October was the worst month ever for the WorkBoat Composite Index, which lost 18 percent in September. The losses, 344 points or 25.5 percent, topped those of the Dow Jones and S&P 500. Only three of 37 stocks that make up the Index posted gains.
Big losers for the month included Global Industries and U.S. Shipping Partners LP. Global, which provides offshore construction, engineering and support services, was down 63 percent in October. The company posted a $102.8-million loss, or 90 cents a share, in the third quarter. The company posted big losses on projects in Saudi Arabia and Brazil and a reduction in profits in the U.S. Gulf because of hurricane delays.
Shares of U.S. Shipping Partners fell below $1 and the New York Stock Exchange suspended trading in the company on Nov. 6. Its shares are now traded on the OTC-Bulletin Board.
– David Krapf