<p>在本期资本链接的航运行业网络研讨会中，我们欢迎了 DHT Holdings, Inc.的总裁兼首席执行官 Svein Moxnes Harfjeld 先生（NYSE: DHT），Frontline Management AS 的首席执行官 Lars Barstad 先生（NYSE: FRO）（OSLO: FRO），TEN Ltd.的创始人兼首席执行官 Nikolas P. Tsakos 博士（NYSE: TEN），以及 Teekay Tankers Ltd.的首席商务官 Mikkel Seidelin 先生（NYSE: TNK）。本次网络研讨会由 DNB Carnegie 的航运股票研究负责人 Jorgen Lian 先生主持，深入评估了原油油轮市场，强调了有利的行业基本面和对投资者的吸引力收益可见性。</p>
<p>要观看完整讨论，请访问以下链接：</p>
<p>https://www.youtube.com/watch?v=iHktvRF2fNM</p>
<p><strong>强劲的运费率信号结构性强劲</strong></p>
<p>当前原油油轮市场正经历一个异常强劲的时期，表现为持续的坚挺，而非短暂的价格飙升。正如 Barstad 先生所指出的，当前的活动水平反映了一个根本不同的市场环境。</p>
<p>“我们已经有 23 天，波罗的海指数每天超过 100,000 美元。上一次发生这种情况是在 2020 年，而在此之前，你得追溯到 2008 年，” 他观察到。更重要的是，这一表现得到了每天 110,000 至 120,000 美元的交易量的支持。</p>
<p>最初由 VLCC 引领的反弹，现在对所有船舶类别都产生了影响。Seidelin 先生强调，VLCC 细分市场的独立强劲反过来又提升了 Suezmax 的收益，标志着与近年来中型船舶主导市场的情况相反。VLCC 的独立运作，结果也增强了 Suezmax 的表现。这与近年来中型船舶主导市场的情况形成了鲜明对比。Tsakos 博士强化了这一积极展望，确认积极的势头在整个油轮领域都显而易见。由于 TEN 运营着一个多元化的船队，包括原油、成品油和液化天然气油轮，他表示，即使在较小的船舶类别中，改善的运价动态也显而易见，强调高企的 VLCC 收益正在提升整个市场。尽管波动性仍然存在，他强调当前环境建立在坚实的基础之上。</p>
<p><strong>市场催化剂：制裁与影子船队</strong></p>
<p>最近美国针对与委内瑞拉贸易相关的船舶采取的行动，被讨论作为更广泛趋势的一部分。Barstad 先生认为这对市场长期而言是积极的，指出它们标志着重新努力解决受制裁的石油流动。他评论说，受制裁的原油越来越难以找到可行的出口，迫使市场参与者转向合规的油桶。“最终，来自受制裁国家的增量增长将停止，然后我们将回到合规市场供应边际油桶，” 他解释道。这直接与影子船队的角色相关，专家小组普遍认为，影子船队不仅数量可观，而且效率低下，且在很大程度上与主流油轮市场隔离。Harfjeld 先生指出，“今天一艘运载受制裁石油的 VLCC 每年可能完成一单，最多两单货物。” 因此，潜在的移除或重新整合被视为远没有普遍认为的威胁那么大。</p>
<p>Tsakos 博士支持这一观点，指出影子船队中的许多船舶的利用率极低，且与合规市场结构上脱节。</p>
<h4><strong>结构性供需动态支持长期周期</strong></h4>
<p>在供应方面，订单簿仍然受到限制，反映出船厂拥堵和行业不确定性持续的影响，而现有的全球船队也在迅速老化。Seidelin 先生详细说明，实际的报废年龄已从 15 岁转变为大约 20 岁；然而，在主流商业交易中，船舶寿命显著延长至 20 年以上仍然困难。这一特征充当了自然释放阀，在较弱时期限制了下行空间，因为老旧船舶在此期间退出市场。</p>
<p>Tsakos 博士观察到，油轮行业经历了显著的结构性转变。多年来，围绕环境法规和推进技术的不确定性抑制了投机性订购，而上市公司之间的整合增加了更大的纪律性和内部检查。他认为，这一演变支持了更工业化的航运模式，并增强了当前周期的持久性。</p>
<h4><strong>资本配置：股息、更新与市场估值</strong></h4>
<p>随着公司继续产生可观的现金流，资本配置策略正在获得动力。Harfjeld 先生概述了 DHT 以股息、机会性船舶投资、股票回购和持续加强资产负债表为中心的战略，他将这一方法归功于市场信誉和支持溢价估值。</p>
<p>Tsakos 博士强调，拥有长期商业模式的成熟航运公司应主要基于收益指标进行评估，而不仅仅是基于净资产值。他指出 TEN“以两倍的 EBITDA 交易”，呼吁分析师将该行业视为工业业务，而非浮动房地产。</p>
<p>然而，与会者普遍认为，今天订购新船需要高度谨慎，因为新造船价格高企且交付时间延长。Tsakos 博士确认，2028-29 年的超大型油轮（VLCC）需要大约每天 60,000 美元的长期租金才能证明投资的合理性。Barstad 先生补充道，尽管市场信心显然在增强，但现货价格的强劲仅最近才开始提升资产价值，这进一步强调了在新投资决策中采取谨慎和有序的方法的必要性。</p>
<p><strong><em>披露：Capital Link 是 TEN Ltd.的投资者关系顾问。此内容仅供信息参考，并不构成投资建议。文章中包含公司管理层在行业网络研讨会期间所作的陈述。</em></strong></p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未对内容或准确性进行编辑。</em></strong></p>

<p>原油油轮市场正经历着异常强劲的表现，运费率持续高企，各类船舶的前景乐观。行业主要领导者强调了有利的基本面、结构性的供需动态以及制裁对市场行为的影响。市场的韧性得益于新船订单有限和船队老化。公司正专注于资本配置策略，如分红和股票回购，强调基于收益的评估。讨论突显了市场向更工业化航运模式的转变，具有长期增长潜力</p>

<p>In this episode of Capital Link's Shipping Sector Webinar Series, we welcomed  Mr. Svein Moxnes Harfjeld, President &amp; CEO of DHT Holdings, Inc. (NYSE: DHT), Mr. Lars Barstad, CEO of Frontline Management AS (NYSE: FRO) (OSLO: FRO), Dr. Nikolas P. Tsakos, Founder &amp; CEO of TEN Ltd. (NYSE: TEN), and Mr. Mikkel Seidelin, CCO at Teekay Tankers Ltd. (NYSE: TNK). The webinar moderated by Mr. Jorgen Lian, Head of Shipping Equity Research at DNB Carnegie delivered an in-depth assessment of the crude tanker market, highlighting favorable industry fundamentals and compelling earnings visibility for investors.</p>
