In 9.30-the time Wednesday had the I. M. Skaugen share price rose by 120 per cent for the day.
It comes on top of an increase of over 300 percent on Tuesday.
the Company’s market capitalisation, which was at the relatively modest 60 million Monday afternoon, step thus to around 500 million.
half An hour later the recovery muted slightly, to “only” 50 percent and a market capitalisation of slightly under 400 million.
– It comes from a market value of 50 million, so the company was priced very low. It is very difficult to determine the rates at these companies that have been through a restructuring, ” says Karl Johan Molnes in Norne Securities to E24.
at the same time rises a different shipping stock skyrocketed Wednesday. Just after the clock ten rising Havilah Shipping-stock with 259 percent to 6 million.
Havilah has not reported the news Wednesday.
– We are in a market where the stock goes on nothing. When you have an enormous financial leverage and survive, and then get one or two contracts, the market is very positive, ” says Molnes.
– Here, the former capital evaporated with a 99.5 per cent and there are a lot of new shares in priced to 12.5 cents per share. There is no logic in this climb, ” he says.
Several offshore-related stocks have risen a lot on Wednesday morning. Shares in Farstad Shipping, Archer, Multiclient Geophysical and Oceanteam have all risen more than 10 per cent.
Warns against smørebom
A number of shipping companies have been through restructuring after the oil crisis, where large-scale printing of new shares often has been a part of the solution. Then it is often difficult to know how much they are worth in retrospect.
– We have no recommendation on the Havilah. But we believe this should go well, since oil prices are on the rise and the market shows positive signs, ” says Molnes.
– If it doesn’t happen and you get a smørebom and bakglatte ski, so this may crash down again, ” he says.
Molnes believes higher oil prices and higher posed by oil activity in the U.S. can contribute to growth also in the Norwegian oljenæring forward.
– This is the Trump effect that turn into. He press, and it should be done much in the united STATES. Now investing billions of dollars in pipelines. It will help the oil service business and provide increased profits and activity in the industry. And higher oil prices pulls everything with it up, he says.
We have seen that Anadarko has sold values for 2.3 billion dollars in the Permian Basin, and it is money that they will invest offshore, ” says Molnes.
Fourth most traded
Around the clock 11 is I. M. Skaugen the fifth most traded share on the Oslo stock Exchange, after shares worth 114 million has changed hands in the course of the day. Havilas turnover is more modest, at around 10 million.
Skaugen shares are more traded than giants such as DNB, Marine Harvest and Telenor. The only shares with higher turnover on Wednesday morning, Norsk Hydro, Subsea 7, Statoil and Yara.
The billion that disappeared – vekstbransjen which was the symbol of the oljenedturen
Got lease
Recovery for Skaugen comes after the company after the stock exchange closing on Monday reported a new lease for three multigass-ship.
the Proceeds of the agreement is estimated to be around 42 million dollars a year for ten years.
the Contract is for two ships of respectively 10.000 and 12,000 cubic meters, and support services including the storage and unloading of liquefied natural gas, LNG, for a client.
the Work is part of a konseptfase for the company’s small-scale logistical solution for LNG, called SSLNG, where the ships will be a key component in a “virtual pipeline” to supply the power plants with cleaner and cheaper natural gas.
the Company will deliver LNG from march or april, and the liquefied gas to be run on the truck and regassifiseres in the african gas-fired power stations that are not operational because they lack gas, writes I. M. Skaugen in the message Monday.
Modified gjeldsdatoer
I. M. Skaugen has also had obligasjonseiermøte this week, where forfallsdatoene for the company’s debt was adjusted as part of a refinancing.
the Company has a fleet of 15 vessels transporting gas, with specialization in the distribution of liquefied gases such as LNG, petrochemical gases, ethane and natural gas liquids such as propane and butane.
the Company’s largest shareholder is Eikland AS, led by Morits Skaugen. The same Morits Skaugen is also the ceo of I. M. Skaugen.
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