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

Tanker Trends

Singapore MPA Wants LNG Bunkering Options

Singapore's Maritime Port Authority is seeking proposals on liquefied natural gas bunker supplies as it shifts away from fossil fuels towards gas while trying to

NewLead Holdings Announces Commercial Competency of MT Sofia

NewLead Holdings Ltd.announced today a review of the commercial competency of one of its bitumen tanker vessels, the MT Sofia since the vessel was delivered to NewLead's fleet.

Scorpio Tankers to Acquire Product Tanker

Scorpio Tankers Inc. announced today that it has entered into an agreement to purchase an MR product tanker. The Company reached an agreement with an unrelated

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Sonar Winch
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: 0.4532 sec (2 req/sec)