<div class="lb-trans"><p>在本期资本链接的航运行业网络研讨会中，我们欢迎了 DHT Holdings, Inc.的总裁兼首席执行官 Svein Moxnes Harfjeld 先生（NYSE: DHT），Frontline Management AS 的首席执行官 Lars Barstad 先生（NYSE: FRO）（OSLO: FRO），TEN Ltd.的创始人兼首席执行官 Nikolas P. Tsakos 博士（NYSE: TEN），以及 Teekay Tankers Ltd.的首席商务官 Mikkel Seidelin 先生（NYSE: TNK）。本次网络研讨会由 DNB Carnegie 的航运股票研究负责人 Jorgen Lian 先生主持，深入评估了原油油轮市场，强调了有利的行业基本面和对投资者的吸引力收益可见性。</p>
</div><p>To watch the full discussion please visit the following link:</p>
<div class="lb-trans"><p>要观看完整讨论，请访问以下链接：</p>
</div><p>https://www.youtube.com/watch?v=iHktvRF2fNM</p>
<div class="lb-trans"><p>https://www.youtube.com/watch?v=iHktvRF2fNM</p>
</div><p><strong>Strong Freight Rates Signal Structural Strength</strong></p>
<div class="lb-trans"><p><strong>强劲的运费率信号结构性强劲</strong></p>
</div><p>The crude tanker market is currently experiencing a period of exceptional strength, characterized by sustained firmness rather than short-lived rate spikes. As noted by Mr. Barstad, the current activity levels reflect a fundamentally different market environment.</p>
<div class="lb-trans"><p>当前原油油轮市场正经历一个异常强劲的时期，表现为持续的坚挺，而非短暂的价格飙升。正如 Barstad 先生所指出的，当前的活动水平反映了一个根本不同的市场环境。</p>
</div><p>&#34;We have had 23 days where the Baltic Index has printed north of $100,000 per day. The last time that happened was in 2020, and prior to that, you had to go back to 2008,&#34; he observed. More importantly, this performance is supported by a volume of $110,000 – $120,000 per day.</p>
<div class="lb-trans"><p>“我们已经有 23 天，波罗的海指数每天超过 100,000 美元。上一次发生这种情况是在 2020 年，而在此之前，你得追溯到 2008 年，” 他观察到。更重要的是，这一表现得到了每天 110,000 至 120,000 美元的交易量的支持。</p>
</div><p>The rally, initially led by VLCCs, is now having an effect across all vessel classes. Mr. Seidelin stressed that  the independent strength of the VLCC segment has, in turn, lifted Suezmax earnings as well, marking a reversal from recent years when mid-sized vessels were primary market drivers. The fact that the VLCCs are moving on their own has, as a result, strengthened Suezmaxes as well. That is a reversal from recent years where mid-sized vessels led the market. Dr. Tsakos reinforced the constructive outlook, confirming that the positive momentum is evident across the full tanker spectrum. As TEN operates a diversified fleet across crude, product and LNG tankers, he stated that improving rate dynamics are evident even in smaller vessel classes, underscoring that elevated VLCC earnings are lifting the entire market. While volatility remains inherent, he stressed that the current environment rests on a solid base.</p>
