Eneti Inc. (NETI) 2013年年度报告「NYSE」.pdf

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1、2013 ANNUAL REPORTScorpio Bunkers 2013 ANNUAL REPORTABOUT USWe are a recently established company,listed on the New York Stock Exchange,focused on the ownership and operation of a fleet of modern mid to large-size dry bulk carriers.Scorpio Bulkers Inc.is incorporated in the Republic of the Marshall

2、Islands and has princi-pal executive offices in Monaco and New York.I am pleased to present the first annual report for Scorpio Bulkers Inc.As our Initial Public Offering was only on December 6th of 2013,I will try to be appropriately succinct!Our objective is simple:to provide you with exposure to

3、improving market fundamentals in dry bulk ship-ping.We are achieving this through our purchase of the most modern,fuel-efficient fleet in the world,with a balance sheet modestly levered to withstand the vagaries of our markets,and with a management team seasoned in disciplined capital allocation thr

4、ough shipping cycles.We are excited about our future.The fundamentals for dry bulk shipping are still improving since the worldwide financial collapse in 2008.We believe that for the last six years,the mar-ket has been in the process of“bottoming”as freight rates have generally hovered around breake

5、ven rates.Accordingly,asset values have decreased,close to the marginal cost of production;ordering of new vessels has been limited;and scrapping of older vessels has increased as the costs to operate,maintain,and comply with regulations all present substantial hurdles to many owners.Meanwhile,shipb

6、uilding capacity is in decline as many shipyards that opened near the peak of the previous cycle do not have the orders,the balance sheets,or the capability to survive.The worldwide fleet of dry bulk vessels is presently growing at an annual rate of about 4.5%,and this rate is projected to decline f