COSCO SHIP ENGY (01138) fell more than 5% during the trading session and fell 3.31% to HKD 9.64 as of press time, with a turnover of HKD 95.6958 million.
According to the financial news app, COSCO SHIP ENGY (01138) fell more than 5% during the trading session and fell 3.31% to HKD 9.64 as of press time, with a turnover of HKD 95.6958 million.
In terms of news, COSCO SHIP ENGY announced that it is expected to record a net profit of about RMB 2.55 billion (approximately HKD 2.802 billion) for the first half of 2024, a decrease of approximately RMB 0.345 billion year-on-year or a decrease of 11.9% compared with the net profit of RMB 2.895 billion (approximately HKD 3.181 billion) attributable to the company's owners in the same period last year. Huachuang Securities pointed out that the difference between the caliber before and after non-deductible is mainly due to the disposal income of RMB 0.398 billion generated by selling 5 ships in the first half of 2023, and there is no such ship sale in the first half of 2024.
GTJA believes that the impact of the Red Sea on shipping is relatively limited, and the change of the Red Sea situation in the future will not change the super bull market options for shipping. The recent decline in VLCC freight rates has raised concerns about the demand for shipping in the market. We believe that there are still factors such as refinery maintenance during the off-season and the impact of oil prices on trade rhythms. According to our statistics, the average distance of global crude oil transportation continued to increase by 3% in the first half of 2024. Considering the resilience of traditional energy, the weakening of destocking impact, and the low base in the second half of the year, it is expected that the demand for shipping will still be stable and rising throughout the year.