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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Teekay Petrojarl Contracts Damen for FPSO Upgrade

Damen Shiprepair Rotterdam (DSR), part of Damen Shiprepair & Conversion (DSC), has been awarded an EPC contract by Petrojarl I LLC for the upgrade of its FPSO Petrojarl I.

Contract Awarded for US Aircraft Carrier Dismantling

The U.S. Navy awarded a contract, Dec. 22, for the towing and dismantling of the decommissioned aircraft carrier Ranger (CV 61) to International Shipbreaking, Ltd.

EXMAR Orders Second FLNG from Wison

EXMAR NV has placed an order for a second Floating LNG Liquefaction Unit (FLNG) at Wison Offshore & Marine. Under the agreement, Wison will be responsible for the turnkey engineering,

Finance

Diana Shipping Announces $53.5m Drawdown

Diana Shipping Inc. announces signing and drawdown of a $53.5 million term loan facility with BNP Paribas; announces time charter contract for m/v Nirefs with Glencore   Diana Shipping Inc.

Maersk to Continue Russian Operations

Denmark's A.P. Moller-Maersk said its four subsidiaries with activities in Russia continue to operate as planned despite the recent sharp drop in oil price and the rouble's collapse.

NSRP Awards $11m for R&D Project Portfolio

The Executive Control Board of the National Shipbuilding Research Program (NSRP) has selected a new round of research and development projects for award, as part

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair
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: 0.4381 sec (2 req/sec)