Offshore shares driving the market

Tuesday, October 05, 1999
Share prices in Oslo rose in August for the sixth consecutive month, and can thus show for positive share price movements for 7 out of 8 months so far this year. While the All Share Index gained another 2.4 percent in August, the Shipping Index was a little behind with a 1.4 percent increase. Shipping and Offshore shares are up 43.2 percent for the year. The oil price continued to rise in August. For the first time since October 1997 North Sea oil for immediate delivery (Brent spot) was traded at more than USD 21 per barrel, doubling the oil price since January. Oil-related shares are obediently following the oil price with the value of offshore shares on the Main List rising 11 percent in August after the July rise of 20 percent. TGS Nopec (TGS), Det Søndenfjeldske (SFJ) and Fred. Olsen Energy (FOE) all added more than 17 percent to their value in August. Three offshore shares, all on the SMB List, fell dramatically more than the rest of the offshore segment during the month. Petrolia Drilling (PDR), performed the worst with a drop of 19 percent following the publication of second quarter results. Also Havila Supply (HAV) and Ocean Rig (OCR) fell more than 10 percent for the period. Shipping shares could not keep pace with the offshore sector during August, but Bergesen (BEA and BEB) performed well with a rise of more than 7 percent in its class A shares and 6.5 percent in its class B shares. Swan Reefer (SWR) rose all of 20 percent, but the share was traded in very thin volume during August. The market reacted negatively to the second quarter results of Jinhui Shipping and Transportation (JIN), sending its share price down by more than 11 percent for the month. Physical damage to one of the cruise ships of NCL Holding (NCL) following a crash with a container ship contributed to a fall of 5 percent in its share. Also Frontline, the tanker company, fell by just over 4 percent. Bona Shipholding (BSH) was delisted on August 25 following the merger with Northwest Maritime Inc., a subsidiary of Teekay Shipping Corporation.

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Horizon Awarded for GORHEAD Software

Horizon Shipbuilding, Inc. of Bayou La Batre, Ala., has been presented with the 2015 “Innovator of the Year” award by the Mobile Alabama Chamber of Commerce for

Indonesia Ferry Hits Trouble, 97 Rescued

Almost 100 people were rescued when a ferry sailing towards Singapore from the Indonesian island of Batam hit a floating object and reportedly started to sink, authorities in the city-state said.

Thyssenkrupp Bids for Australian Sub Contract

German industrial group Thyssenkrupp has submitted an offer to the Australian government for a contract to build stealth submarines potentially worth tens of billions of euros,

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1046 sec (10 req/sec)