Multiple Chinese vessels retreat at Strait of Hormuz after Iran warnings in rare ally move [FOX Business Network]
COSCO SHP HLDG UNSP/ADR (CICOY)
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Source: FOX Business Network
At least three Chinese-linked vessels reportedly turned back abruptly after attempting to cross the Strait of Hormuz last Friday, signaling an unusual move in typically friendly Tehran-Beijing relations amid the ongoing regional crisis. Two ships owned by China's state-run Cosco Shipping, the CSCL Indian Ocean and CSCL Arctic Ocean, as well as Hong Kong-owned Lotus Rising made sudden U-turns near Larak Island, according to ship-tracking service MarineTraffic and research group FDD . The narrow channel has repeatedly been described as Iran's de facto "toll booth," with the Islamic Revolutionary Guard Corps (IRGC) Navy, allowing passage only for authorized vessels. This was the first attempted outbound transit by major Cosco container ships since tensions in the Strait of Hormuz began on Feb. 28, triggering disruptions to 20% of the world's oil supply The ships reportedly violated Iranian rules banning traffic to and from countries considered supportive of the United States and I
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