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 February 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Barril Appointed COO of SBM Offshore

SBM Offshore is pleased to announce the appointment of Philippe Barril as Chief Operating Officer (COO) effective March 1, 2015.  Philippe's appointment as a

Zamakona, Finnish GS-Hydro Ink Deal

The presentation ceremony of the Finnish multinational leader in water services GS-Hydro, new partner of Zamakona Yards in Canarias was held yesterday (January 29th at 7 p.

Naval EXPO Coming to Washington

For the first time ever, the general public will be admitted free to the Naval Future Force Science and Technology EXPO general exhibit hall Feb. 4-5 where they

Tanker Trends

MMEA Recover Hijacked Tanker

A hijacked Malaysian coastal tanker has been recovered by the prompt actions of the Malaysian Maritime Enforcement Agency (MMEA) off the coast of Malaysia. The

Scorpio Takes Delivery of STI Veneto

Scorpio Tankers Inc. has taken delivery of STI Veneto, an LR2 product tanker from Hyundai Samho Heavy Industries Co., Ltd. This vessel will begin a voyage for 60 days at approximately $32,

Tohoku Electric's LNG Buy Sets Asian Spot Level

Japanese utility Tohoku Electric has purchased an LNG cargo for delivery in the third week of March at a price in the low $7 per million British thermal unit (mmBtu) range,

 
 
Maritime Security Naval Architecture Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.2282 sec (4 req/sec)