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Emanuele Lauro, Chairman and Chief Executive of Monaco-based Scorpio Bulkers, has told the company’s shareholder’s in the annual report that 2017 was characterised by an improved environment for the dry bulk industry.
“With 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 point – and an example we touched on last year – is coal. For now and for the foreseeable future, as China tries to urgently address corruption and – most especially – pollution 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 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 low fleet supply growth.”
For the year ended December 31, 2017, the Company’s GAAP net loss was $59.7 million, or $0.83 loss per diluted share compared to a GAAP net loss of $124.8 million, or $2.22 loss per diluted share for the prior year.
On February 5, 2018, the Board of Directors declared a quarterly cash dividend of $0.02 per share on the Company’s common stock. Total vessel revenue in 2017 increased to 162.2 million from 78.4 million in 2016.
The National Assembly has welcomed the latest graduates to the Principality’s Police Force.
An incredible 12-month time lapse video showing the creation of Monaco’s mammoth land extension project has just been released.
Monaco has a new bailiff, or huissier as known locally, who was sworn in earlier this week.
General crime rates in the Principality dropped by a significant 16% between the years 2016 and 2019, and street crime by an impressive 52%.
On Tuesday, July 18, as part of his travels related to the First World War centenary, Prince Albert II visited Côté 186 in the commune of Cormicy in the French department of Marne. The Sovereign stopped at the observation point of the French frontline on the German border, not far from the famous "Chemin des Dames" where three battles were fought.
This battleground had been visited by his great-great-grandfather Prince Albert I on August 9, 1916, accompanied by his son, Hereditary Prince Louis II, then enlisted in the French Army, a liaison officer of the Fifth Army, who controlled this territory.[caption id="attachment_19485" align="alignnone" width="993"] Photo: G. Luci /Princely Palace[/caption] [caption id="attachment_19484" align="alignnone" width="993"] Photo: G. Luci /Princely Palace[/caption]
In the company of Dominique Decaudin, Mayor of Cormicy, Prince Albert II climbed several hundred meters of elevation to reach this strategic location, where there remains a casemate, in the middle of a forest still scarred by bombings.
On this occasion the prince unveiled a pupitre, a commemorative stand, which was dedicated on the initiative of the Association "Cormicy ma ville, son histoire" (My city, its history).[caption id="attachment_19483" align="alignnone" width="993"] Photo: G. Luci /Princely Palace[/caption] [caption id="attachment_19486" align="alignnone" width="993"] Photo: G. Luci /Princely Palace[/caption]