Page 13: of Maritime Reporter Magazine (May 1999)

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March's Winners

Shipping List

Bona Shipholding Main

Waterfront Shipping Main

Ganger Rolf Main

Odfjell B Mai

Wilh. Wilhelmsen A Main

Offshore List

Navis SMB

TGS Nopec Geoph Main

Stolt Comex Seaway Main

Ocean Rig SMB

Stolt Comex Seaway A Main

March's Losers

Shipping List

Frontline Main

Team Shipping SMB

Western Bulk Shipping Main

Tordenskjold SMB

Bergesen B Main

Offshore List

Nortrans Offshore SMB

Havila Supply SMB

Awilco Main

Awilco B Main

District Offshore SMB

Booming Oil Boosts 0SE

Higher oil prices pushed the Oslo

Stock Exchange in a positive direction in March, and had a particularly benefi- cial effect on offshore shares.

The substantial gains by the majority of offshore shares pushed the Shipping

Index, which contains both shipping and offshore shares, up 11.7 percent. The

All Share Index, by comparison, rose by 6.9 percent during the month.

The increase by both indices of almost 12 percent during first quarter, promot- ed the Oslo Stock Exchange to the sec- ond-best performing European bourse so far this year.

The background for this success was the performance of North Sea oil which ended the month at around $14.5, up $3.5 since the end of February, provid- ing the climate for a drop in market rates and for the Norwegian krone to strengthen.

Of the Main List offshore shares, TGS

Nopec enjoyed the best performance with a 60.4 percent increase, recovering some ground after recent negative price movements. Stolt Comex Seaway and

Smedvig also performed well rising 55.8 percent and 44.2 percent respec- tively.

Navis, an SMB-listed company, was one of the worst performing stocks after two months, but rose 77.1 percent in

March ending the first quarter about even for the year.

Nortrans Offshore ended the month at the other end of the scale with a fall of 16.7 percent in its share price. Havila

Supply and Awilco A were the only other two offshore shares to end the period with a fall.

Among shipping shares Frontline were again on top of the losers' list falling 21.4 percent during the period.

FRO's performance is still positive this year. The SMB-listed Team Shipping fell 13 percent, while Western Bulk

Shipping dropped 11.1 percent.

Bona Shipholding led all shipping shares in March with a 64.1 percent rise.

The rise resulted from the company's announcement on March 29 of its plans to merge with Northwest Maritime Inc., a wholly-owned subsidiary of Teekay

Shipping Corporation.

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