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Shares end on a low note

Shares end on a low note
Tanker as well as dry bulk shares fell sharply across the board in New York on Thursday, as a raft of bad results added to market skittishness.

Tanker as well as dry bulk shares fell sharply across the board in New York on Thursday, as a raft of bad results added to market skittishness.

Tanker as well as dry bulk shares fell sharply across the board in New York on Thursday, as a raft of bad results added to market skittishness.

Frontline led the tanker sector sell-off, seeing its New York share price erode by 10.5% to $20.88 towards the close. John Fredriksen"s high-return vehicle has come under scrutiny of late for its return potential over the coming year, and did nothing to assuage these concerns on Thursday by reporting a 74% weaker final quarter net profit of $51.6m.

General Maritime, which unveiled a loss of $11.4m after founder Peter Georgiopoulos pocketed a $30m pay-off, saw its share price slide by 6.4%, to $8.92.

The one-off payment to Mr Georgiopoulos was announced last autumn as part of General Maritime"s acquisition of Arlington Tankers. The $30m was wrapped into General Maritime"s fourth quarter general and administrative expenses, which came in at a whopping $45.6m compared with $11.9m a year ago.

Apparently following in the undertow of such news, Teekay and Overseas Shipholding Group shares also ended Thursday on a low note.

Teekay was down 6.5%, to $15.99, while OSG lost 3.9% of its value to $26.75. Both companies received sedate but glowing report cards from Lazard Capital Markets this week, with target prices of $30 and $60 respectively. Frontline, on the other hand, was given a target price of $16.

Aegean Marine Petroleum, the ship refueller that unveiled record quarterly results on Thursday, could also not avoid a share price sell-off, losing 4.6% of its value to $16.10.

Other tanker sector losers included specialist firm StealthGas, down 6.5% to $5.91, and Nordic American Tanker Shipping, down 3% to $26.29.

In the dry bulk sector, ironically the company that actually had bad news to report on the day ended with its share price up slightly, even as the wider sector suffered a sell-off.

Genco Shipping & Trading, which revealed it had effectively written off a substantial portion of its monetary investment in Oslo-listed Jinhui Shipping & Transportation en route to a $147.8m full-year loss, saw its share price end 2.1% higher, at $11.91.

Across the dry bulk space, however, Eagle Bulk lost 6.9% of its value to $3.94, DryShips was down 6.3% to $3.59, FreeSeas lost 5.8% to trade at $0.81, Navios was down 6.3% to $2.25, OceanFreight was down 10.9% to $1.06, and Paragon Shipping 5.9% down to $3.52.

The Dow Jones Industrial Average, in contrast with the above shipping stocks, was down by 1.2% on the day, to 7,182.08.

www.TurkishMaritime.com.tr

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