After big gains in July, the WorkBoat Composite Index settled down in August, gaining just two points. Overall, however, more companies gained ground than lost, with winners topping losers by an 11-7 ratio.
Many of the winners were from the oil service group, led by Trico Marine Services and Global Industries . Coastal barge operators K-Sea Transportation and Martin Midstream Partners were among the big percentage losers.
K-Sea was downgraded in August by UBS and Stifel Nicolaus shortly after the company announced its fiscal fourth-quarter results. During the quarter, K-Sea reported earnings of $21.4 million, compared to earnings of $25.4 million during the same quarter last year.
K-Sea cited the SDLq unprecedented decline in U.S. petroleum product demand SDRq and $4.8 million in charges as key contributors to the disappointing results. – David Krapf