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花旗:將中石化(0386.HK)列入負面觀察名單 料運費上漲侵蝕利潤
格隆匯 10-17 14:11

花旗發表研究報告指,自9月美國製裁中遠旗下公司,阿拉伯海灣到日本的超大型油輪(VLCC)運費上漲了近3倍,運費飆漲將對中石化(0386.HK)的煉油利潤率帶來負面影響,並把其H股列入負面催化觀察名單。

花旗表示,儘管實際影響需要取決於運費上漲的持續時間,但預計中石化一個季度的煉油毛利率每桶減少3美元,導致2020年的淨利潤可能會下跌5%。

花旗又指,以油輪現貨運價計算,中石化的利潤率已經為負,但成本影響通常會有1.5-2個月時間的延遲,所以實際影響要到今年12月才顯現。

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