Heung-A Shipping shares rose on the 9th. The move is seen as a reaction to reports that the Strait of Hormuz was closed again just a day after the United States and Iran agreed to a cease-fire.
As of 9:08 a.m. that day, Heung-A Shipping was trading at 3,280 won on the KOSPI, up 290 won (9.70%) from the previous session.
Heung-A Shipping benefited from expectations of higher freight rates as the Strait of Hormuz was blocked during the war between the United States and Iran. Sinokor Merchant Marine, Heung-A Shipping's largest shareholder, drew attention in the very large crude carrier (VLCC) market after aggressively purchasing ships over the past one to two years.
Amid this situation, news emerged that the Strait of Hormuz, which had briefly reopened after the United States and Iran agreed to a cease-fire, was again fully closed.
Iran's state-run Press TV reported on the 8th (local time) that as the Strait of Hormuz closed again, oil tankers attempting to pass through the strait were sharply turning back.