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COSCO Shipping Energy Transportation halts HKSE trading after sanctions

26 Sep 2019

Hong Kong-listed COSCO Shipping Energy Transportation on Thursday (26 September) stopped trading of its shares on the Hong Kong Stock Exchange after an affiliated company was placed under sanctions by U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC).

“At the request of COSCO SHIPPING Energy Transportation Co., Ltd. (the “Company”), trading in the H shares of the Company on the Main Board of The Stock Exchange of Hong Kong Limited has been halted with effect from 9:00 a.m. on 26 September 2019 pending release of an announcement in relation to inside information of the Company,” stated an announcement.

OFAC on Wednesday designated COSCO Shipping Tanker (Dalian) Co. and COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co. as sanctioned entities over the transportation of Iranian oil.

The oil shipment business of COSCO SHIPPING Energy Transportation Co., Ltd. is operated by the specialized tanker fleets of COSCO Shipping Tanker (Dalian) Co., Ltd. and COSCO Shipping Tanker (Shanghai) Co., Ltd., according to its official website.

As of June 2016, COSCO SHIPPING Energy operated 105 tanker vessels with a total shipping capacity of 16.8 million dwt and held an order of 25 tanker vessels with a total shipping capacity of 4.655 million dwt.

The average capacity per ship is 160,000 dwt, with an average age of 7.82 years per ship.

Related: OFAC clarifies on sanctions against COSCO shipping entities

Published: 27 September, 2019

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