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At lunchtime, Oslo Børs is up 0.8 percent to 1,244.52.
North Sea oil is up 0.5 percent, and is trading at $85.43.
– Oil prices have risen 18 per cent since mid-June. Record high demand and Saudi Arabia’s production cuts lead to too low a supply, and the market thus seems to have put aside pessimism about further price developments, writes Goldman Sachs in a note.
Equinor rises 1.3 per cent to NOK 309.85 and Aker BP is up just over 2.5 per cent to NOK 283.80. In addition, the seismic companies PGS and TGS are up by 3.1 per cent and 3.3 per cent respectively.
Shares in focus
Frontline rises 5.6 per cent to NOK 168.74 on Monday. Brokerage Kepler Cheuvreux has, in a sector analysis, raised the price target on the John Fredriksen-dominated tanker Frontline to NOK 271 from NOK 267. The brokerage believes rates will bottom out in the third quarter of this year, supported by a gradual increase in volumes from Saudi Arabia, increased long-distance trade and reduced fleet growth. The rate estimates are adjusted up significantly for the coming years.
Havila Kystruten is up 3.7 percent to 1.03 at lunchtime. On Friday morning, existing shareholders in Havila Kystruten were completely diluted. However, there was good news after the close of the stock market when it was announced that the shipping company had succeeded in refinancing. The company is now the owner of Havila Capella, and owns both of its coastal cruise ships in operation without ties to previous lenders. The settlement enables delivery of the ships Havila Polaris and Havila Pollux.
Standard Supply rises 2.9 percent to NOK 5.66 after an earnings update that showed an operating result before depreciation and amortization (EBITDA) of 5.9 million dollars and time charter revenues (long contracts) of 12.5 million dollars for the second half of the year quarter.
The offshore service company Argeo announced on Friday evening that the repair issue has been completed, and the share rose over 7 percent on Monday. Of a total of 5.5 million new shares in the offer to shareholders who did not participate in the private placement in June, subscription rights for only 2.7 million shares have been exercised. With this, only half of the subscription rights were used in part two of the capital raising.
The renewables company MPC Energy Solutions rises around 1 percent after presenting results for the first half of 2023. The company had a consolidated EBITDA of minus 0.9 million dollars in the first half of the year, compared to minus 1.1 million in the same period the year before. This appears from the company’s quarterly report on Monday.
Other movements
Hafnia rises 5.58 per cent, Vår Energi is up 3.7 per cent, Borr Drilling is up 3.8 per cent and Stolt-Nielsen is up 3.5 per cent.
2023-07-31 10:28:47
#Fredriksenrederi #pants #analysis
