of oil were transported to the world through the Turkish Strait, accounting for about 5% of global transport volume.
According to relevant reports, the Turkish government requires insurance companies to issue insurance certificates for each batch of transit cargo, but the insurance companies believe that once such certificates are provided for ships that violate European, American and Russian oil sanctions, they will be forced to violate Western sanctions. .
At present, the United States, the European Union, the United Kingdom and other countries are negotiating a solution with the Turkish government. According to reports on the 12th, according to a transit list quoted by relevant media, there are currently 19 oil tankers waiting to pass through the Bosporus and Dardanelles in Turkey, while 27 tankers were waiting to pass through the Strait last Saturday. pass.
From this point of view, Turkey has begun to solve the problem of oil tanker congestion, but this incident has benefited related shipping stocks, such as COSCO Shipping Energy, which focuses on the field of oil and gas transportation. A specialized company for energy transportation and chemical transportation, reorganized from the energy transportation sectors of the former China COSCO and China Shipping.
Since COSCO Shipping Energy started to rise on December 9, its cumulative increase has reached 19.71%.
Note: COSCO SHIPPING Energy’s trend today, in addition to the blockage of Turkey’s oil transportation channel, the prospect of improving demand in China, the closure of the Keystone pipeline in the United States, and Russia’s threat to cut production also gave some support to the oil transportation market.
The agency said that the “ship jam” incident pushed up the price of oil transportation
Bank of China Securities released a research report saying that the Turkish government has recently required that any ship passing through its strait must provide new insurance. At least 20 oil tankers have lined up through the Turkish Strait on their voyage from Russia’s Black Sea port to the Mediterranean Sea. It will increase, and if the “buying insurance behavior” continues to appear in the future, it may increase the number of ship jams. If the “ship jam” incident continues to increase the number of blocked oil tankers, the oil tanker transportation from the Black Sea to the Mediterranean may be forced to be interrupted, and the effective supply of oil transportation will decrease, which may push up the freight rate of oil transportation.
Haitong Futures also stated that with the European sanctions on seaborne Russian oil coming into effect on December 5, the superimposed price cap mechanism and insurance ban will resonate, which will make the oil transportation market consider more transportation risks, which will undoubtedly increase the cost of route trade and fleet operations. “Complicated chaos” and “inefficient operation”.