<div class="lb-trans"><p>最初由 VLCC 引领的反弹，现在对所有船舶类别都产生了影响。Seidelin 先生强调，VLCC 细分市场的独立强劲反过来又提升了 Suezmax 的收益，标志着与近年来中型船舶主导市场的情况相反。VLCC 的独立运作，结果也增强了 Suezmax 的表现。这与近年来中型船舶主导市场的情况形成了鲜明对比。Tsakos 博士强化了这一积极展望，确认积极的势头在整个油轮领域都显而易见。由于 TEN 运营着一个多元化的船队，包括原油、成品油和液化天然气油轮，他表示，即使在较小的船舶类别中，改善的运价动态也显而易见，强调高企的 VLCC 收益正在提升整个市场。尽管波动性仍然存在，他强调当前环境建立在坚实的基础之上。</p>
</div><p><strong>Market Catalysts: Sanctions and the Shadow Fleet</strong></p>
<div class="lb-trans"><p><strong>市场催化剂：制裁与影子船队</strong></p>
</div><p>Recent U.S. actions targeting vessels linked to Venezuela trade, were discussed as part of a broader trend. Mr. Barstad viewed this as constructive for the market over the longer term, noting that they signal a renewed effort to address sanctioned oil flows. He commented that sanctioned crude is increasingly struggling to find viable outlets, forcing market participants toward compliant barrels. &#34;Eventually incremental growth from sanctioned countries is going to stop, and then we’re back to the compliant market supplying the marginal barrel,&#34; he explained. This ties directly to the role of the shadow fleet which, the panel broadly agreed, is estimated to be not only substantial, but also inefficient and largely isolated from the mainstream tanker market. Mr. Harfjeld pointed out that, &#34;a VLCC today carrying sanctioned oil may complete one, and at best two, cargoes per year.&#34;  As a result, potential removal or reintegration was viewed as far less of a threat than is commonly perceived.</p>
<div class="lb-trans"><p>最近美国针对与委内瑞拉贸易相关的船舶采取的行动，被讨论作为更广泛趋势的一部分。Barstad 先生认为这对市场长期而言是积极的，指出它们标志着重新努力解决受制裁的石油流动。他评论说，受制裁的原油越来越难以找到可行的出口，迫使市场参与者转向合规的油桶。“最终，来自受制裁国家的增量增长将停止，然后我们将回到合规市场供应边际油桶，” 他解释道。这直接与影子船队的角色相关，专家小组普遍认为，影子船队不仅数量可观，而且效率低下，且在很大程度上与主流油轮市场隔离。Harfjeld 先生指出，“今天一艘运载受制裁石油的 VLCC 每年可能完成一单，最多两单货物。” 因此，潜在的移除或重新整合被视为远没有普遍认为的威胁那么大。</p>
</div><p>Dr. Tsakos supported this view, noting that much of the shadow fleet operates with extremely low utilization and remains structurally detached from the compliant market.</p>
<div class="lb-trans"><p>Tsakos 博士支持这一观点，指出影子船队中的许多船舶的利用率极低，且与合规市场结构上脱节。</p>
</div><h4><strong>Structural Supply and Demand Dynamics Support a Long Cycle</strong></h4>
<div class="lb-trans"><h4><strong>结构性供需动态支持长期周期</strong></h4>
</div><p>On the supply side, the order book remains constrained, reflecting ongoing shipyard congestion and the lingering effects of prolonged industry uncertainty, while the existing global fleet continues to age rapidly. Mr. Seidelin elaborated that the practical scrapping age has shifted from 15 to approximately 20 years; however, extending vessel life meaningfully beyond 20 years remains difficult within mainstream commercial trading. This profile acts as a natural release valve, capping downside as older ships exit during weaker periods.</p>
<div class="lb-trans"><p>在供应方面，订单簿仍然受到限制，反映出船厂拥堵和行业不确定性持续的影响，而现有的全球船队也在迅速老化。Seidelin 先生详细说明，实际的报废年龄已从 15 岁转变为大约 20 岁；然而，在主流商业交易中，船舶寿命显著延长至 20 年以上仍然困难。这一特征充当了自然释放阀，在较弱时期限制了下行空间，因为老旧船舶在此期间退出市场。</p>
