华创证券:把握航运供需缺口核心变量,看好油、散、集运支线机会

华创交运
Dec 02, 2025

摘要:一、油运:增产+制裁+供给约束,驱动合规市场景气向上。25年下半年以来油运行业景气度进一步提升,8月VLCC运价淡季提前反弹,之后运价表现强劲,TD3C航线11月13日录得12.6万美元/天,11月平均运价达10.4万美元/天,25Q4平均运价8.8万美元/天,即单日值、月均值、季均值都超过了2022年以来的最高值。我们看好此轮油运景气周期持续性:1)全球原油增产周期提振运输需求,25年4月...

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