Shares in Finnlines surged last week, with analysts crediting the rise to growing European economic activity and Finnlines' recent deal to buy a stake in shipping group Transfennica. "One reason for the rise could be that it (the share) has fallen quite significantly and has stayed almost unchanged after other cyclicals started to recover," said analyst Ritva Ojala at Conventum. The initial push for the share could have come from Finnlines acquisition of 17% of shipping company Transfennica and agreement with papermaker Stora-Enso to transport its products.
Shares in Norwegian tanker group Frontline rose 6.8 percent on Tuesday despite planned oil output cuts by OPEC, buoyed by strong chartering rates and a presentation of the company in New York. Frontline was trading at 157 Norwegian crowns per share, up from 147 crowns at Monday's close. It hit an all-time high of 170 crowns in November after rallying in 2000 from a January low of 36.9 crowns. The Oslo Bourse was up 1.4 percent at 14.00 GMT
Seoul shares closed 2.3 percent up earlier this week, their biggest daily percentage gain in three weeks, as STX Shipbuilding surged after buying a stake in a Norwegian ship builder, while Apple's strong results boosted tech stocks, according to a Reuters report. STX Shipbuilding Co (067250.KS) surged by the daily limit of 15 percent to $74.17 after it announced the purchase of a 39.2 percent stake in Norway's Aker Yards (AKY
Dutch broker Amstgeld cut is recommendation for Dutch shipbuilding and engineering group IHC Caland to "Underperformer" from "Neutral". Amstgeld said it expected the company to show a "gap" in 2001 profits, as no major floating production and storage unit orders were recorded in the second half of 2000. Although the company will profit from a renewed surge in the oil and gas sector, shares will be hit by the disappointing 2001 situation, Amstgeld said in a note to investors. – (Reuters)
Shares of shipping and logistics group Neptune Orient Lines Ltd. (NOL) surged almost 10% on optimism over recent management changes, dealers said on Tuesday. Late September, NOL said it had hired more senior executives from Sea-Land Services as senior officals for its container transportation arm, APL. The move were seen as positive and reinforced the shipping group's commitment to grow its European and North American presence. Flemming Jacobs is NOL's new chief executive officer.
Shares of shipping and logistics group Neptune Orient Lines Ltd. (NOL) surged almost 10 percent last Tuesday on optimism over recent management changes, dealers said. "We are buying on the back of increasing confidence in the market, higher assurance that the Fed will not be doing anything drastic and hope that NOL's new management would bring positive changes," said one dealer. In late September, NOL announced the hiring of more senior executives from Sea-Land Services as senior officials
The cost of shipping crude surged to all destinations, amid speculation that bookings are increasing to load crude. According to a report in Bloomberg, the oil tanker rates soared to the highest in seven years amid an acceleration in the number of bookings and signs that the ships are being delayed when unloading due to a lack of space in on-land storage tanks. Day rates for 2 million-barrel carrying ships sailing to Japan from Saudi Arabia
China State Shipbuilding Co. said it has completed a private offer of $1.6b worth of new shares to strategic investors to fund expansion. The company sold 400 million new shares to eight investors including its state-owned parent at $3.99 a piece, less than one-eighth of its current share price, according to a filing to the Shanghai Stock Exchange. The share placement was initially announced in January by Hudong Heavy Machinery Co
Hapag-Lloyd is naming the containership Bremen Express in Bremerhaven. The patron of the 335m long mega containership capable of carrying 8,749 standard containers is Hilde Herwig, wife of Thomas W. Herwig, managing partner of the long-established Bremen logistics company Röhlig. With its Bremen Express, Hapag-Lloyd has expanded its fleet to 142 containerships with a total capacity of over 514,000 TEU. It has ordered another 15 identical vessels from the South Korean Hyundai Heavy
Norwegian cruise group NCL Holding ASA reiterated opposition to a takeover bid by Carnival Corp. and forecast a surge in pre-tax profits for 2000. Officials said that Carnival, which has offered $880 million for NCL shares, was trying to buy NCL cheap after it suffered a year marred by two accidents with its liners. Officials also said that forecast 1999 profits include extraordinary items of about $20 million after, the Norwegian Sky ran aground in Canada in September and the Norwegian Dream
The European Council has extended Operation Atalanta’s mandate to deter, disrupt and repress acts of piracy off the coast of Somalia through December 31, 2018. Operation Atalanta’s two-year mandate extension, enacted on November 25, 2016
VLCC rates last week hit highest since April, May; balanced tonnage supply-cargo demand support rates. Freight rates for very large crude carriers (VLCCs), which rose to multi-month highs last week, could climb further if there is a flurry of pre-Christmas chartering activity
Dry bulk shipping company Golden Ocean Group Limited, while announcing its preliminary results for the quarter ended September 30, 2016, informed that it suffered a net loss of $26.7 million and a loss per share of $0.25 Highlights
Australia and Indonesia, being the main exporters of coal to China, are growing their market share at the expense of longer haul exporters like the US and South Africa. Therefore, dry bulk shipping demand does not enjoy full tonne-mile demand, when the imported coal volumes increase.
Maritime Strategies International (MSI) is forecasting a firm festive season for the dry bulk market, swiftly followed by a New Year comedown. In its latest Dry Bulk Freight Forecaster* MSI notes that after a steady fall in average daily TCE spot earnings in October
Shares of many shipping companies dropped in volatile trading, retracing more of their post-U.S. election gains after Seanergy Maritime Holdings on Friday became the latest shipper this week to announce a direct share offer pricing.
Shares of U.S. shipping companies shot higher again on Wednesday, causing volatility halts in a number of stocks and raising questions among investors and analysts over the extent of their sharp post-election rally. The jump in share prices and unusually heavy trading volume even
About 550 migrants, most of them from West Africa, were pulled to safety from boats in the Mediterranean on Monday in five operations during which rescuers also recovered five dead bodies, Italy's coast guard said. The bodies were in a rubber dinghy and one other person from the dinghy had
New Zealand’s largest earthquake in 150 years has led to a number of port and infrastructure issues, advises Inchcape Shipping Services (ISS). The ports of Wellington and Picton suffered damages after the 7.5 magnitude earthquake struck the upper South Island of New Zealand at
FINCANTIERI S.p.A. announced that its subsidiary Fincantieri Oil & Gas S.p.A. has launched a voluntary conditional general offer in Singapore for the ordinary shares of Vard Holdings Limited not already held by Fincantieri O&G and its related corporations.
Softening seaborne trade and rising fleet growth are expected to depress chemical shipping freight rates over the next few years, according to the latest edition of the Chemical Forecaster, published by global shipping consultancy Drewry.
Idemitsu Kosan Co. Ltd., NYK Trading Corporation and NYK Line have executed a joint development agreement for a new model of ULTY that integrates NYK Trading’s optimization system for coal boilers with Idemitsu’s highly efficiency combustion technique.
Danish shipping and energy giant A.P. Møller – Maersk A/S has sold its shares in the Danske Bank A/S for a total of DKK 3.2 billion (USD 477 million). Maersk owns 16.2 million shares representing 1.6 per cent of the total shares in Denmark's largest bank.
The U.S. Coast Guard marked the end of a record year in counterdrug operations as the crew of Cutter Waesche from Alameda, California, offloaded more than 39,000 pounds of cocaine in San Diego Thursday, October 27. The Coast Guard and its interagency partners removed more than 416
Clarksons Research says that there has been a rapid expansion in the world fleet over the last decade. However, the pace of growth has slowed dramatically in recent years. Generally more limited contracting and subsequently significantly lower delivery volumes combined with