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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Enterprise to Export First Ethane Cargo from Houston Terminal in August

Enterprise Products Partners on Thursday said the first ship to load ethane for export from its new terminal on the Houston Ship Channel will arrive on Aug. 1,

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

Oil Spills from VLOC in Strait of Malacca

Berge Bulk Maritime confirms that an its VLOC (Very Large Ore Carrier)  “BERGE BUREYA” – (IMO/LR # 9297539) operated vessel was involved in an oil spill incident

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.0733 sec (14 req/sec)