Strong Finish To A Strong Year In Oslo
A December rally on the Oslo Stock Exchange gave maritime shares an extra glitter and ensured a strong finish to an already strong year. Shipping and offshore shares performed marginally better than shares on the general Oslo market during 1999, rallying 8.6 percent in December to finish the year a solid 48.0 percent above last year's close.
The All Share Index, which includes all shares on the Main List, was up 45.5 percent for the year, and shaking off the dismal record in 1998 when the index dropped 26.7 percent. The All Share Index is still 4.4 percent away from its all time high, while the Shipping Index is 24.4 percent below its top mark.
The world's largest cruise operator, Carnival Corporation, announced a bid for NCL Holding (NCL) on December 1 creating an immediate rise in the NCL share. NCL management did not approve of the offer price of $4 per share. Later in December Asian operator Star Cruises announced it had acquired more than 40 percent of the shares in NCL and so was obliged to make a mandatory offering to the remaining shareholders. The offer is reported to be $4.40 per share and NCL ended the year at 34.60 - up 52.4 percent for the month.
For the year as a whole Frontline (FRO), I.M. Skaugen (SKA), Jinhui Shipping (JIN) and Stolt-Nielsen B (SNIB) all more than doubled their value, while at the other end Loki (LOI) and MIF (MIF) on low volumes more or less halved their share prices during 1999.
Among offshore shares Havila Supply (HAV) topped an impressive December ranking with a rise of 50 percent. Other high performing shares in the month were Det Sondenfjeldske (SFJ), Ocean Rig (OCR) and Ugland Nordic Shipping.
These four shares, however, also occupy the first four spots on the losers' list for 1999 as a whole.
Navis (NIS) ended in second place in December as the share rose 28.3 percent, while Awilco B (AWSB) snatched fifth place on the all year losers' list just in front of its A-class share (AWS).
TGS Nopec (TGS) fell almost 60 percent during 1998. but came back strongly last year with an increase in its share price of 183.1 percent. Stolt Comex Seaway (SCS) and Stolt Comex Seaway A (SCSA) were closest; both were up about 95 percent.
Other stories from February 2000 issue
- Bergesen Orders Four Tankers From Hitachi page: 7
- Chuan Hup Unit Secures PB Contract page: 7
- A model approach from the Swedes page: 8
- Innovative class for the banana trade page: 9
- Propeller Milestone Achieved By U.S. Navy page: 10
- Propeller & Shafting Symposium Planned page: 11
- PropacRudder Benefits Confirmed In Service page: 12
- E&P Spending 2000: Boom or Bust? page: 14
- New Government Statistics Show Larger, Diverse Fleet page: 15
- ATB Delivered by Alabama Shipyard page: 16
- Cruise Shipping Annual The New "Class" of Celebrity's Class page: 19
- Cunard Creates The Classic Liner (Again) page: 24
- Cruise Industry Leaders To Convene At SeaTrade page: 25
- Cruise Share Performance page: 26
- Litton Marine Systems Supplies IBS Order page: 27
- MSC Europe Experiencing Steady Growth Stream page: 27
- James P. Colie Completes Cruise Ships Refurbish page: 29
- New Cruise Ship Designs Impact Terminal Ops And Logistics page: 31
- Royal Caribbean Commits To Environmental Endeavors page: 34
- Superseacat Service To Be Launched page: 35
- Strong Finish To A Strong Year In Oslo page: 37
- New MaK M 43 Series Aids German Branch page: 38
- Isotta Fraschini Marine Diesel Engines Available on W. Coast page: 38
- DeJong & Lebet Assists On Vessel Conversion page: 40
- Coastal AIS Stations with Radars: High-Efficiency Monitoring Facility page: 44
- Supporting The Technical Revolution page: 46
- Cadkey 99 Offers Powerful Features page: 48
- Where Businesses And Consumers Can Mix page: 48
- BT Unveils E-Commerce Site page: 48
- Finnish Innovation Ascends New Heights page: 50
- AKER FINNYARDS page: 50
- Keeping Machinery Spaces Safe page: 53
- Kvaerner Masa-Yards Delivers page: 54
- Record Trade Surplus Boosted By Shipsales page: 55
- Allied Systems Delivers SOLAS Approved Davit page: 55
- GDHS Launches Friobox Express page: 56
- Schoellhorn-Albrecht Supplies Deck Equipment page: 58
- Golden Ocean Reaches Agreement; Announces Resignation page: 58
- GD Appoints Welch As Snr. VP page: 60
- Furuno Introduces CH-37 Sonar page: 60
- STN Introduces New Speed Log page: 60
- NASSCO Lands First Phase Of Ship Conversion page: 65
- Derecktor Shipyard Wins Contract For Two Pilot Boats page: 66
- Gladding-Hearn to Deliver Largest Incat Fast Ferry page: 67
- Bollinger Launches Ocean Intervention II page: 70
- SeaArk Delivers Commander To Passaic Valley page: 70