WorkBoat stocks gained 8% in June

The Standard & Poors 500 had its best June since 1955, and the Dow Jones posted its largest June percentage gain since 1938.

WorkBoat stocks also did well. The WorkBoat Composite Index gained 159 points, or about 8.3%. Winners topped losers by a 9-1 ratio.

Almost half of all composite index components posted double-digit increases.

Gulf Island Fabrication was one of only three composite issues that lost ground in June. The Houston-based fabricator of complex steel structures, modules and marine vessels saw its stock value fall over 11%.

In the company’s first-quarter conference call in May, Kirk Meche, president and CEO, was optimistic. “With the addition of the OSU (Oregon State University research vessels) and Navy T­-ATS options, we have one of the largest backlogs in our company’s history,” he said. “Further, our backlog at quarter end and these executed options after quarter end reflect our ongoing efforts to diversify outside of our traditional reliance on the oil and gas sector. Approximately 90% of our backlog is outside of the oil and gas sector.

“Having said this, we are continuing to see significant opportunities for onshore fabrication in the industrial sector as well as traditional oil and gas maintenance and repair. We are also beginning to see increased engineering activity associated with the Gulf of Mexico.”

About the author

David Krapf

David Krapf has been editor of WorkBoat, the nation’s leading trade magazine for the inland and coastal waterways industry, since 1999. He is responsible for overseeing the editorial direction of the publication. Krapf has been in the publishing industry since 1987, beginning as a reporter and editor with daily and weekly newspapers in the Houston area. He also was the editor of a transportation industry daily in New Orleans before joining WorkBoat as a contributing editor in 1992. He has been covering the transportation industry since 1989, and has a degree in business administration from the State University of New York at Oswego, and also studied journalism at the University of Houston.

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