ENTH

MD&A



 
 
 

In 2016, shipping industry faced its worst downturn in nearly 30 years, the Baltic Dry Index (BDI), an indicator of international cargo trade, had fallen to its 30 years low at 290 in February 2016 due to the continuing depression in shipping market from low international trade and an excess supply of ships, however, BDI slowly picked up toward the end of the year 2016 as the situation eased. Overall, the BDI index declined 6% from year 2015 at 718 to average at 673 in 2016. Additionally, oil and gas market continued to be volatile throughout 2016, while crude oil continued to slump to its lowest level in nearly ten years at the beginning of 2016 and gradually picked up toward the end of the year 2016. The average crude oil price in 2016 at around USD 41 per barrel declined from 2015 at around USD 51 per barrel as crude oil market was under supply surplus condition.

 
*Restated
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