Eneti Inc. (NETI) 2016年年度报告「NYSE」.pdf

1、2016 ANNUAL REPORT2016 was a year of remarkable twists and turns,both in our industry as well as the world at large.Shock phenomena like Brexit and the U.S.Presidential elections stretched our credu-lity and confronted our faith in polling and forecasting.In our industry,when the benchmark Baltic Dr

2、y Index reached a low of 291 in February 2016a level never seen in the BDIs forty-year historymany gave our markets up for dead.The steady and unexpected resurgence of freight rates and ship values continues today.In short,there has been a lot of head-scratching these last fifteen months!Many have r

3、ushed to over-rationalize this nascent recovery in dry bulk,but to us the answer is simple.Demand is real.Demand is resilient.It is broad and deep and has been largely overlooked while a condition of epic oversupply has steadily been attenuated.While everyone was focused counting the number of ships

4、too many shipsa funny thing happened.We all forgot about demand.Most notably,reports of the death of coal have been greatly exaggerated.As China confronts the intractable twin challenge of reducing pollution and expanding access to electricity,two realities have emerged.First,“dirty”and inefficient

5、domestic Chinese coal faces substitution from Australia,South Africa,or South America,transported on ships like ours.Second,Chinas aspirations for widespread use of natural gas or nuclear energy are years away.In other commodity trades,there are similar pictures of positive demand.As China solidifie

6、s its position as the worlds steel mill,products such as steel slabs,coils,and pipe make their way on our Ultramaxes to different continents.Cement,wood chips,logs,fertilizer,soybeansall of these cargoes and many more portray positive demand trends,and consequently expanded trading opportunities and