{"id":597644,"date":"2025-10-10T05:57:48","date_gmt":"2025-10-10T12:57:48","guid":{"rendered":"https:\/\/nai500.com\/?p=597644"},"modified":"2025-10-10T05:57:48","modified_gmt":"2025-10-10T12:57:48","slug":"fro-stng-tnk-dht-trmd","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2025\/10\/fro-stng-tnk-dht-trmd\/","title":{"rendered":"\u6cb9\u8f2a\u7126\u9ede\uff1aFRO\u3001STNG\u3001TNK\u3001DHT\u3001TRMD \u4e58\u52e2\u5168\u7403\u4f9b\u61c9\u904e\u5269"},"content":{"rendered":"<p>\u539f\u6cb9\u4ee5\u5275\u7d00\u9304\u7684\u91cf\u5728\u5168\u7403\u6d77\u4e0a\u6d41\u52d5\uff0c\u6cb9\u8f2a\u696d\u4eab\u53d7\u6bcf\u4e00\u5206\u9418\u3002Vortexa \u4f30\u8a08\u5728\u904b\u539f\u6cb9\u7d04\u70ba 12 \u5104\u6876\uff0c\u70ba 2016 \u5e74\u4ee5\u4f86\u6700\u9ad8\uff0c\u6d6e\u52d5\u5132\u6cb9\u91cf\u5247\u662f 2020 \u5e74\u4ee5\u4f86\u6700\u98fd\u548c\u3002\u4e2d\u570b\u6b63\u5fd9\u65bc\u5efa\u9020 11 \u500b\u65b0\u7684\u5132\u6cb9\u57fa\u5730\u4e26\u6bcf\u5929\u56e4\u7a4d\u8fd1 100 \u842c\u6876\u3002\u9019\u500b\u7d44\u5408\u5728\u904e\u53bb\u516b\u5c0f\u6642\u9ede\u71c3\u4e86\u6cb9\u8f2a\u677f\u584a\uff0c\u4ea4\u6613\u54e1\u8ffd\u9010\u5678\u82f1\u91cc\u69d3\u687f\u3001\u80a1\u606f\u6b96\u5229\u7387\uff0c\u4ee5\u53ca\u4efb\u4f55\u80fd\u5f9e\u6d77\u4e0a\u539f\u6cb9\u4e00\u5834\u5c37\u5c2c\u7684\u6436\u6905\u904a\u6232\u4e2d\u53d7\u76ca\u7684\u6a19\u7684\u3002<\/p>\n<h3>1) Frontline (FRO) \u2013 \u5728\u6d77\u4e0a\u539f\u6cb9\u6642\u4ee3\u7684\u539f\u6cb9\u6cb9\u8f2a\u7d14\u8ced\u6ce8<\/h3>\n<p>\u4eca\u65e5\u5438\u775b\u539f\u56e0\uff1a\u570d\u7e5e\u5275\u7d00\u9304\u7684\u5728\u904b\u539f\u6cb9\u982d\u689d\uff0c\u4ee5\u53ca\u82e5\u6642\u9593\u5dee\u7dad\u6301\u75b2\u8edf\u5247\u6d6e\u52d5\u5132\u6cb9\u53ef\u80fd\u64f4\u5f35\u7684\u8a0e\u8ad6\uff0c\u5438\u5f15\u76ee\u5149\u5230\u6700\u5927\u3001\u6d41\u52d5\u6027\u6700\u5f37\u7684\u539f\u6cb9\u6cb9\u8f2a\u80a1\u3002\u4e2d\u570b\u8a08\u756b\u5728\u5169\u5e74\u5167\u589e\u52a0\u7d04 1.69 \u5104\u6876\u7684\u5132\u5b58\u5bb9\u91cf\uff0c\u5373\u4fbf\u9700\u6c42\u9762\u770b\u8d77\u4f86\u8584\u5f31\uff0c\u4ecd\u4fdd\u6301 VLCC \u5378\u8f09\u524d\u666f\u6d3b\u8e8d\u3002\u4ea4\u6613\u6982\u6cc1\uff1a\u5927\u578b\u539f\u6cb9\u6cb9\u8f2a\u71df\u904b\u5546\uff0c\u64c1\u6709\u73fe\u4ee3\u5316\u7684 VLCC \u8207 Suezmax \u8239\u968a\uff0c\u91cd\u5ea6\u66b4\u9732\u65bc\u73fe\u8ca8\u5e02\u5834\uff0c\u5c0d\u65e5\u79df\u7387\u6709\u9ad8\u5ea6\u7d93\u71df\u69d3\u687f\uff0c\u4e14\u63a1\u53d6\u96a8\u73fe\u91d1\u6d41\u6ce2\u52d5\u7684\u53ef\u8b8a\u80a1\u6771\u56de\u5831\u67b6\u69cb\u3002\u95dc\u9375\u7d50\u8ad6\uff1a\u5982\u679c\u539f\u6cb9\u6301\u7e8c\u5728\u5168\u7403\u76e4\u65cb\u5c0b\u627e\u6b78\u5bbf\uff0cFrontline \u88ab\u5b9a\u4f4d\u70ba\u53cd\u6620\u8a72\u8da8\u52e2\u7684 beta \u5de5\u5177\u3002\u98a8\u96aa\u5f88\u76f4\u63a5\uff1a\u4efb\u4f55 OPEC+ \u7684\u4f9b\u7d66\u9650\u5236\u6216\u9700\u6c42\u56de\u5347\u4f7f\u8cbf\u6613\u6d41\u56de\u6b78\u5e38\u614b\uff0c\u90fd\u53ef\u80fd\u5feb\u901f\u58d3\u7e2e\u822a\u7a0b\u8207\u65e5\u79df\u7387\u3002\u5728\u90a3\u4e4b\u524d\uff0c\u5c0d\u65bc\u4e00\u500b\u6253\u9020\u4f86\u5f9e\u932f\u914d\u4e2d\u7372\u5229\u7684\u516c\u53f8\uff0c\u5411\u4e0a\u6ce2\u52d5\u7684\u963b\u529b\u6700\u5c0f\u8def\u5f91\u4ecd\u5b58\u5728\u3002<\/p>\n<h3>2) Scorpio Tankers (STNG) \u2013 \u7576\u7149\u5ee0\u6d41\u5411\u91cd\u7d44\u6642\u7684\u6210\u54c1\u6cb9\u8f2a\u69d3\u687f<\/h3>\n<p>\u4eca\u65e5\u5438\u775b\u539f\u56e0\uff1a\u5c0d\u4e0a\u6e38\u9020\u6210\u58d3\u529b\u7684\u539f\u6cb9\u904e\u5269\uff0c\u7576\u7149\u5ee0\u8abf\u6574\u958b\u5de5\u7387\u8207\u5957\u5229\u7a97\u53e3\u6642\uff0c\u53ef\u80fd\u6210\u70ba\u6210\u54c1\u6cb9\u8f2a\u7684\u79ae\u7269\u3002\u96a8\u8457\u5236\u88c1\u8207\u822a\u7dda\u7e5e\u884c\u4ecd\u5728\u91cd\u5851\u7f8e\u570b\u58a8\u897f\u54e5\u7063\u3001\u4e2d\u6771\u8207\u5370\u5ea6\u81f3\u6b50\u6d32\u8207\u62c9\u7f8e\u7684\u6c7d\u6cb9\u8207\u67f4\u6cb9\u6d41\u5411\uff0c\u4ea4\u6613\u54e1\u57fa\u65bc\u7d14\u7cb9\u932f\u914d\u6578\u5b78\u8f49\u5411 STNG\u3002\u4ea4\u6613\u6982\u6cc1\uff1a\u4e2d\u5927\u578b\u7684\u6210\u54c1\u6cb9\u8f2a\u5c08\u5bb6\uff0c\u64c1\u6709 LR2 \u8207 MR \u66dd\u96aa\uff0c\u8239\u968a\u76f8\u5c0d\u5e74\u8f15\uff0c\u5177\u9ad8\u7d93\u71df\u69d3\u687f\uff0c\u7ba1\u7406\u5c64\u5728\u73fe\u91d1\u7d2f\u7a4d\u6642\u4e0d\u907f\u8af1\u56de\u8cfc\u3002\u80a1\u606f\u672c\u70ba\u8b8a\u52d5\u5f0f\u3002\u95dc\u9375\u7d50\u8ad6\uff1a\u82e5\u539f\u6cb9\u5e02\u5834\u50be\u5411\u65bc Contango \u4e14\u7149\u5ee0\u9078\u64c7\u6027\u63d0\u9ad8\uff0c\u6210\u54c1\u8ca8\u7269\u6703\u8d70\u66f4\u9060\u7684\u8def\u4ee5\u8ffd\u9010\u5229\u5dee\uff0c\u9019\u5c07\u63d0\u5347 STNG \u7684\u5229\u7528\u7387\u8207\u904b\u50f9\u3002\u6ce8\u610f\u88c2\u89e3\u5dee\u8207\u5957\u5229\u5229\u5dee\u3002STNG \u7684\u4e0a\u6f32\u53d6\u6c7a\u65bc\u6301\u7e8c\u7684\u8cbf\u6613\u4f4e\u6548\u7387\uff0c\u4f46\u82e5\u822a\u7dda\u56de\u6b78\u5e38\u614b\u6216\u5168\u7403\u9700\u6c42\u6bd4\u9810\u671f\u66f4\u8106\u5f31\uff0c\u5f71\u97ff\u4e5f\u6703\u96d9\u5411\u3002<\/p>\n<h3>3) Teekay Tankers (TNK) \u2013 Suezmax \u8207 Aframax \u5c0d\u6539\u9053\u7684\u69d3\u687f\u6548\u61c9<\/h3>\n<p>\u4eca\u65e5\u5438\u775b\u539f\u56e0\uff1a\u6d77\u4e0a\u539f\u6cb9\u6fc0\u589e\u8207\u907f\u958b\u74f6\u9838\u53ca\u5236\u88c1\u654f\u611f\u822a\u7dda\u5c0e\u81f4\u822a\u7a0b\u62c9\u9577\u7684\u8da8\u52e2\u76f8\u914d\u5408\u3002\u7576\u4fc4\u7f85\u65af\u3001\u4e2d\u6771\u8207\u5927\u897f\u6d0b\u76c6\u5730\u7684\u6876\u6578\u63a1\u53d6\u66f4\u9577\u3001\u66f4\u4e0d\u76f4\u63a5\u7684\u8def\u5f91\u6642\uff0cTNK \u7684 Suezmax \u8207 Aframax \u8db3\u8de1\u53d7\u60e0\uff0c\u589e\u52a0\u5678\u82f1\u91cc\u4e26\u5438\u6536\u904b\u529b\u3002\u4ea4\u6613\u6982\u6cc1\uff1a\u539f\u6cb9\u70ba\u4e3b\u3001\u504f\u91cd\u73fe\u8ca8\u7684\u71df\u904b\u5546\uff0c\u6bd4\u904e\u53bb\u5468\u671f\u69d3\u687f\u66f4\u7cbe\u7c21\uff0c\u5c0d\u904b\u50f9\u98c6\u5347\u6709\u986f\u8457\u7d93\u71df\u626d\u529b\uff0c\u4e14\u63a1\u53ef\u8b8a\u5206\u914d\u653f\u7b56\u4ee5\u53cd\u6620\u73fe\u91d1\u751f\u6210\u3002\u77ed\u9014\u539f\u6cb9\u8239\u7576\u5730\u5340\u5e73\u8861\u8f49\u8b8a\u6642\u53ef\u5feb\u901f\u91cd\u65b0\u5b9a\u50f9\u3002\u95dc\u9375\u7d50\u8ad6\uff1a\u7576\u822a\u7a0b\u6548\u7387\u4f4e\u4e0b\u9a45\u52d5\u904b\u50f9\u6642\uff0cTNK \u662f\u53c3\u8207\u4e2d\u578b\u539f\u6cb9\u6cb9\u8f2a\u751c\u871c\u9ede\u7684\u65b9\u5f0f\u3002\u5b83\u4e5f\u6703\u662f\u9996\u6279\u611f\u53d7\u5230\u8ca8\u7269\u91cf\u6e1b\u5c11\u6216\u82e5 OPEC+ \u51fa\u4e4e\u610f\u6599\u5730\u524a\u6e1b\u51fa\u53e3\u6642\u7684\u516c\u53f8\u4e4b\u4e00\u3002\u53ea\u8981\u5e02\u5834\u64d4\u5fc3\u5099\u7528\u7522\u80fd\u53ef\u4fe1\u5ea6\u8207\u5236\u88c1\u98a8\u96aa\uff0c\u8a72\u5e03\u5c40\u504f\u5411\u8f03\u9ad8\u4e14\u6b63\u5411\u50be\u659c\u7684\u6ce2\u52d5\u6027\u3002<\/p>\n<h3>4) DHT Holdings (DHT) \u2013 \u82e5\u6d6e\u52d5\u5132\u6cb9\u64f4\u5927\u5247\u7684 VLCC \u9078\u64c7\u6b0a<\/h3>\n<p>\u4eca\u65e5\u5438\u775b\u539f\u56e0\uff1a\u96a8\u8457\u6d6e\u52d5\u5132\u6cb9\u91cf\u63a5\u8fd1 2020 \u5e74\u4ee5\u4f86\u7684\u9ad8\u9ede\uff0c\u4e14\u4e2d\u570b\u5438\u6536\u904e\u5269\uff0cVLCC \u518d\u5ea6\u6210\u70ba\u7126\u9ede\u3002\u7576\u51fa\u53e3\u8005\u7e7c\u7e8c\u751f\u7522\u800c\u8cb7\u5bb6\u5728\u5cb8\u4e0a\u505c\u6eef\uff08\u7121\u8ad6\u662f\u51fa\u65bc\u9078\u64c7\u6216\u7269\u6d41\u56e0\u7d20\uff09\uff0cDHT \u7684\u8239\u968a\u76f4\u63a5\u53d7\u76ca\u3002\u505c\u6cca\u65bc\u6d77\u4e0a\u7684\u6fd5\u6cb9\u6876\u6216\u9032\u884c\u66f4\u9577\u822a\u7a0b\u6703\u62c9\u9577\u4f9b\u61c9\u3002\u4ea4\u6613\u6982\u6cc1\uff1a\u4ee5 VLCC \u70ba\u6838\u5fc3\u7684\u71df\u904b\u5546\uff0c\u8cc7\u7522\u8ca0\u50b5\u8868\u4fdd\u5b88\uff0c\u6df7\u5408\u73fe\u8ca8\u8207\u5b9a\u671f\u79df\u7d04\u8986\u84cb\uff0c\u4e14\u914d\u606f\u653f\u7b56\u8207\u76c8\u9918\u8207\u73fe\u91d1\u639b\u9264\u3002\u8f03\u540c\u696d\u4e0d\u90a3\u9ebc\u82b1\u4fcf\uff0c\u4f46\u8a2d\u8a08\u4f86\u5b58\u6d3b\u4e0b\u884c\u4e26\u53c3\u8207\u4e0a\u884c\u3002\u95dc\u9375\u7d50\u8ad6\uff1aDHT \u6355\u6349\u5230\u7684\u662f\u4e00\u500b\u4f9b\u904e\u65bc\u6c42\u9047\u4e0a\u5132\u5b58\u5bb9\u91cf\u6210\u9577\u7684\u5e02\u5834\u6162\u71d2\u6548\u61c9\u3002\u5b83\u5728\u539f\u6cb9\u9762\u76f8\u5c0d\u65bc\u591a\u5143\u5316\u540c\u696d\u662f\u4e00\u500b\u66f4\u7d14\u7cb9\u7684\u62bc\u6ce8\uff0c\u4f46\u540c\u6642\u5c0d\u904b\u50f9\u654f\u611f\u3002\u5982\u679c\u6558\u4e8b\u5f9e\u300c\u6d77\u4e0a\u6709\u6cb9\u300d\u8f49\u70ba\u300c\u6cb9\u505c\u5728\u539f\u5730\u300d\uff0cDHT \u7684\u7d93\u71df\u69d3\u687f\u6703\u53cd\u5411\u904b\u4f5c\u3002\u76ee\u524d\u70ba\u6b62\uff0c\u5e02\u5834\u504f\u597d\u898f\u6a21\u3001\u8cc7\u7522\u8ca0\u50b5\u8868\u8207\u73fe\u8ca8\u66dd\u96aa\u3002<\/p>\n<h3>5) TORM (TRMD) \u2013 \u7576\u4e9e\u6b50\u6210\u54c1\u6cb9\u8cbf\u6613\u4f38\u5c55\u6642\u7684 LR2 \u8207 MR \u529b\u91cf<\/h3>\n<p>\u4eca\u65e5\u5438\u775b\u539f\u56e0\uff1a\u4e2d\u570b\u7684\u56e4\u8ca8\u6f6e\u8207\u65b0\u5efa\u6cb9\u69fd\u6697\u793a\u4eca\u65e5\u9032\u53e3\u6d3b\u52d5\u5f37\u52c1\u8207\u660e\u65e5\u7149\u88fd\u54c1\u51fa\u53e3\u5be6\u529b\u3002\u9019\u8b93\u5f9e\u4e9e\u6d32\u8207\u4e2d\u6771\u5230\u5927\u897f\u6d0b\u76c6\u5730\u7684\u9577\u8ddd\u96e2\u6210\u54c1\u6cb9\u8cbf\u6613\u4fdd\u6301\u6d3b\u8e8d\u3002\u6295\u8cc7\u4eba\u5c0b\u6c42 Scorpio \u4e4b\u5916\u7684\u6d41\u52d5\u6027\u6210\u54c1\u6cb9\u8f2a\u66dd\u96aa\uff0c\u4e26\u9752\u775e\u6709\u7d00\u5f8b\u8cc7\u672c\u56de\u5831\u8072\u8b7d\u7684\u6a19\u7684\uff0c\u65bc\u662f TRMD \u5438\u5f15\u8cc7\u91d1\u3002\u4ea4\u6613\u6982\u6cc1\uff1a\u64c1\u6709\u5e73\u8861 LR2 \u8207 MR 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