SGX’s maritime and offshore index creeps up 1% to 312.88

Recovering crude oil fueled the increase.

The Maritime and Offshore (MOE) Index of SGX inched up 1% to 312.88 from its all-time low of 309.78 Thursday last week as crude oil nipped an upturn of more than 20% from its lows in early August. This is also thanks to OPEC induced production freeze speculations and continued depletion of US crude inventories.

According to SGX, the MOE index measures the performance of 22 publicly listed maritime and offshore companies in Singapore. These companies constitute a total market capitalisation of $26 billion.

Of the 22 constituents, four companies have net cash positions based on their last reported quarterly financials. They are Yangzijiang Shipbuilding (net cash of $1.0 billion), Nordic Group ($5.5 million), Jaya Holdings ($2.3 million) and IEV Holdings ($0.7 million). The total net cash position of these four companies represent approximately one-third of their combined market capitalisation, SGX said.