天天财经-提供金融入门知识-投资理财技巧-波罗的海运价指数是怎么被南韩船王「画」出来的？

一桩轰动全球能源界的航运诉讼，近日在英国高等法院揭开序幕。大宗商品贸易巨头摩科瑞(Mercuria)将拥有282年历史的波罗的海交易所(Baltic Exchange)告上法庭，指控其核心的「TD3C」超大型原油轮(VLCC)运价指数在中东地缘冲突爆发后彻底失真，导致衍生性金融商品市场陷入巨大混乱与亏损，要求法院追溯性暂停该指数发布，并已向英国金融行为监管局(FCA)提出正式申诉。

波罗的海运价指数是怎么被南韩船王「画」出来的？

这场诉讼不仅揭露了数亿美元的避险危机，更将一家低调而庞大的南韩航运巨头——长锦商船(Sinokor)，推到了全球焦点中心。

战火下的「定价真空」

这场运价风暴的源头，来自中东爆发的伊朗战争。受战火影响，战略咽喉荷姆兹海峡的商业运输几近停摆，西方主流船东因忌惮飞弹袭击与高昂的战时额外保费而纷纷撤离。

然而，由前南韩船东协会会长郑泰顺之子郑嘉铉控制、起源于香港离岸破局经验的长锦商船(Sinokor Group)，却逆向而行。

早在战火爆发前，长锦商船便在瑞士地中海航运(MSC)的资金支持下，于二手船市场展开大规模收购，将逾80艘至93艘VLCC纳入麾下。当外商船队退缩时，手握庞大实体船队的长锦商船选择留在波斯湾，并于2026年9月包揽了穿越荷姆兹海峡约37%的原油运量(总运输量约2.863亿桶)，一举成为市场上最大的现货掌控者与实体垄断者。

在实体贸易转入「暗夜摆渡」(油轮关闭AIS卫星应答器、夜间短途穿梭并进行船对船转运)的背景下，公开成交数据几近枯竭。

长锦商船顺势建立了一套独特的场外资讯传播机制：其管理层建立了拉入大量船舶经纪商与内部员工的庞大WhatsApp通讯软体群组。长锦商船定期在群组中群发(blasts)租船讯息，宣称旗下油轮以刷新纪录的天价(如日租金突破140万美元，Worldscale指数从约400点狂飙至1350点)成功租出。

然而，这些群发讯息多半缺乏底层合约细节(例如是否包含船东自担的保险费或明确目的地)，甚至卫星影像显示，长锦商船宣称8月初租往亚洲的油轮，直到10月仍停留在波斯湾与印度洋水域。但在资讯真空环境下，这些单方面宣告成为了市场唯一的定价依据。

世纪机制的制度失灵

为何航运巨头在通讯软体上记述的几行文字，能直接撼动伦敦交易所大盘？根源在于波罗的海交易所延续百年的「专家评估制」。

TD3C指数衡量从波斯湾至中国的VLCC运费，每日下午4点由9家指定船舶经纪商提交主观估值后取平均值发布。和平时期，该机制仰赖透明成交与卫星定位运作；但在战争冲击下，当经纪商连续数日看不到透明交易时，只能被迫参照长锦商船在WhatsApp群组散布的高价讯息。

当部分经纪商尝试改用沙特阿拉伯在红海侧运作正常的港口数据评估时，却遭到波罗的海交易所干预，坚持评估必须反映波斯湾内部装货成本，进一步将经纪商逼入绝境。

在130个交易日中，有多达12次出现经纪商因无法核实真实运价而拒绝报价，甚至有机构在9月宣布无限期暂停提交数据。

对此，Zostera Marine 执行长兼爱尔兰国立海事学院教授 Joel Grau 指出：「长锦商船对市场动态以及超大型原油轮(VLCC)市场的基本面，发挥着举足轻重的巨大影响力。」

波罗的海交易所 TD3C 评估员 Christopher Loveday 在内部邮件中私下表达忧虑。他询问交易所是否已针对这种有疑虑的市场状况寻求法律咨询，并警告若缺乏透明度的局势持续，波罗的海交易所恐将面临类似十多年前「伦敦银行间拆款利率(Libor)操纵案」的严峻考验与合规危机。

贸易巨头与交易所的法律交锋

当被单一寡头「描绘」出来的现货指数传导至金融衍生性商品市场时，避险机制随之失灵。大宗商品贸易商在金融市场卖出挂钩TD3C的远期运费协议(FFA)进行避险，然而战时多数贸易商已转至海峡外的安全港口接货，其承担的实体成本是海峡外运费，金融空头头寸却被迫按照长锦商船主导的TD3C指数高价结算，面临严重的逼空危机。

