航运:油运方面,本周山东港口禁止黑船停靠以及美国加大对俄油制裁力度提升了投资情绪,但是基本面上,运价并未出现明显提升,VLCC 仍处盈亏平衡点之下,我们认为其背后的原因有三,其一,当前已临近中国春节,中国原油进口需求下降导致有效需求仍不足;其二,政策对基本面的传导或仍需一定时间;其三,特朗普上台或推动俄乌战争平息,俄油问题可能出现其他变化,仍存较大不确定性,导致了当前“强预期、弱现实”的格局。但...
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