春节后复工第一天，A股市场迎来开门红。2月24日，航运板块走势强劲，个股方面，招商轮船 （SH601872）、中远海能（SH600026）涨停，招商南油（SH601975）涨超9%。中信建投分析师认 为，四大因素推动国际油运行业整体态势向好，比如合规超大型油轮（VLCC）运力供给趋于紧张。 对此，上述船东表示，长锦商船的控盘战术很奏效，不仅专收15年以上船龄的低价资产，而且在高价期 租内疯狂扫船、控制运力，宁愿不赚每天7万美元一条船的纯利润，也不去接WS130的货，逼得急于拿 货的一方失去议价权，在淡季走出了大牛市。只是这种停船在海上"钓鱼"的做法需要巨大的现金流作支 撑，而未来一年时间内，VLCC运价将更多由船东情绪所主导，尽管有可能回落，但不会到去年同期的 低点。 今年1月，招商轮船在与机构投资者交流中谈及市场景气的成因。公司方面表示，2026年油轮市场的景 气程度有望比2025年提升，改善动力预计来自合规市场需求的结构性增长。另外近期长锦商船等行业玩 家的动向值得高度关注，有可能导致VLCC油轮市场集中度的进一步提升和运作模式变化，对油轮市场 供给结构、运费形成机制等均会产生重大影响。 集运市场呈现强预 ...

Group 1: Report Overview - Report Title: "集运指数日报" [1] - Date: December 19, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Group 2: Industry Investment Rating - No relevant information provided. Group 3: Core View - The SCFIS index has slightly rebounded and stabilized this week. Shipping companies' price hikes have boosted market sentiment, but the actual online prices of some shipping companies are lower than the price increase notices, which may dampen bullish sentiment. The market may engage in incentive games for the pre - Spring Festival shipping peak, and the spot price may reach a high in early January. Attention should be paid to short - selling opportunities for the April contract in the off - season and positive spread trading opportunities between the February and April contracts [8]. Group 4: Summary of Each Section 1. Market Review and Operation Suggestions - Spot Market: The SCFIS index has slightly rebounded and stabilized this week. Shipping companies continue to raise prices, but the online prices of MSC and Maersk in January are lower than the announced price increase levels, which may dampen bullish sentiment. The spot price may peak in early January, and attention should be paid to short - selling opportunities for the April contract and positive spread trading opportunities between the February and April contracts [8]. 2. Industry News - From December 8th to 12th, China's export container transportation demand was generally stable. The comprehensive index rose due to the year - end contract signing season. The European, Mediterranean, and North American routes all saw price increases in spot market booking prices. On December 15th, multiple shipping companies announced price increases for multiple international routes. Maersk and Hapag - Lloyd announced increases in peak - season surcharges. There are also some geopolitical news, such as the situation in Gaza and the possible resumption of Maersk's Red Sea - Suez Canal navigation [9][10]. 3. Data Overview 3.1 Container Shipping Spot Prices - The Shanghai Export Container Settlement Freight Index shows that the European route increased by 0.1% from December 8th to 15th, while the US West route decreased by 3.8% [12]. 3.2 Container Shipping Index (European Line) Futures Market - The trading data of container shipping European line futures on December 18th shows that most contracts had price declines, with different degrees of decline and changes in trading volume and open interest [6]. 3.3 Shipping - Related Data Charts - There are multiple charts showing data related to container shipping, such as container ship capacity in Europe, global container ship orders, Shanghai - Europe basic port freight rates, etc. [13][15][16][20]