<p>在本期资本链接的航运行业网络研讨会中，我们欢迎了 d’Amico International Shipping S.A.（DIS.MI）首席执行官 Carlos Balestra di Mottola 先生，Hafnia Ltd.（NYSE: HAFN）资产管理部执行副总裁 Soren Steenberg Jensen 先生，Scorpio Tankers Inc.（NYSE: STNG）总裁 Robert Bugbee 先生，以及 TORM S.A.（NASDAQ: TRMD）首席财务官 Kim Balle 先生。此次网络研讨会由 BTIG 海事研究负责人 Gregory Lewis 先生主持，探讨了成品油油轮市场的当前状态和未来前景，讨论了市场驱动因素和趋势，包括生产增加、地缘政治因素和贸易路线动态。</p>
<p>要观看完整讨论，请访问以下链接：</p>
<p>https://www.youtube.com/watch?v=9Ox_hKxzHh4</p>
<h3><strong>成品油油轮受益于原油市场的势头</strong></h3>
<p>与年末的一些预期相反，该行业正经历其历史上最强劲的时期之一，主要市场的 MR 油轮日租金超过 30,000 美元。这种环境受到地缘政治变化、原油市场动态交织以及持续的结构性趋势的推动。</p>
<p>根据 Balestra di Mottola 先生的说法，主要且最意外的催化剂是 “水上的石油” 现象。全球石油生产的急剧增加，从 2025 年第一季度到第四季度每天增加近 500 万桶，主要是由于 OPEC 减产的解除以及非 OPEC 产量的增加，导致原油油轮市场紧张。这种强劲势头已经蔓延到成品油油轮领域，因为船只选择 “脏化” 以运输原油。</p>
<h3><strong>影响油轮供需的力量</strong></h3>
<p>除了原油的推动，结构性需求趋势继续有利于吨英里增长。Steenberg Jensen 先生指出，成熟市场如西北欧洲（包括英国和德国的设施）的炼油厂关闭，与此同时，远东地区的新炼油能力正在上线。这种炼油地理的转变增加了航行距离。</p>
<p>此外，Bugbee 先生和 Balle 先生讨论到，参与制裁贸易的船队中有很大一部分老旧且效率低下。大家一致认为，乌克兰战争的快速解决和制裁的解除不太可能。Bugbee 先生支持这样的观点：任何变化都将是渐进和有节制的，时间越长，这些船只就越老旧，回归传统贸易的可能性越小。Balle 先生进一步强调，超过三分之一的 Aframax/LR2 船队已经受到制裁，这些老旧船只不太可能再回到传统市场，代表着供应的逐步但永久的减少。</p>
<h3><strong>投资者价值：强劲的资产负债表和盈利的租约</strong></h3>
<p>公司的资产负债表比近年来任何时候都要健康。这种财务实力转化为明确的股东回报政策。例如，Scorpio Tankers 旨在通过周期提高常规股息。Bugbee 先生强调了对投资者的价值主张，指出一个具体案例：一艘 LR2 船在 5 年期租约中固定，估值约为 5000 万至 5300 万美元，每天产生约 22000 美元的自由现金流，相当于每年近 750 万美元的无杠杆回报。他补充说，公开上市公司的股票以低于这些资产的净资产价值交易，为股东提供了更高的投资收益率。</p>
<h3><strong>租约市场势头：供应有限，价格上涨</strong></h3>
<p>期租市场反映了对现金流的信心。Balestra di Mottola 先生注意到，许多对手方对 2-3 年的租约表现出浓厚的兴趣，因为 d'Amico 已经以盈利的价格获得了覆盖。另一方面，Bugbee 先生指出，强劲的原油市场条件不仅推动了成品油油轮的租金上涨，还支撑了对长期租约的信心，最近与一家大型石油公司签订的 5 年租约就是明证。</p>
<p><strong><em>免责声明：资本链接是 d’Amico International Shipping S.A.的投资者关系顾问，并与 Scorpio Tankers Inc.合作。本文仅供信息参考，不构成投资建议。文章包含公司管理层在行业网络研讨会期间所作的声明。</em></strong></p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

<p>Capital Link 网络研讨会探讨了产品油轮市场的强劲表现，这一表现受到原油产量增加和地缘政治因素的推动。主要见解包括炼油厂关闭的影响、受制裁贸易中老旧船队的情况，以及强劲的资产负债表带来的盈利租约。市场受益于供应有限和价格上涨，长期租约的兴趣也在增加。讨论强调了该行业的韧性和投资者的价值主张，突出了结构性趋势和地缘政治动态的重要性</p>

<p>In this episode of Capital Link's Shipping Sector Webinar Series, we welcomed Mr. Carlos Balestra di Mottola, CEO of d’Amico International Shipping S.A. (DIS.MI) (OTCQX: DMCOF), Mr. Soren Steenberg Jensen, EVP, Head of Asset Management at Hafnia Ltd. (NYSE: HAFN) (OSLO: HAFNI), Mr. Robert Bugbee, President at Scorpio Tankers Inc. (NYSE: STNG), and Mr. Kim Balle, CFO – TORM S.A. (NASDAQ: TRMD) (Copenhagen: TRMDA). The webinar moderated by Mr. Gregory Lewis, Head of Maritime Research at BTIG, explored the current state and future prospects of the product tanker market, with panelists discussing market drivers and trends including production increases, geopolitical factors, and trade route dynamics.</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 d’Amico International Shipping S.A.（DIS.MI）首席执行官 Carlos Balestra di Mottola 先生，Hafnia Ltd.（NYSE: HAFN）资产管理部执行副总裁 Soren Steenberg Jensen 先生，Scorpio Tankers Inc.（NYSE: STNG）总裁 Robert Bugbee 先生，以及 TORM S.A.（NASDAQ: TRMD）首席财务官 Kim Balle 先生。此次网络研讨会由 BTIG 海事研究负责人 Gregory Lewis 先生主持，探讨了成品油油轮市场的当前状态和未来前景，讨论了市场驱动因素和趋势，包括生产增加、地缘政治因素和贸易路线动态。</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=9Ox_hKxzHh4</p>
