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
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.
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 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
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
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
Shipping plays a major role in the world’s industries, facilitating the transport of large volumes of raw and processed materials. Clarksons Research takes a look. However, the maritime sector forms a much more important part of the global supply chain for some commodities and
Many vessels available for charter put pressure on freight rates. Freight rates for large capesize dry cargo ships on key Asian routes are set to slide next week as the number of ships available for charter outpaced cargo demand, ship brokers said on Thursday.
The Sustainable Shipping Initiative (“SSI”), a pioneering coalition of companies from across the global shipping industry, today set out what it believes are the required immediate actions for creating a framework to reduce Greenhouse Gas (GHG) emissions from shipping.
Globus Maritime Limited, a dry bulk shipping company, announced that its Board of Directors has determined to effect a 1-for-4 reverse stock split of the Company's common shares. At the Company's annual general meeting of shareholders on September 8, 2016
Forum promotes improved safety, security, productivity, efficiency and environmental performance through collaboration and innovation. ABS hosted the fall meeting of the Ship Operators Cooperative Program (SOCP) in Houston October 5 and 6, welcoming representatives from industry
Power struggle breaks out between between owners and charterers; West Africa cargoes hit a monthly record. Freight rates for very large crude carriers (VLCCs), which surged to a four-month high on Thursday, to hold steady as ship owners await the release of November cargoes
Typhoon Chaba battered southern parts of South Korea with violent wind and heavy rain on Wednesday, killing at least three people and flooding the country's main port and industrial sites and disrupting production at some factories. The storm hit the island of Jeju overnight and one person was
With forecasts indicating severe weather conditions related to Hurricane Matthew, Port Canaveral CEO John Murray today issued an evacuation order for landside operations, including Jetty Park campers, marinas and all port businesses and tenants. The evacuation deadline is set for noon on Wednesday
In the last two decades gas shipping sectors have been amongst the faster growing parts of the the world of global shipping industry, says Clarksons Research. This week’s Analysis takes a look at how shipping’s ‘coolest’ sector has grown in prominence to
The privatisation of a 25 percent stake in Russian state shipping firm Sovcomflot may be equally split between existing and new shares, two sources close to the deal told Reuters on Friday. The stake sale in Sovcomflot, Russia's biggest shipping company whose vessels support offshore oil and
Nordic American Offshore Ltd. (NAO) announced that Alexander Hansson, the son of the company’s chairman, Herbjorn Hansson, today bought 100,000 shares in NAO. The share price was $3.65 share.
Nordic American Tankers Limited (the "Company") today announced an underwritten public offering of 11,000,000 common shares pursuant to the Company's effective shelf registration statement. At the Company's request, the underwriters have reserved for sale an aggregate of 534
India's Shipping Ministry on Thursday proposed a new model concession agreement (MCA) to attract more private sector investments in the development of port infrastructure. The proposed MCA will replace the existing agreement which came into existence in January 2008
The former chairwoman of bankrupt Hanjin Shipping Choi Eun Young is under investigation for alleged insider trading BBC reports qoting South Korea's Financial Supervisory Service. She has come under scrutiny after it was revealed she sold all her shares in the firm days before
China COSCO Shipping will not raise its shipping prices as it had planned, reports Caixin quoting shipping agency representatives at Shanghai’s port. The shipping giant has given up its plan to take advantage of Hanjin Shipping’s bankruptcy by raising prices after a