Frontline Surges 5% On Solid Results

Thursday, May 10, 2001
Shares in Norwegian tanker group Frontline jumped 4.8 percent on the back of strong first quarter results and renewed confidence in the tanker market, analysts said. Frontline shares were up 9.0 Norwegian crowns ($0.990) amid heavy trading, after hitting a year high of 198 earlier in the session. The share had a year low on February 1 at 102.50 crowns. The total index at the Oslo bourse was up 1.3 percent. "Firstly, the increase is driven first by the first-quarter results Frontline presented yesterday, which were very good and above expectations," Ole Richard Hammer, an analyst with Pareto, said. "Secondly, we are at the threshold of summer, which is usually a good period in the tanker market and adds to the confidence investors have in Frontline." he said. Frontline also said on Thursday it had won 51 percent control over its small rival Mosvold Shipping after raising its takeover bid. "The Mosvold takeover, does not affect the Frontline share price very much, but it's a good example that Frontline is a company that get things done," Hammer said. - (Reuters)
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

Liquefaction Terminals to Dominate LNG Capital Expenditure

Capital expenditure (Capex) on global LNG facilities is expected to total $259 billion (bn) over the period 2015-2019, with investments expected to be 88% larger

Ennsub Delivers ROV Deployment Systems

Ennsub has completed the design and manufacture of two workclass remotely operated vehicle (WROV) deployment systems for ROVOP, due to be installed into a newbuild

Wärtsilä to Proceed with first LNG Terminal

Wärtsilä has been given full notice to proceed (NTP) from Manga LNG Oy for the supply of a liquefied natural gas (LNG) import terminal in Tornio, Northern Finland.

Finance

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

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1338 sec (7 req/sec)