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MARINE FINANCE Shipping and Offshore Shares Follow Oil Price Down After experiencing one of the best months ever in October, mar- itime shares on the Nowegian share market saw fortunes reversed in November, losing almost half the gains from the pre- vious month. The Shipping Index fell by as much as 13.8 percent in November, and the All Share Index dropped 5.1 percent. Oslo did not benefit from the higher prices seen on most of the world's stock exchanges in November. This performance against the trend reflected the psBsgrj flBergen Smith Berger Marine, Inc. The leader in deck hardware for over 60 years. Fairleads and Deck Sheaves are IN STOCK at the following locations: PACIFIC NORTHWEST CALIFORNIA and TEXAS GULF COAST Rasmussen Equipment Co. - Seattle, WA 1 -800-227-7920 FAX 1 -206-762-5003 Waterman Supply Co., Inc. - Wilmington, CA 1 -800-322-3131 FAX 1 -310-522-1043 Rasmussen Equipment Co. - Belle Chasse, LA 1 -504-392-0442 FAX 1 -504-392-0107 Call for competitive prices and immediate delivery on Smith Berger Fairleads and Deck Sheaves. Also call for: • Pedestal Roller Fairleads • Four Roller Fairleads • Flag Blocks • Chain Stoppers • Towing Pins Stern Rollers • Custom-engineered equipment to your specifications Smith Berger Marine, Inc. 516 S. Chicago Street Seattle, WA 98108 1-888-726-1688 206-764-4650 FAX 206-764-4653 E-mail: sbm@accessone.com BALANCED HEAD FAIRLEADS MODELS MD-610, MC-622 AND MD-665 Circle 258 on Reader Service Card SOI]8SIICOAT» NOISE & VIBRATION CONTROL PRODUCTS For the Marine Industry CONSTRAINED LAYER DAMPING TREATMENT For Thick Metal Plates Reduces Structure-Borne Noise on: Bulkheads, Decks, Hulls, Reduction Gears. Living Quarters, etc. ABSORPTION: Soundfoam FE Fire resistant, lightweight VIBRATION DAMPING: Soundfoil Top Plate DYAD Inner Layer MULTIFUNCTIONAL COMPOSITES: Soundfoam HT w/facing and PB Barrier Bulkhead (baseplate) Nelson Studs See us at IBEX '99 Booth #2014 Call SOUNDCOAT: Global Supplier for OEM Marine Noise & Vibration Control Products Headquarters: One Burt Drive, Deer Park, NY 11729. Phone: 516-242-2200 Ext. 153; Fax: 516-242-2246 West Coast Sales & Manufacturing: 16901 Armstrong Ave., Irvine, CA 92606. Phone: 949-955-9202; Fax: 949-222--0834 Web site: www.soundcoat.com Email: sales@soundcoat.com drop in the price of oil. Little hope of new production cuts emerged from the OPEC meeting at the end of the month and this severely hurt the oil service sector in Oslo mak- ing Offshore the weakest industry last month. The market value of offshore shares on the Main List dropped by as much as NOK 9.2 billion (26.7 percent) in November. Fear of reduced activity in the oil indus- try pushed down the value of shares of household names such as Det Sondenfjeldske, Transocean Offshore, TGS Nopec and Petroleum Geo-Services, whose share values fell between 28 and 36 percent. Northern Offshore share value more than halved dur- ing the month. Among shipping shares the share value of Western Bulk Shipping dropped 37.5 percent and that of Jinhui Shipping and Transportation by 30 percent. The best performing shipping shares, Swan Reefer, jumped 71.4 percent in November. During the month, Ugland International Holdings emerged as a major shareholder. Cruise operator Royal Caribbean Cruises rose 11.4 percent over the month and Team Shipping increased its value by 12.5 percent. Trading activity in shipping and offshore shares on the Main List rose by more than five percent from November 1997 as measured in the number of transactions. However, the fall in share prices this year led to a drop in the value of turnover from NOK 5.1 billion in November 1997 to NOK 4.3 billion last month. November Winners Shipping List Change Swan Reefer SMB +71.4% Team Shipping SMB +12.5% Royal Caribbean Cruises Main +11.4% Wabo Main +9.5% Sloll-Nielsen B Main +6.9% Offshore List Change Awilco B Main +4.2% Awilco A Main -2.4% Solstad Offshore SMB -5.7% Havila Supply SMB -6.5% Siem Industries Main -10.8% November Losers Shipping List Western Bulk Shipping Main Jinhui Shipping and Transp. Main First Olsen Tankers Frontline NCL Holding Offshore Northern Offshore Transocean Offshore ProSafe TGS Nopec Main Main Main List SMB Main Main Main Main Change -37.5% -30% -27.3% -22.4% -20.9% Change -52.7% -35.9% -34.5% -33.9% -31.8% 12 Circle 260 on Reader Service Card Maritime Reporter/Engineering News