Maritime Shares Make A Comeback

Share prices in Oslo continued to rise during June and in the first six months of 1999 the Shipping Index rocketed 30.6 percent. The All Share Index is not far behind with an increase of 23.7 percent during the same period. Trading at the Oslo Stock Exchange has never been more active than in 1999 so far with the daily average turnover for the first half of the year at NOK 1,640 million. This is 27.1 percent higher than the average for the whole of 1998. On average 4,775 transactions were carried out each day during June.This is 42 percent higher than the average for last year.The Italian company Navigazione Montanari has offered NOK 60 per share in I.M. Skaugen (SKA), sending the stock up almost 40 percent and to the top of the winner list for June. The Hong Kong based company Jinhui Shipping and Transport (JIN) enjoyed a good month as its share price soared 36.6 percent. This has been attributed to increased levels of activity in the Asian region.Northern Offshore (NOF) rose all of 45.5 percent in June, making it the best performer among offshore shares. Also Brøvig Offshore (BRO) and Polar Holding (POL) rose in double digits.Det Søndenfjeldske (SFJ) and Smedvig (SME & SMEB) remain among the five stocks with the poorest share price development from last month. Navis (NIS) tops the list with a fall of 23.8 percent, following the company's announcement on the long term financing of Navis Explorer I. Ocean Rig (OCR) dropped 18.3 percent as it become known that the completion of its first two rigs has been delayed until next year.