Page 8: of Maritime Reporter Magazine (December 1999)

Marine Finance

Shipping outperforming offshore on OSE

Higher oil prices have helped the Oslo

Stock Exchange's shipping index, which features maritime and offshore shares, to rise by 33.7 percent so far this year - out- performing the exchange's other index- es. Share prices of offshore shares have decreased for two months now, resisting the influence of continued buoyant oil prices. The value of shares on the Main

List dropped 5.6 percent in September and 13.6 percent in October. The 19.6 percent price fall recorded by the seis- mic company Petroleum Geo-Services (PGS), the biggest offshore company on the Exchange, was the main contributor.

The SMB-listed offshore company

Ocean Rig (OCR) tops the losers list for the second month running, having sliced almost 30 percent off its share price in

October. Big players such as Fred.

Olsen Energy (FOE), ProSafe (PRS),

Stolt Comex Seaway (SCS), Det S0n- denfjeldske (SFJ) and TGS Nopec (TGS) all fell between 10 percent and 20 percent during the month.

Only three offshore companies increased their value: Polar Holding (POL) rose almost 11 percent following merger talks with District Offshore (DOF), topping the winners list. Ugland

Nordic Shipping (UNS) and Nortrans

Offshore (NOL) also experienced gains in October. The cruise company Royal

Caribbean Cruises (RCCL) rose 17.7 percent in October holding the fall in the shipping index to 2.2 percent. Actinor

Shipping (ACS) rose 23.3 percent, while the Swedish shipping company Atlantic

Container Line (ACL) moved up 9.5 percent. NCL Holding (NCL) moved the opposite direction to its competitor

RCCL with a share price drop of 11.6 percent in October, continuing the nega- tive trend from the previous month.

Among the shipping companies Benor

Tankers (BET) performed the worst with a fall of 16 percent, while Belships (BEL) dropped 10.9 percent. 1 1 , ..

Winners in October i i i • i 1— —

Losers in October i

Shipping List Change Shipping List Change

Actinor Shipping Main + 23.3% Benor Tankers Main -16.0%

Royal Caribbean Cruises Main + 17.7% NCL Holding Main -11.6%

First Olsen Tankers Main + 10.0% Belships Co. Main -10.9%

Atlantic Container Line Main + 9.5% Nomadic Shipping Main - 9.4%

Wilh. Wilhelmsen B Main + 8.1% Odfjell A Main - 9,1%

Offshore List Change Offshore List Change

Polar Holding SMB + 10.8% Ocean Rig SMB - 29.6%

Ugland Nordic Sh. Main + 9.2% Havila Supply SMB - 22.9%

Nortrans Offshore SMB + 8.7% Fred. Olsen Energy Main - 20.5%

Stolt Comex Seaway Main -1.1% Petroleum Geo-Serv. Main -19.6%

Brevig Offshore SMB - 2.0% ProSafe Main -12.7% investment Turn next valve purchase into an

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