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Danske Bank: Bad quarter for Norwegian shipping

First quarter 2013 showed disappointing developments in almost all segments of Norwegian shipping. Product tank continued its strong performance from the fourth quarter 2012, says Danske Bank.

Photo: Stena Bulk

With product tank as the only exception, the first quarter 2013 was generally weak for Norwegian shipping. The downside can bee seen at, for instance, Frontline and Frontline 2012, which are currently refusing to charter out vessels at loss-making rates, writes Danske Bank Markets in an analysis.

"Frontline looks to be preparing for a share issue, as it has reduced par value on its shares to be able to print new shares. Thus, we believe a USD 200 million share issue at USD 1 per share is around the corner," says the bank, which on this basis reduces its 12 month prognosis for the share to USD 1.03.

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