Page 14: of Maritime Reporter Magazine (October 1999)

Marine Finance

Offshore shares driving the Oslo market

Share prices in Oslo rose in August for ments for 7 out of 8 months so far this ping Index was a little behind with a 1.4 the sixth consecutive month, and can year. While the All Share Index gained percent increase. Shipping and Offshore thus show for positive share price move- another 2.4 percent in August, the Ship- shares are up 43.2 percent for the year.

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The oil price continued to rise in

August. For the first time since October 1997 North Sea oil for immediate deliv- ery (Brent spot) was traded at more than

USD 21 per barrel, doubling the oil price since January.

Oil-related shares are obediently fol- lowing the oil price with the value of offshore shares on the Main List rising 11 percent in August after the July rise of 20 percent. TGS Nopec (TGS), Det

S0ndenfjeldske (SFJ) and Fred. Olsen

Energy (FOE) all added more than 17 percent to their value in August.

Three offshore shares, all on the SMB

List, fell dramatically more than the rest of the offshore segment during the month. Petrolia Drilling (PDR), per- formed the worst with a drop of 19 per- cent following the publication of second quarter results. Also Havila Supply (HAV) and Ocean Rig (OCR) fell more than 10 percent for the period.

Shipping shares could not keep pace with the offshore sector during August, but Bergesen (BEA and BEB) per- formed well with a rise of more than 7 percent in its class A shares and 6.5 per- cent in its class B shares. Swan Reefer (SWR) rose all of 20 percent, but the share was traded in very thin volume during August.

The market reacted negatively to the second quarter results of Jinhui Ship- ping and Transportation (JIN), sending its share price down by more than 11 percent for the month. Physical damage to one of the cruise ships of NCL Hold- ing (NCL) following a crash with a con- tainer ship contributed to a fall of 5 per- cent in its share. Also Frontline, the tanker company, fell by just over 4 per- cent. Bona Shipholding (BSH) was delisted on August 25 following the merger with Northwest Maritime Inc., a subsidiary of Teekay Shipping Corpora- tion.

Winners this month:

Shipping List

Swan Reefer SMB

Ganger Rolf Main

Bergesen A Mai

Bonheur Main

Bergesen B Mai

Offshore List

TGS Nopec Geophysic Main

Det Sondenfjeldske Main

Fred. Olsen Energy Main

Smedvig B Mai

Nortrans Offshore SMB

Losers This Month

Change + 20.0% + 9.8 + 7.3 + 6.8 + 6.5%

Change + 20.4% + 19.1% + 17.1% + 15.8 + 15.0%

Shipping

Jinhui Shipping & Tr.

Wilh. Wilhelmsen A

Wilh. Wilhelmsen B

Leif Hoegh & Co.

NCL Holding

Offshore

Petrolia Drilling

Havila Supply

List

Main

Main

Main

Main

Main

List

SMB

SMB

Chang -19.3 - 14.4 14

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