Page 12: of Maritime Reporter Magazine (January 1999)

MARINE FINANCE

Shipping and Offshore Shares Follow Oil Price Down

After experiencing one of the best months ever in October, mar- itime shares on the Nowegian share market saw fortunes reversed in November, losing almost half the gains from the pre- vious month. The Shipping Index fell by as much as 13.8 percent in

November, and the All Share Index dropped 5.1 percent.

Oslo did not benefit from the higher prices seen on most of the world's stock exchanges in

November. This performance against the trend reflected the psBsgrj flBergen

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Web site: www.soundcoat.com Email: [email protected] drop in the price of oil. Little hope of new production cuts emerged from the OPEC meeting at the end of the month and this severely hurt the oil service sector in Oslo mak- ing Offshore the weakest industry last month.

The market value of offshore shares on the Main List dropped by as much as NOK 9.2 billion (26.7 percent) in November. Fear of reduced activity in the oil indus- try pushed down the value of shares of household names such as

Det Sondenfjeldske, Transocean

Offshore, TGS Nopec and

Petroleum Geo-Services, whose share values fell between 28 and 36 percent. Northern Offshore share value more than halved dur- ing the month.

Among shipping shares the share value of Western Bulk

Shipping dropped 37.5 percent and that of Jinhui Shipping and

Transportation by 30 percent.

The best performing shipping shares, Swan Reefer, jumped 71.4 percent in November. During the month, Ugland International

Holdings emerged as a major shareholder. Cruise operator

Royal Caribbean Cruises rose 11.4 percent over the month and Team

Shipping increased its value by 12.5 percent. Trading activity in shipping and offshore shares on the Main List rose by more than five percent from November 1997 as measured in the number of transactions. However, the fall in share prices this year led to a drop in the value of turnover from NOK 5.1 billion in November 1997 to

NOK 4.3 billion last month.

November Winners

Shipping List Change

Swan Reefer SMB +71.4%

Team Shipping SMB +12.5%

Royal Caribbean Cruises Main +11.4%

Wabo Main +9.5%

Sloll-Nielsen B Main +6.9%

Offshore List Change

Awilco B Main +4.2%

Awilco A Main -2.4%

Solstad Offshore SMB -5.7%

Havila Supply SMB -6.5%

Siem Industries Main -10.8%

November Losers

Shipping List

Western Bulk Shipping Main

Jinhui Shipping and Transp. Main

First Olsen Tankers

Frontline

NCL Holding

Offshore

Northern Offshore

Transocean Offshore

ProSafe

TGS Nopec

Main

Main

Main

List

SMB

Main

Main

Main

Main

Change -37.5% -30% -27.3% -22.4% -20.9%

Change -52.7% -35.9% -34.5% -33.9% -31.8% 12 Circle 260 on Reader Service Card Maritime Reporter/Engineering News