国泰海通:成品油轮未来数年供给刚性 高景气持续性有望超预期

智通财经
Sep 18
【国泰海通:成品油轮未来数年供给刚性 高景气持续性有望超预期】国泰海通发布研报称,成品油轮未来数年供给刚性,高景气持续性有望超预期,建议增持。成品油轮船东自2023年率先批量下单,随后数年景气波动影响下单持续性。目前成品油轮在手订单占比22%,仍处历史偏低水平。目前20岁以上老船已超20%,未来三年将再有近20%超20岁。目前在手订单仅保障未来数年主流市场合规运力规模平稳,而船厂订单已排期至2030年之后,船台紧张将保障未来数年成品油运供给刚性。亚洲贸易恢复与补库将驱动成品油运短期景气快速上升,全球炼厂东移与贸易加速重构将保障中长期高景气可持续,提供业绩估值双重空间。

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