针对这场金融与法律风暴，摩科瑞能源集团(Mercuria Energy Group)在其起诉书与监管申诉中主张，由于荷姆兹海峡运输几近停摆，TD3C指数已完全失去计算基础与基准功能，导致其避险头寸蒙受数亿美元巨额损失。摩科瑞强调，其诉讼诉求是要求法院立即追溯性暂停该指数，而非试图从交易所获取金钱赔偿。

波罗的海交易所及其母公司新加坡交易所(SGX)辩护律师在法庭上表示，继续发布TD3C指数并非轻率决定。若依原告要求追溯性废止过去八个多月的指数，在司法管辖历史上完全缺乏先例，且将引发全球数百笔已结算航运合约与数亿美元衍生性商品清算体系的连环瘫痪与市场灾难。

英国金融行为监管局(FCA)发言人强调，监管机构无法针对与个别企业的交涉细节发表评论，但自美伊冲突爆发以来，监管部门一直持续监控该事件对市场及指数基准的影响。

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TD3C失真冲击FFA避险，摩科瑞称损失数亿美元。", "img": "https://cimg.cnyes.cool/prod/news/6641772/l/41679c9f61bad8369ae65183d7dcf9a1.jpg", "content": "<p>一桩轰动全球能源界的航运诉讼，近日在英国高等法院揭开序幕。大宗商品贸易巨头摩科瑞(Mercuria)将拥有282年历史的波罗的海交易所(Baltic Exchange)告上法庭，指控其核心的「TD3C」超大型原油轮(VLCC)运价指数在中东地缘冲突爆发后彻底失真，导致衍生性金融商品市场陷入巨大混乱与亏损，要求法院追溯性暂停该指数发布，并已向英国金融行为监管局(FCA)提出正式申诉。</p>\n<p style=\"text-align:center;\"><img src=\"https://cimg.cnyes.cool/prod/news/6641772/l/41679c9f61bad8369ae65183d7dcf9a1.jpg\" alt=\"波罗的海运价指数是怎么被南韩船王「画」出来的？\" style=\"width:50%;height:auto;border-radius:6px;margin:15px auto;display:block;\"></p>\n\n\n<p>这场诉讼不仅揭露了数亿美元的避险危机，更将一家低调而庞大的南韩航运巨头——长锦商船(Sinokor)，推到了全球焦点中心。</p>\n\n<h6>战火下的「定价真空」</h6>\n\n<p>这场运价风暴的源头，来自中东爆发的伊朗战争。受战火影响，战略咽喉荷姆兹海峡的商业运输几近停摆，西方主流船东因忌惮飞弹袭击与高昂的战时额外保费而纷纷撤离。</p>\n\n<p>然而，由前南韩船东协会会长郑泰顺之子郑嘉铉控制、起源于香港离岸破局经验的长锦商船(Sinokor Group)，却逆向而行。</p>\n\n<p>早在战火爆发前，长锦商船便在瑞士地中海航运(MSC)的资金支持下，于二手船市场展开大规模收购，将逾80艘至93艘VLCC纳入麾下。当外商船队退缩时，手握庞大实体船队的长锦商船选择留在波斯湾，并于2026年9月包揽了穿越荷姆兹海峡约37%的原油运量(总运输量约2.863亿桶)，一举成为市场上最大的现货掌控者与实体垄断者。</p>\n\n<p>在实体贸易转入「暗夜摆渡」(油轮关闭AIS卫星应答器、夜间短途穿梭并进行船对船转运)的背景下，公开成交数据几近枯竭。</p>\n\n<p>长锦商船顺势建立了一套独特的场外资讯传播机制：其管理层建立了拉入大量船舶经纪商与内部员工的庞大WhatsApp通讯软体群组。长锦商船定期在群组中群发(blasts)租船讯息，宣称旗下油轮以刷新纪录的天价(如日租金突破140万美元，Worldscale指数从约400点狂飙至1350点)成功租出。</p>\n\n<p>然而，这些群发讯息多半缺乏底层合约细节(例如是否包含船东自担的保险费或明确目的地)，甚至卫星影像显示，长锦商船宣称8月初租往亚洲的油轮，直到10月仍停留在波斯湾与印度洋水域。但在资讯真空环境下，这些单方面宣告成为了市场唯一的定价依据。</p>\n\n<h6>世纪机制的制度失灵</h6>\n\n<p>为何航运巨头在通讯软体上记述的几行文字，能直接撼动伦敦交易所大盘？根源在于波罗的海交易所延续百年的「专家评估制」。</p>\n\n<p>TD3C指数衡量从波斯湾至中国的VLCC运费，每日下午4点由9家指定船舶经纪商提交主观估值后取平均值发布。和平时期，该机制仰赖透明成交与卫星定位运作；但在战争冲击下，当经纪商连续数日看不到透明交易时，只能被迫参照长锦商船在WhatsApp群组散布的高价讯息。</p>\n\n<p>当部分经纪商尝试改用沙特阿拉伯在红海侧运作正常的港口数据评估时，却遭到波罗的海交易所干预，坚持评估必须反映波斯湾内部装货成本，进一步将经纪商逼入绝境。</p>\n\n<p>在130个交易日中，有多达12次出现经纪商因无法核实真实运价而拒绝报价，甚至有机构在9月宣布无限期暂停提交数据。</p>\n\n<p>对此，Zostera Marine 执行长兼爱尔兰国立海事学院教授 Joel Grau 指出：「长锦商船对市场动态以及超大型原油轮(VLCC)市场的基本面，发挥着举足轻重的巨大影响力。」