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 Today


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

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

Technology

Groningen Seaports First in Line for Damen InvaSave

The first production version of Damen’s InvaSave ballast water treatment system – intended for use at Groningen Seaports – will be on display at the upcoming ‘DelfSail’

Sevan Marine Divests Stake in KANFA Aragon

Sevan Marine ASA said it has disposed 50 percent of its stake in KANFA Aragon AS to Sembcorp Marine Ltd. for cash consideration of NOK 20 million, representing

MAN Turbochargers Round Millennium Mark

ECOCHARGE principle drives improved engine performance through two-stage turbocharging.   MAN Diesel & Turbo has delivered its 1,000th turbocharger to two-stage turbocharged applications,

Finance

Baltic Index Rises for Fifth Consecutive Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday for a fifth straight session on stronger demand across all vessel segments.

Singapore Exchange, Baltic Exchange Continue Transaction Talks

Singapore Exchange (SGX) has agreed with the Baltic Exchange Limited (Baltic Exchange) to extend the period of exclusive discussions regarding a cash offer for

Hanjin to Return 38 Vessels Next Year

Hanjin Shipping is planning to return a total of 38 chartered vessels once their contracts end as part of its restructuring efforts, reports the Korea Herald. A

 
 
Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.0793 sec (13 req/sec)