2.31%C 7.40 5.37%QQQQ 27.81 2.83%
Digg
Del.icio.us
Newsvine 
Facebook
Stumbleupon
NEW YORK - Shares of oil tanker operators rebounded Wednesday, as the price of crude jumped on concerns surrounding Tropical Storm Gustav and current inventories.
| FRO | 26.55 |  0.03 |
| OSG | 33.84 |  -0.2 |
| NAT | 29.52 | 0.77 |
| TNP | 18.39 | -1.1 |
| SFL | 11.59 | 0.93 |
| GMR | 12.37 | -0.06 |
| TK | 14 | -0.62 |
Light, sweet crude for October delivery rose $2.34 to $118.61 a barrel in morning trading on the New York Mercantile Exchange, after earlier rising as high as $119.63. Analysts said investors grew nervous over Tropical Storm Gustav, which threatened oil refineries along the Gulf Coast from Texas to Louisiana. The storm, which struck Haiti as a hurricane on Tuesday, is expected to strengthen once again.
Also Wednesday, the Energy Department reported an unexpected drop in U.S. crude supplies--a signal that oil prices could remain elevated in the near-term.
Dahlman Rose analyst Omar Notka said that activity for Very Large Crude Carriers (VLCCs) in the Arabian Gulf still remains low, but rates are improving in the region. Eastbound VLCC rates have approximately doubled in the past week.
In early afternoon trading, shares of Frontline Ltd. added $2.82, or 5 percent, to $59.42, while Overseas Shipholding Group Inc. rose $1.76, or 2.6 percent, to $70.33.
Nordic American Tanker Shipping Ltd. gained 81 cents, or 2.4 percent, to $34.40.
Tsakos Energy Navigation Ltd. rose 54 cents to $35.07 and Overseas Shipholding Group Inc. rose $1.69, or 2.5 percent, to $70.26.
Ship Finance International Ltd. rose 44 cents to $28.09, while General Maritime Corp. rose 40 cents to $24.60.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
Baldwin Linguas:
Translations Interpreting Localization:
English French Portuguese Spanish
Get your next web design project done with our los angeles web design team - Best web design with great price.
Building your business and corporate credit for your small business.
Partners   
|
© 2008 The Ibtimes Company. All Rights Reserved. Terms of service | Privacy Policy | Advertising | About Us | Contact Us | Archives
EMAIL
PRINT
RSS
SHARE
