The third quarter downturn continued for the Index as stocks lost 14 points, or 1.7 percent. For August, losers topped gainers by more than 2-1.
Leading gainers included K-Sea Transportation Partners, Global Industries, American Electric Power and Textron Inc.
K-Sea gained over 8 percent in August. During the month, coverage was initiated by KeyBanc Capital Markets with a “buy”?rating. New York-based K-Sea is also a new addition to the WorkBoat Composite Index. The company, which operates 34 tank barges and 19 tugs, went public in January, closing at over 15 percent above its $23.50 offering price on the first day of trading.
Global Industries rose 6 percent in August. In early September, the Carlyss, La.-based offshore service company announced it had agreed to sell its liftboat fleet to Mercury Offshore Assets LLC for $53 million.
Losers for the month included offshore service companies Torch Offshore, Trico Marine Services, Seabulk International and Tidewater.