<div class="lb-trans"><p>https://www.youtube.com/watch?v=9Ox_hKxzHh4</p>
</div><h3><strong>Product Tankers Gain from Crude Market Momentum</strong></h3>
<div class="lb-trans"><h3><strong>成品油油轮受益于原油市场的势头</strong></h3>
</div><p>Contrary to some expectations at the year's end, the sector is experiencing one of its historically strongest periods, with MR tanker rates in key basins exceeding $30,000 per day. This environment gets a boost by a mix of geopolitical shifts, intertwined crude market dynamics, and enduring structural trends.</p>
<div class="lb-trans"><p>与年末的一些预期相反，该行业正经历其历史上最强劲的时期之一，主要市场的 MR 油轮日租金超过 30,000 美元。这种环境受到地缘政治变化、原油市场动态交织以及持续的结构性趋势的推动。</p>
</div><p>The primary and most unexpected catalyst, according to Mr. Balestra di Mottola, is the &#34;oil on the water&#34; phenomenon. A sharp ramp-up in global oil production, rising by nearly 5 million barrels per day between Q1 and Q4 of 2025 and driven by the unwinding of OPEC cuts alongside increased non-OPEC output, has tightened the crude tanker market. This strength has spilled over into the product tankers segment as vessels have opted to &#34;dirty up&#34; to carry crude.</p>
<div class="lb-trans"><p>根据 Balestra di Mottola 先生的说法，主要且最意外的催化剂是 “水上的石油” 现象。全球石油生产的急剧增加，从 2025 年第一季度到第四季度每天增加近 500 万桶，主要是由于 OPEC 减产的解除以及非 OPEC 产量的增加，导致原油油轮市场紧张。这种强劲势头已经蔓延到成品油油轮领域，因为船只选择 “脏化” 以运输原油。</p>
</div><h3><strong>Forces Shaping Tanker Supply and Demand</strong></h3>
<div class="lb-trans"><h3><strong>影响油轮供需的力量</strong></h3>
</div><p>Beyond this crude boost, structural demand trends continue to favor ton-mile growth. Mr. Steenberg Jensen pointed to refinery closures in mature markets like Northwestern Europe (including facilities in the UK and Germany), contrasted with new refinery capacity coming online in the Far East. This shift in refining geography increases sailing distances.</p>
<div class="lb-trans"><p>除了原油的推动，结构性需求趋势继续有利于吨英里增长。Steenberg Jensen 先生指出，成熟市场如西北欧洲（包括英国和德国的设施）的炼油厂关闭，与此同时，远东地区的新炼油能力正在上线。这种炼油地理的转变增加了航行距离。</p>
</div><p>Furthermore, Mr. Bugbee and Mr. Balle discussed that a big portion of the fleet engaged in sanctioned trades is aging and operating with inefficiencies. The consensus is that a quick resolution to the war in Ukraine and a lifting of sanctions is unlikely. Mr. Bugbee supports the idea that any change would be staggered and measured, and the longer it takes, the older and less viable for a return to conventional trade these vessels become. In turn, Mr. Balle reinforced that over one-third of the combined Aframax/LR2 fleet is already sanctioned, and these worn-out vessels are unlikely to ever return to the conventional market, representing a gradual but permanent removal of supply.</p>
