Marine link
 
Articles - Navigation - History

Oslo Slock Exchange Pounded By Downturn

Financial turmoil in Asia and Russia resulted in plunging stock markets worldwide in August. In addition, a low oil price and a record low Norwegian kroner ensured that the Oslo Stock Exchange (OSE) all share index fell by 22.6 percent in August. In the two month period July and August the all share index fell by 24 percent.

The shipping index fell 34 percent in the two month period ending August 31. For the year, the shipping index is down 38.1 percent. Tanker Navigation ASA and Jinhui Shipping & Transportation Ltd. were the only maritime companies listed on the OSE to experience positive movement of share prices between the end of June and the end of August. Tanker Navigation shares rose 23.4 percent after Rowan Investments Limited announced a voluntary offer in order to raise its holding in the company.

The offshore sector was hit particularly hard in the period, with shares such as Stolt Comex Seaway, Ocean Rig and Petroleum Geo-Services falling by more than 50 percent. The worst performing shares in the shipping sector, Frontline and NCL Holding, plummeted by more than 40 percent.

Trading in maritime shares, however, remained relatively high in the months of July and August, though lower than the average for the year due to summer holidays and falling prices. Compared to the period last year, the turnover of shipping and offshore shares on the main list increased by 25.8 percent from $1.2 billion to $1.5 billion. The turnover was up 78 percent for the first eight months of 1998 to $6.5 billion compared to $3.6 billion in the same period last year. Two maritime companies were floated in August — Singapore-based Nortrans Offshore and Wabo — a Panamax OBO specialist demerged from OSE listed Waterfront Shipping




Navigation History

Applications Received
Ashtech And Philips Semiconductors Enter Agreement
BANET Project Develops Electronic Chart Data For Navigation Purposes
Checchi To Serve As VP Of Matson Intermodal
Doherty To Command USCG Nav Center In Alexandria
Dutra Christens Hydraulic Excavator
Enacting A National Dredging Policy: A Call To Action
Finland Awards Trimble Radiobeacon Contract
First Of The Capesize Bulkers From Harland &Wolff
Hyundai Delivers 300,000-dwt VLCC To Vela Intl.
Integrated Bridge Designed lor Safety, Productivity
Keeping Vessels At Work, In Touch
Leico Employee Honored By Institute Of Navigation
Major Lines And Vessels Honored For Safety And Heroism
Marino Inland Fabricators Builds Live-Aboard Towboat For TIC Marino Sorvicos
Navigation & Communication equipment
NAVIGATION & COMMUNICATION
New 350-Ton Passenger Ferry Features Racal Electronics, Caterpillar Propulsion
OSI Expands North Amerian Dealer Network
PC Maritime Windows Navigation Software
Ports, Corps Of Enginoors Plan To Improvo Partnership
Radio Holland U.S.A. Helps Fill Many Electronics Needs
Raytheon Offers High-Res Digital Data From Portable Unit
Report: Inland Barge Transportation Best Environmental Choice
Ritchie MagTronic Brings Gyro Performance To Various Boats
Simrad Introduces Shipmate RS2400 Chartplotter
Sonardyne Installs Vessel Positioning System
Sperry Marine's Integrated Navigation System Simplifies Bridge Functions
Sperry Outfits Increasing Number Of Ships With Integrated Bridge
Trimble Business Brisk With GPS Contract Awards
 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright