Shares Surge News

Euronav second shareholder Compagnie Maritime Belge (CMB) is offering to acquire Frontline's 26.12% stake in the company for $18.43 per share, which will be followed by a mandatory public offer at the same price, the Belgian oil tanker and storage operator said on Thursday.Shares of Euronav, which were suspended earlier in the day after spiking on media reports about the company going private, jumped around 18% as trading reopened at 1330 GMT.The completion of the deal would end the arbitration action started by Euronav against its peer Frontline…

Carnival Corp’s shares surged 11% on Thursday after its Italian brand Costa Cruises said two of its ships would resume sailing this weekend, with more to follow.Cruise companies, among the worst hit by the COVID-19 pandemic, were forced to halt voyages for months after ships in Japan, Australia and California made headlines because of large numbers of infections onboard.So far this year, Carnival’s shares have lost nearly two-thirds of their value, while peer Royal Caribbean Cruises Group has lost about 45% and Norwegian Cruise Line Holding Ltd about 67%.Shares of Royal Caribbean were up 6% an

Shares have risen 8 days in a row; CEO says short-sellers are beginning to panic. Shares in Norwegian rig firm Seadrill shot up by a third on Monday and its chief executive said short-sellers were starting to panic at the prospect its refinancing plan would succeed. Per Wullf told Reuters the company was still working on the plan. "Nothing new has happened. We are in dialogue with our banks. We expect to have refinanced within the second quarter at some point," Wullf said. "It's a work in progress. We have 42 banks. Shares in Seadrill have nearly trebled since the company presented its fourth-quarter results on Feb. 25. On Monday they were up 33 percent at 38.83 crowns by 1133 GMT. Traders cited top shareholder John Fredriksen freeing up cash as a reason for the share price rise.

Norwegian Arctic discovery could be game changer; Lundin Petroleum shares rise 7 percent. Noreco, Det Norske shares also rise on news. Swedish oil firm Lundin Petroleum has made a big oil and gas discovery in the Norwegian Arctic, sending its shares more than 7 percent higher and raising hopes that more oil could be found in the remote region. Lundin Petroleum's find in the Alta prospect contains between 125 and 400 million barrels of oil equivalent, including 85 to 310 million barrels of oil, near Statoil's Snoehvit field and Lundin's own Gohta find, the firm said in a statement on Tuesday. The discovery raises hopes that more oil could be found in a region where only a handful of oil fields have been discovered after several decades, and none have started production.

Shares in Horace Clarkson Plc surged 14.3 percent on Wednesday after the British shipping broker said its year turnover and profit was expected to "very substantially" exceed market expectations – (Reuters)

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. "Frontline has a roadshow in New York and it seems very likely that the company's doing well because of this," an analyst said. Frontline finance director Tom Jebsen confirmed that Frontline was in talks with U.S. investors.

According to reports, Guangzhou Shipyard International Co. Ltd., who has already seen its Hong Kong-listed shares surge almost six-fold this year, said it will report a 500% third-quarter profit increase from last year, thanks to higher efficiency and improved margins. A shorter shipbuilding cycle has also helped Guangzhou Shipyard, the only listed shipbuilding unit of China's largest ship builder, China State Shipbuilding Corp. (CSSC), to sell more ships at higher margins during the quarter ended September 30. The company posted a $1m profit for the third quarter of 2005. In an announcement on Tuesday, it forecasted a five-fold increase in the same period. The company is benefiting from high demand for new tankers and low labour costs that help it win orders from overseas.

South Korea's Daewoo Shipbuilding and Marine Engineering Co. shares rose as much as 6.7 percent on August 3 after a local newspaper said steel maker POSCO Co. Ltd. was interested in buying the shipbuilder. South Korea aims to sell a controlling stake in Daewoo, the world's second-biggest shipbuilder, in the second half of 2006. State-run Korea Development Bank and government restructuring agency KAMCO own a combined 50.6 percent stake, valued at more than $3b according to current market prices. POSCO, which is slated to become the world's number four steel maker once Mittal Steel's takeover of Arcelor is completed, has been facing falling margins due to weak steel prices in a market awash with Chinese supplies, Reuters reported. Daewoo had a $7.93m net profit on sales of $4.8b in 2005.

Shares of shipping group Neptune Orient Lines (NOL) hit a nine-month high today, boosted by prospects of its logistics operations and hopes its weightage will rise in changes to the MSCI Singapore index. NOL, which is the world's sixth largest container shipper, is up 12.5 percent since the start of the year and has outperformed the benchmark Straits Times Index by 31 percent. "A lot of houses like this stock because it has been a great turnaround story. There is also speculation that it might be a beneficiary in the upcoming MSCI changes," a dealer with a Singapore brokerage said. The Singapore-based company, in which the government holds 33 percent, is a constituent stock of the MSCI index with a 1.18 percent weighting.

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.

Shipping and logistics group Neptune Orient Lines (NOL), which lost more than half its market capitalization since the start of the year, saw a staggering 26 million shares traded on Tuesday. By 0900 GMT, NOL ended at S$1.24 ($.72), up 19 cents, amounting to a market capitalization of about S$1.4 billion ($814.5 million). Fueling the shares of the national shipper were persistent buy calls by major research houses, even after NOL's share price collapsed to S$1 ($.58) by mid-March from S$2.35 ($1.37) in early January. Adding to market euphoria were expectations that NOL, in the red since 1997, would unveil strong results for 1999 on March 27, due to improved freight rates and asset sales, analysts said.

Shares in Britain's biggest port operator, Associated British Ports Holdings Plc, were nearly 20 percent higher Tuesday after officials reported the company had received a buyout approach that significantly undervalued the company. ABP did not say who made the informal offer, but advised shareholders to take no action. Industry sources said the approach, worth about $1.6 billion, had been made by Nomura International, the London-based investment bank arm of Nomura Securities Co. Ltd., Japan's biggest securities house. Nomura has a reputation for acquiring underperforming businesses, restructuring them and then selling them.

Jurong Shipyard shares reportedly surged more than eight percent, or Singapore $0.60, to a year high of S$8.10 morning on hopes that the yard had won a multi-million dollar new building order.