The WorkBoat Composite Index posted one of its best months ever in July, jumping almost 150 points. The 17 percent increase topped the Dow, S&P and Philadelphia Oil Service Sector Index by wide margins.
For the month, winners topped losers by a ratio of 6-1. Suppliers and operators were among the big percentage gainers. Engine manufacturers all posted healthy gains in July, helped by increased demand for engines, especially overseas. Cummins was up over $10 for the month on news its second-quarter profit rose 72 percent compared to a year earlier.
Oil-service issues also fared well. With commodity prices continuing to rise, rig and boat operators enjoyed healthy gains in July. Superior Energy, Hornbeck Offshore, GlobalSantaFe, Global Industries, Ensco International, and Cal Dive all posted double-digit percentage increases for the month.
Inland operator Kirby also rose in July after reporting record results in the second quarter. — David Krapf