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

Contracts

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Keel-Laid for Navy's 10th LCS at Austal Yard

The Navy and Austal USA held a keel-laying ceremony for the future 'USS Gabrielle Giffords', the Navy's 10th littoral combat ship (LCS), in Mobile, Ala., informs

Havyard to Build Hybrid Battery Arctic PSV

Norway's Havyard says it has signed a contract for the construction of a Havyard 833 WE ICE platform supply vessel with Fafnir Offshore HF. The vessel is to be

Finance

India's Reliance Q4 Sales Rise

Indian energy company Reliance Industries Ltd posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oilrefining business offset higher revenue.

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

New sanctions threats as Ukraine stalemate goes on

A day after an international deal in Geneva to defuse the East-West crisis in Ukraine, pro-Russian separatists vowed not to end their occupation of public buildings

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Pipelines Pod Propulsion Salvage Ship Repair 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: 0.1385 sec (7 req/sec)