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Chinese Cargo Ships Reportedly Banned from Passing through Strait of Hormuz; Brent Crude Surpasses USD110
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On Friday, it was reported that two Chinese vessels from COSCO Shipping were blocked by Iran from passing through the Strait of Hormuz, indicating Iran's continued blockade of this crucial maritime route, causing oil prices to surpass USD110. The price of New York oil futures for May delivery rose by 2.4% to USD96.7. Brent oil futures for May delivery increased by 2.4% to USD110.6. According to MarineTraffic, a ship tracking company, two ultra-large container ships owned by COSCO Shipping attempted to pass through the Strait of Hormuz but were unsuccessful and have turned back, reflecting that the safety of the passage is still not guaranteed. This marks the first attempt by a major container shipping company to navigate this route since the conflict erupted. It is understood that the two vessels are the 20,000 TEU container ships "CSCL Indian Ocean" and "CSCL Arctic Ocean." China is an ally of Iran, and Iran had previously stated that vessels from friendly nations could pass through the Strait of Hormuz. (me/t) Auto-translated by third-party software This translation was auto-generated by third-party software. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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