Following the record month of August, the All Share Index in Oslo fell by 3.7% in September. The index for Cruise, Shipping and Offshore stocks (the Shipping index) fared slightly better, falling 2.2% during the month.
Oil prices continued
to rise in the beginning of September, but fell back significantly at the end of the month. All but six of the OSE-listed offshore stocks, experienced negative share price movements in the period. Topping the offshore loser's list, Petrolia Drilling (PDR) and Northern Offshore (NOF) fell by 32 and 28% respectively. Ocean Rig (OCR), the best performing offshore stock in September, was up 7%.
Nordic American Tanker Shipping (NAT), up 12%, and Frontline (FRO), up 4%, were among the few bright spots in September. In the other end, Belships, also one of the shipping winners from August, fell by 19%, followed by IM Skaugen (SKA) and Loki (LOI). Despite of a 15% fall in September, LOI is so far up 311% for the year.
Royal Caribbean Cruises (RCL)
(RCL), rising 13%, contributed significantly to the performance of the shipping index in the period. So far this year, the shipping index is up 15.5%, mainly due to the rise of the Frontline stock by 229% since year-end 1999.