September 29, 2019 / 11:18 AM / 10 months ago

China's COSCO says to resume share trading on Monday

FILE PHOTO: Containers are seen on a China Ocean Shipping Company (COSCO) ship at the San Antonio port in Chile August 6, 2019. REUTERS/Rodrigo Garrido/File Photo

SINGAPORE (Reuters) - China’s COSCO Shipping Energy Transportation Co plans to resume share trading on Monday, it said in a statement published on the Shanghai stock exchange on Sunday.

COSCO Shipping Energy said it temporarily suspended share trading on 26 September as it needed to verify rumours circulating that some of its subsidiaries were subject to U.S. sanctions.

COSCO Shipping Tanker (Dalian) Co, Ltd, a wholly-owned subsidiary of COSCO, has been listed by The Office of Foreign Assets Control of the U.S. Department of the Treasury as a banned entity, COSCO noted.

Oil freight rates from the Middle East to Asia rocketed as much as 28% on Friday spooked by the U.S. sanctions on the COSCO units for alleged involvement in ferrying crude out of Iran.

COSCO is assessing the relevant impact, it said.

Reporting by Aizhu Chen in Singapore; writing by Engen Tham; editing by Jason Neely

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