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

Tanker Trends

Statoil Says Sees European Gas Prices Bottoming Out

Norway's Statoil does not expect European gas prices to fall much further as rising demand from the power generation sector would offset an expected increase in liquefied natural gas (LNG) supply,

Nordic Shipholding Profits below Market Expectations

For the 3 months ended 31 March 2016, Nordic Shipholding A/S generated a profit after tax of USD 1.5 million, compared to USD 2.7 million in the same quarter last year.

Euroseas Faces Headwinds, Reports Loss

Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes,

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Ship Electronics Shipbuilding / Vessel Construction 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: 0.2107 sec (5 req/sec)