Shipping Outperforming Offshore In October

Friday, November 05, 1999
Higher oil prices have helped the Oslo Stock Exchange's shipping index, which features maritime and offshore shares, to rise by 33.7 percent so far this year - outperforming the exchange's other indexes. Share prices of offshore shares have decreased for two months now, resisting the influence of continued buoyant oil prices. The value of shares on the Main List dropped 5.6 percent in September and 13.6 percent in October. The 19.6 percent price fall recorded by the seismic company Petroleum Geo-Services (PGS), the biggest offshore company on the Exchange, was the main contributor. The SMB-listed offshore company Ocean Rig (OCR) tops the losers list for the second month running, having sliced almost 30 percent off its share price in October. Big players such as Fred. Olsen Energy (FOE), ProSafe (PRS), Stolt Comex Seaway (SCS), Det Søndenfjeldske (SFJ) and TGS Nopec (TGS) all fell between 10 percent and 20 percent during the month. Only three offshore companies increased their value: Polar Holding (POL) rose almost 11 percent following merger talks with District Offshore (DOF), topping the winners list. Ugland Nordic Shipping (UNS) and Nortrans Offshore (NOL) also experienced gains in October. The cruise company Royal Caribbean Cruises (RCL) rose 17.7 percent in October holding the fall in the shipping index to 2.2 percent. Actinor Shipping (ACS) rose 23.3 percent, while the Swedish shipping company Atlantic Container Line (ACL) moved up 9.5 percent. NCL Holding (NCL) moved the opposite direction to its competitor RCCL with a share price drop of 11.6 percent in October, continuing the negative trend from the previous month. Among the shipping companies, Benor Tankers (BET) performed the worst with a fall of 16 percent, while Belships (BEL) dropped 10.9 percent.

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