Offshore Climbing Higher In Oslo

Thursday, June 08, 2000
Shipping and offshore shares performed well in March with an increase in the Shipping Index of 2.3 percent. The Oslo market as a whole fell 2.2 percent, much due to the world-wide price fall for the IT and telecom sector.

Despite the uncertainty about the outcome of the OPEC meeting on March 27 and 28, a number of offshore shares rose significantly during the month. Even though the oil price fell slightly as a result of the meeting, it is obviously within a price range that is considered as comfortable by investors.

The two share classes in Smedvig (SME and SMEB) were both up about 19 percent in the period, topping the long list of positive performers in the offshore sector. All but five of the listed offshore shares increased their value during March. Polar Holding (POL) and Det Søndenfjeldske (SFJ) ended at the first two spots on the losers list, as they dropped 7.5 and 6.7 percent respectively. Stolt Comex Seaway (SCS) ended up 15.4 percent, Ocean Rig (OCR) was up 13.1 percent, while the two seismic companies Petroleum Geo-Services (PGS) and TGS Nopec (TGS) rose 12.6 and 2.9 percent.

Shipping shares also experienced a dominance on the winners' side, even though not as strong as in the offshore sector. One of the most heavily traded shipping shares, Frontline (FRO), ended the month up all of 28.6 percent, while Bergesen (BEA and BEB) rose 9.3 and 6.9 percent respectively in its two share classes.

At the other end, Mosvold Shipping (MSL), Bonheur (BON), Leif Høegh & Co. (LHO) and Ganger Rolf (GRO) all fell between six and two percent.

For the second straight month, the two cruise operators slowed the Shipping Index. Royal Caribbean Cruises (RCL) lost a solid 16.6 percent while the remaining tradable shares in NCL Holding (NCL) were down a more modest three percent.

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

Contracts

JV Wins $2bln Freeport LNG Contract in US

A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural

Viking Bags Charter Deal for AHTS Brage Viking

Viking Supply Ships has entered into a contract with an Oil major for the charter of “Brage Viking” commencing 1stof April 2015. The duration is for 2 years and 8 months firm,

UK North Sea Workers Give "Overwhelming" Support for Strike

Trade unions Unite and GMB said members working offshore in Britain's North Sea oil and gas industry had shown overwhelming support for industrial action in a consultative

Finance

JV Wins $2bln Freeport LNG Contract in US

A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural

Puerto Rico Readies for Largest Cruise Ships

Thanks to a pier expansion and enhancement, Puerto Rico will welcome the two largest cruise ships in the world, Royal Caribbean International’s Oasis of the Seas and Allure of the Seas, in 2016.

Carnival Sails to Profit

The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28.   That

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.1321 sec (8 req/sec)