</div><p>Dr. Tsakos observed that the tanker sector has undergone a meaningful structural shift. Years of uncertainty around environmental regulation and propulsion technology have restrained speculative ordering, while increasing consolidation among publicly listed companies has introduced greater discipline and internal checks. This evolution, he argued, supports a more industrial shipping model and reinforces the durability of the current cycle.</p>
<div class="lb-trans"><p>Tsakos 博士观察到，油轮行业经历了显著的结构性转变。多年来，围绕环境法规和推进技术的不确定性抑制了投机性订购，而上市公司之间的整合增加了更大的纪律性和内部检查。他认为，这一演变支持了更工业化的航运模式，并增强了当前周期的持久性。</p>
</div><h4><strong>Capital Allocation: Dividends, Renewal, and Market Valuation</strong></h4>
<div class="lb-trans"><h4><strong>资本配置：股息、更新与市场估值</strong></h4>
</div><p>As companies continue to generate substantial cash flows, capital allocation strategies are gaining momentum. Mr. Harfjeld outlined DHT's strategy centered on dividends, opportunistic vessel investments, share buybacks, and ongoing balance sheet strengthening, an approach he credited for market credibility and supporting a premium valuation.</p>
<div class="lb-trans"><p>随着公司继续产生可观的现金流，资本配置策略正在获得动力。Harfjeld 先生概述了 DHT 以股息、机会性船舶投资、股票回购和持续加强资产负债表为中心的战略，他将这一方法归功于市场信誉和支持溢价估值。</p>
</div><p>Dr. Tsakos emphasized that established shipping companies with long-term business models should be evaluated primarily on earnings-based metrics rather than solely on NAV. Noting that TEN is &#34;trading at two times EBITDA,&#34; he urged analysts to assess the sector more like an industrial business and less as floating real estate.</p>
<div class="lb-trans"><p>Tsakos 博士强调，拥有长期商业模式的成熟航运公司应主要基于收益指标进行评估，而不仅仅是基于净资产值。他指出 TEN“以两倍的 EBITDA 交易”，呼吁分析师将该行业视为工业业务，而非浮动房地产。</p>
</div><p>Nevertheless, the panelists broadly agreed that ordering new vessels today requires a high degree of caution due to elevated newbuilding prices and extended delivery timelines. Dr. Tsakos affirmed that a VLCC in 2028-29 would require a long-term rate of approximately $60,000 per day to justify the investment. Mr. Barstad added that while confidence in the market is clearly growing, spot rate strength has only recently begun to lift asset values, reinforcing the need for a measured and disciplined approach to new investment decisions.</p>
<div class="lb-trans"><p>然而，与会者普遍认为，今天订购新船需要高度谨慎，因为新造船价格高企且交付时间延长。Tsakos 博士确认，2028-29 年的超大型油轮（VLCC）需要大约每天 60,000 美元的长期租金才能证明投资的合理性。Barstad 先生补充道，尽管市场信心显然在增强，但现货价格的强劲仅最近才开始提升资产价值，这进一步强调了在新投资决策中采取谨慎和有序的方法的必要性。</p>
</div><p><strong><em>Disclosure: Capital Link is the investor relations advisor to</em></strong> <strong><em>TEN Ltd. This content is for informational purposes only and not intended to be investing advice. The article includes statements made by company management during the sector webinar.</em></strong></p>
<div class="lb-trans"><p><strong><em>披露：Capital Link 是 TEN Ltd.的投资者关系顾问。此内容仅供信息参考，并不构成投资建议。文章中包含公司管理层在行业网络研讨会期间所作的陈述。</em></strong></p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未对内容或准确性进行编辑。</em></strong></p>
</div>

原油油轮市场在经历冬季的激增后继续繁荣发展