Frontline Shares Surge

Tuesday, March 20, 2001
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. Analysts say chartering rates have continued to rise despite an OPEC decision last week to cut a million barrels per day from production. Oil output cuts usually mean lower chartering rates because more tankers are competing for less crude. "The tanker market is very strong at a time many believed it would weaken," Jebsen told Reuters. An analyst said that some investors may view tankers as a safe haven after four months of high earnings. And he said that the International Maritime Organization seemed likely next month to pass rules limiting the life of older ships, forcing higher scrapping. But economic problems in the United States and Asia could trigger a correction. - (Reuters)
Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Hyde Marine to Display Ballast Water Tech at SMM

Hyde Marine, Inc., a ballast water treatment technology company, will showcase its Hyde GUARDIAN Gold HG250G Ballast Water Treatment System (BWTS) at the upcoming Shipbuilding,

Report: Ports Lack Maintenance Support

The latest Barometer Report from Trelleborg has revealed a huge gap in the maintenance requirements of port owners and operators, and the support that suppliers are able to provide.

Pine Galaxy to Arrive SF Bay Wednesday

The disabled mixed-products tanker Pine Galaxy is expected to arrive in San Francisco Wednesday morning. The ship is being towed by commercial tug to San Francisco Bay.

Tanker Trends

Pine Galaxy to Arrive SF Bay Wednesday

The disabled mixed-products tanker Pine Galaxy is expected to arrive in San Francisco Wednesday morning. The ship is being towed by commercial tug to San Francisco Bay.

Pine Galaxy Expected to Arrive in San Francisco Today

The disabled mixed-products tanker Pine Galaxy is expected to arrive in San Francisco Wednesday morning. The ship is being towed by commercial tug to San Francisco Bay.

Gazprom, Sovcomflot Expand LNG Transport Cooperation

Gazprom and Sovcomflot named the new state-of-the-art 170,000m³ liquefied natural gas carrier (LNGC) Pskov, after one of the oldest Russian cities. The ship will

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1401 sec (7 req/sec)