Frontline Shares Take A Tumble

Thursday, May 03, 2001
Shares in Norwegian tanker group Frontline fell 5.3 percent on weak tanker rates, delays to scrapping of old tankers and a negative media and broker report, traders said. Frontline shares were down 9.0 Norwegian crowns ($0.996) at 161 at 0844 GMT after tumbling from a recent high of 190. The total share index of the Oslo bourse was down 0.7 percent. "Frontline headed for 100" crowns, the financial daily Finansavisen said in a front page headline, adding "the tanker boom is over." A meeting of the International Maritime Organization (IMO) last week agreed to eliminate all single-hulled tankers by 2021, later than a widely anticipated date of 2015. "It will take longer to scrap old tankers under the IMO rules," First Securities analyst Jarle Sjo said. "We've been negative to Frontline for a long time -- freight rates are dropping significantly." - (Reuters)
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Shipbuilding: NAT Finalizes Deal for Two New Tankers

On December 9, 2014, Nordic American Tankers Ltd. announced that preliminary contracts had been entered into with a South Korean shipyard, for the construction

Oil is on the Rise

Oil prices rose in early trading on Monday as Asian markets opened strongly into a holiday-shortened week and as consensus spread that Brent crude prices would

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

 
 
Maritime Contracts Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1083 sec (9 req/sec)