Eneti Inc. (NETI) 2017年年度报告「NYSE」.pdf

1、2017 ANNUAL REPORTWith the world economy firing on all cylinders in 2017,the demand for the commodities we carry and the distances they need to go continued to increase.A case in pointand an example we touched on last yearis coal.For now and for the foreseeable future,as China tries to urgently addr

2、ess corruption andmost especiallypollution while all the while maintaining economic growth,domestic coal production will decline and long-haul imports will increase.The consequences on our markets are broad and deep:it is not simply larger vessels shuttling coal from Australia to China.Second order

3、effects include our Ultramaxes carrying coal from the United States to Europe.Tertiary effects include tightening supply/demand balances which support freight on cargoes like steel slabs from Russia,bauxite from Brazil,and logs from New Zealand.Meanwhile,robust demand is being met with historically

4、low fleet supply growth.Tailwinds behind the already low orderbook of 9.75%of the total seaborne fleet for bulk carriers include reduced newbuilding orders,reduction in shipbuilding capacity,and limited and more expensive financing from traditional lenders to the industry.This visibility into vessel

5、 supply side also stretches out at least two years given the time it takes between ordering a new vessel and its delivery into commercial service.In addition,regulatory changes that are upon us will benefit the market generally and Scorpio Bulkers specifically.Ballast water regulations,introduced to

6、 control the spread of invasive species across local ecosystems,require expensive retrofits on vessels.Our entire fleet is fully equipped,but to the marginal owner/operator this regulation is yet another cost to stay in business and therefore another inducement to scrap an older vessel.Similarly,new