</p>\n\n<p>波罗的海交易所 TD3C 评估员 Christopher Loveday 在内部邮件中私下表达忧虑。他询问交易所是否已针对这种有疑虑的市场状况寻求法律咨询，并警告若缺乏透明度的局势持续，波罗的海交易所恐将面临类似十多年前「伦敦银行间拆款利率(Libor)操纵案」的严峻考验与合规危机。</p>\n\n<h6>贸易巨头与交易所的法律交锋</h6>\n\n<p>当被单一寡头「描绘」出来的现货指数传导至金融衍生性商品市场时，避险机制随之失灵。大宗商品贸易商在金融市场卖出挂钩TD3C的远期运费协议(FFA)进行避险，然而战时多数贸易商已转至海峡外的安全港口接货，其承担的实体成本是海峡外运费，金融空头头寸却被迫按照长锦商船主导的TD3C指数高价结算，面临严重的逼空危机。</p>\n\n<p>针对这场金融与法律风暴，摩科瑞能源集团(Mercuria Energy Group)在其起诉书与监管申诉中主张，由于荷姆兹海峡运输几近停摆，TD3C指数已完全失去计算基础与基准功能，导致其避险头寸蒙受数亿美元巨额损失。摩科瑞强调，其诉讼诉求是要求法院立即追溯性暂停该指数，而非试图从交易所获取金钱赔偿。</p>\n\n<p>波罗的海交易所及其母公司新加坡交易所(SGX)辩护律师在法庭上表示，继续发布TD3C指数并非轻率决定。若依原告要求追溯性废止过去八个多月的指数，在司法管辖历史上完全缺乏先例，且将引发全球数百笔已结算航运合约与数亿美元衍生性商品清算体系的连环瘫痪与市场灾难。</p>\n\n<p>英国金融行为监管局(FCA)发言人强调，监管机构无法针对与个别企业的交涉细节发表评论，但自美伊冲突爆发以来，监管部门一直持续监控该事件对市场及指数基准的影响。</p>\n<div class=\"related-articles seo-links\">\n <h4>相关阅读</h4>\n <ul>\n <li><a href=\"/hour/article-22553.html\" title=\"日赚近2亿！美伊冲突阻航道推升航运景气中远海控今年前三季净利年增13% AH股齐创史高\">日赚近2亿！美伊冲突阻航道推升航运景气中远海控今年前三季净利年增13% AH股齐创史高</a></li>\n <li><a href=\"/hour/article-22567.html\" title=\"IMF预测2026年越南人均GDP将首度超越印尼\">IMF预测2026年越南人均GDP将首度超越印尼</a></li>\n <li><a href=\"/hour/article-22476.html\" title=\"放弃「凑单」！花旗：今年双11陆电商平台将转向直接降价　GMV低至中单位数成长\">放弃「凑单」！花旗：今年双11陆电商平台将转向直接降价　GMV低至中单位数成长</a></li>\n <li><a href=\"/hour/article-22474.html\" title=\"一夜4790亿美元没了！谷歌暴跌12%、迈威尔崩13% 日股开低1.3% KOSPI跌逾4%\">一夜4790亿美元没了！谷歌暴跌12%、迈威尔崩13% 日股开低1.3% KOSPI跌逾4%</a></li>\n <li><a href=\"/hour/article-22566.html\" title=\"险资科技股止损潮与三季度亏损风暴：被迫止损背后的配置困境\">险资科技股止损潮与三季度亏损风暴：被迫止损背后的配置困境</a></li>\n <li><a href=\"/hour/article-22575.html\" title=\"DDR5涨多凶？这款一年暴涨761% 一组128GB要价逾3200美元\">DDR5涨多凶？这款一年暴涨761% 一组128GB要价逾3200美元</a></li>\n </ul>\n</div>", "status": 0, "pv": 1, "link": "https://news.cnyes.com/news/id/6641772", "createdAt": "2026-10-30T09:40:03.000Z", "updatedAt": "2026-10-30T10:13:25.000Z" }, "position": [ { "id": 30, "pid": 0, "name": "实时", "pinyin": "hour", "path": "/hour", "orderBy": 0, "target": "0", "status": "0", "listView": "list.html", "articleView": "article.html", "seoTitle": "", "seoKeywords": "", "seoDescription": "", "type": "0", "dataConfig": null, "level": 1 } ], "_locals": {}, "cache": false }

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