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MARINE FINANCE Oslo Slock Exchange Pounded By Downturn Financial turmoil in Asia and Russia resulted in plunging stock markets worldwide in August. In addition, a low oil price and a record low Norwegian kroner ensured that the Oslo Stock Exchange (OSE) all share index fell by 22.6 percent in August. In the two month period July and August the all share index fell by 24 percent. The shipping index fell 34 per- cent in the two month period end- ing August 31. For the year, the shipping index is down 38.1 per- Detyens Shipyards has the facilities, know-how and determination to get you repaired and back to sea, quickly and economically. DSI is privately owned and operated so you work with decision-makers, not committees. Our experienced Ship Superintendents are solutions oriented and work with your Port Engineer to get the right answer at a reasonable price...in a hurry. So whether it is a scheduled docking or an emergency trip repair, DSI is ready to serve you. Detyens Shipyards, Inc CONTACT JERRY MOSHER OR PETER BROWNE 1670 DRYDOCK AVE, BLDG 236 N.CHARLESTON, SC USA 29405-2121 843.308.8031 OR 8032 (VOICE) 843.308.8059 (FAX) Detyens2@BellSouth.Net (E-MAIL) cent. Tanker Navigation ASA and Jinhui Shipping & Transportation Ltd. were the only maritime com- panies listed on the OSE to experi- ence positive movement of share prices between the end of June and the end of August. Tanker Navigation shares rose 23.4 per- cent after Rowan Investments Limited announced a voluntary offer in order to raise its holding in the company. The offshore sector was hit par- ticularly hard in the period, with shares such as Stolt Comex Seaway, Ocean Rig and Petroleum Geo-Services falling by more than 50 percent. The worst performing shares in the shipping sector, Frontline and NCL Holding, plum- meted by more than 40 percent. Trading in maritime shares, however, remained relatively high in the months of July and August, though lower than the average for the year due to summer holidays and falling prices. Compared to the period last year, the turnover of shipping and offshore shares on the main list increased by 25.8 percent from $1.2 billion to $1.5 billion. The turnover was up 78 percent for the first eight months of 1998 to $6.5 billion compared to $3.6 billion in the same period last year. Two maritime companies were floated in August — Singapore-based Nortrans Offshore and Wabo — a Panamax OBO specialist demerged from OSE listed Waterfront Shipping. Winners July/August Shipping Ust Change Tanker Navigation SMB +23.4% Jinhui Shipping & Transp. Main +6.3% Bona Shipholding Main -3.7% Bdsiva Main -3.9% Leif Heegh & Co. Main -8% Offshore List Change Discoverer SMB -4.2% Polar Holding SMB -5.8% Distrid Offshore SMB -22.2% Northern Offshore SMB -24.2% Forstad Shipping Main -25% Losers July/August Shipping List Change Frontline Main -45% NCL Holding Main -42.2% Bonheur Main -36.7% Ganger Rolf Main -35.8% Mosvold Shipping Main -33.8% Offshore List Main Stolt Comex Seaway A Main -65.5% Ocean Rig SMB -61.4% Petroleum Geo-Services Main -53.6% Stolt Comex Seaway Main -52.5% NAVIS SMB -50% Total Market Value* (NOK mil.) June 30 August 31 Change 1998 1998 Shipping & Offshore 203,096 142,839 -60,257 Total 641,338 494,116 -147,222 Shipping & Offshore -% of total 31.7% 28.9% — 12 Circle 236 on Reader Service Card Maritime Reporter/Engineering News