金吾财讯 | 中远海能(01138)股价走高，截至发稿，涨6.83%，报18.77港元，成交额3.45亿港元。消息面上，国泰海通发研报指，运价跟踪：油运运价仍维持高位，关注灰色市场变化。油运：两阶段成就“超级牛市”第一阶段：地缘冲突驱动全球原油贸易重构，俄欧“舍近求远”拉长航距，驱动油运景气跨年度上行已超三年，且产能利用率升至阈值。第二阶段开启：全球原油开启增产，驱动油运需求继续增长。油轮有效供给刚性持续，未来供需继续向好景气上行，且具油价下跌期权。油运运价自2025年9月飙升并维持高位，油轮2025年Q4与全年盈利将创十年新高。预计2026年油运景气持续将超预期，且灰色市场变化将提供供需意外期权。
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