-- COSCO Shipping's (HKG:1919, SHA:601919) first quarter 2026 attributable profit fell 50% to 5.88 billion yuan from 11.69 billion yuan a year earlier, according to a Hong Kong bourse filing Wednesday.
The shipping company's Hong Kong shares fell over 1% in afternoon trade Thursday.
Earnings per share were 0.38 yuan, compared with 0.74 yuan in the prior year period.
Operating revenue fell 11% year on year to 51.80 billion yuan, figures showed.
Crude oil prices rose on Thursday, hitting a four-year high, amid concerns that hostilities in the Middle East may start up again and prolong the supply disruptions in the region.Brent crude at last look jumped 2.9% to US$121.48/barrel and West Texas Intermediate crude climbed 1.5% to $108.51/barrel. This comes after Axios, citing unidentified sources, reported that U.S. President Donald Trump is set to receive a briefing on plans for a series of military strikes on Iran to push for a return to negotiations on its nuclear program, Reuters said in a Thursday report.Additionally, Trump spoke with oil companies about how to mitigate the impact of a possible months-long U.S. blockade, Reuters reported, citing a White House official.Continued price hikes risk a renewed spike in global inflation and higher fuel prices, the report said. "For those who do not think Brent prices have the potential to reach $150 a barrel, you ought to look away now," Reuters quoted John Evans of oil broker PVM as saying."Prospects for any near-term resolution to the Iran conflict or a reopening of the Strait of Hormuz remain dim," IG market analyst Tony Sycamore was quoted as saying in a note.