<div class="lb-trans"><p>此外，Bugbee 先生和 Balle 先生讨论到，参与制裁贸易的船队中有很大一部分老旧且效率低下。大家一致认为，乌克兰战争的快速解决和制裁的解除不太可能。Bugbee 先生支持这样的观点：任何变化都将是渐进和有节制的，时间越长，这些船只就越老旧，回归传统贸易的可能性越小。Balle 先生进一步强调，超过三分之一的 Aframax/LR2 船队已经受到制裁，这些老旧船只不太可能再回到传统市场，代表着供应的逐步但永久的减少。</p>
</div><h3><strong>Investor Value: Strong Balance Sheets and Profitable Charters</strong></h3>
<div class="lb-trans"><h3><strong>投资者价值：强劲的资产负债表和盈利的租约</strong></h3>
</div><p>Company balance sheets are healthier than they have been in years. This financial strength is translating into clear shareholder return policies. Scorpio Tankers, for example, aims for a conventional dividend raised through the cycle. Mr. Bugbee emphasized the value proposition for investors, noting a concrete case: an LR2 fixed on a 5-year time charter valued at roughly $50–53 million and earning about $22,000 per day in free cash flow, equates to an unlevered return of nearly $7.5 million annually. He added that public company stocks trading at a discount to the NAV of such assets, offer shareholders an even higher yield on their investment.</p>
<div class="lb-trans"><p>公司的资产负债表比近年来任何时候都要健康。这种财务实力转化为明确的股东回报政策。例如，Scorpio Tankers 旨在通过周期提高常规股息。Bugbee 先生强调了对投资者的价值主张，指出一个具体案例：一艘 LR2 船在 5 年期租约中固定，估值约为 5000 万至 5300 万美元，每天产生约 22000 美元的自由现金流，相当于每年近 750 万美元的无杠杆回报。他补充说，公开上市公司的股票以低于这些资产的净资产价值交易，为股东提供了更高的投资收益率。</p>
</div><h3><strong>Charter Market Momentum: Limited Supply, Rising Prices</strong></h3>
<div class="lb-trans"><h3><strong>租约市场势头：供应有限，价格上涨</strong></h3>
</div><p>The period charter market reflects this confidence in cash flows. Mr. Balestra di Mottola noticed a lot of interest from counterparties for 2–3 year charters, considering that d'Amico has secured coverage at profitable rates. On the other hand, Mr. Bugbee noted that strong crude market conditions not only pull product tanker rates higher but also underpin confidence in longer-term charters, as evidenced by a recent 5-year fixture to a major oil company.</p>
<div class="lb-trans"><p>期租市场反映了对现金流的信心。Balestra di Mottola 先生注意到，许多对手方对 2-3 年的租约表现出浓厚的兴趣，因为 d'Amico 已经以盈利的价格获得了覆盖。另一方面，Bugbee 先生指出，强劲的原油市场条件不仅推动了成品油油轮的租金上涨，还支撑了对长期租约的信心，最近与一家大型石油公司签订的 5 年租约就是明证。</p>
</div><p><strong><em>Disclosure: Capital Link is the investor relations advisor to d’Amico International Shipping S.A. and works with Scorpio Tankers Inc. 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>免责声明：资本链接是 d’Amico International Shipping S.A.的投资者关系顾问，并与 Scorpio Tankers Inc.合作。本文仅供信息参考，不构成投资建议。文章包含公司管理层在行业网络研讨会期间所作的声明。</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：本文来自一位未付的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
</div>

原油生产和季节性顺风将推动成品油轮市场的强劲表现