Ferry Accident Blamed For Minoan's Plummeting Stock Price

Wednesday, September 27, 2000
Shares of ferry operator Minoan Lines fell around 11 percent in late session trade on the Athens stock exchange on Wednesday, near the bourse's 12 percent limit down, after one of its ferries sank late on Tuesday, killing 48 passengers.

Traded volume was 979,939 shares. The shares were trading at 2,995 drachmas ($7.78), up slightly from its day low of 2,935 drachmas, representing a fall of more than 11 percent.

But brokers said the share price loss was likely to be temporary.

"Today's drop in the stock price is logical after such an incident. The slide may continue tomorrow but in the medium term things will change," said an analyst.

At least 59 people died when the ferry Express Samina of Minoan Flying Dolphins, a 31.6 percent subsidiary of Minoan Lines, sunk off the Aegean holiday island of Paros after striking a rocky islet.

"The incident will hurt the company's image but insurance will cover damages," the analyst continued.

"It is a good stock. Bargain hunters are expected to step in and buy the share," said another analyst.

Another analyst offered that the plunge in Minoan's stock is likely to be short-lived but legal matters concerning the issue may affect the company.

"Like other companies in its sector, Minoan Lines has been hit hard by rising fuel prices but up till now its fundamentals are good," he said. "The extent of the damages may grow when findings on the legal investigation are released."

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

Energy

Weak Oil Threatens US Export of LNG, Leaving Asian Buyers Stranded

Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for Asian buyers who have

Renewable Energy: Schottel Tidal Turbines Ready For Use

In the last months Schottel  successfully tested its hydrokinetic turbines in Strangford Lough, Northern Ireland. The full-scale tests included 260 operating hours under realistic conditions.

Statoil: New Oil in the Grane Area

Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea.   Well 25/8-18 S, drilled by the rig Transocean Leader,

 
 
Maritime Contracts Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.1442 sec (7 req/sec)