Chinese Oil and Shipping Shares Tumble After Warnings on Rally

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000A cargo ship loaded with imported crude oil docks at the crude oil terminal berth in Qingdao, Shandong Province.Photographer: Costfoto/NurPhoto/Getty ImagesShares of Chinese oil and shipping companies tumbled amid company warnings on risks tied to recent sharp gains, as concerns about volatile crude prices and an uncertain shipping market remained high.Oil industry leaders including China Petroleum & Chemical Corp., PetroChina Co. and Cnooc Ltd. all dropped at one point by as much as 10% in Shanghai trading before paring some of the losses. Those of shipping giants China Merchants Energy Shipping Co. and Cosco Shipping Energy Transportation Co. also fell by the daily limit.