P&O Cruise Division Sees Strong Trading, Advances Plans For U.S Listing Next Year

Friday, December 17, 1999
The cruise arm of Peninsula and Oriental Steam Navigation Co. continues to experience excellent trading conditions, with total capacity up 14 percent this year, company officials said. P&O officials said the cruises division was fully booked at yields consistent on a like-for-like basis with last year's high levels. The outlook for the division next year is "highly positive," with capacity seen increasing by 21 percent, booking 70 percent full for the first half, and yields again good. "We are ending the year on a positive note with all of our core divisions performing well," Chairman Lord Sterling said. "We expect to achieve further significant progress in the first half of 2000". In the ports and logistics arm, worldwide container terminal throughput was expected to approach six million teu, up from four million last year and with a further two million increase expected next year. P&O said Anglo-Dutch container shipping company P&O Nedlloyd - its joint venture with Koninklijke Nedloyds - had seen further improvement since the end of the third quarter and it was pressing ahead with its cost reduction program. Last month, P&O Nedlloyd reported third quarter operating profits of $16 million and said its cost-cutting measures would yield annual savings of more than $100 million by end-2000. P&O officials also said most of the company's remaining investment property will be sold in the first half of next year - which is ahead of the company's original timetable. Plans Set For U.S. Listing P&O also said plans were well advanced for its U.S. listing next year. Chairman Lord Sterling said that a listing would be sought in the summer or early autumn, once the group's disposal program had been completed. The group is in the middle of a disposal process with the aim of refocusing the business on its seagoing heritage, with more than $811 million of sales agreed since March. The proceeds from the entire disposal program are expected to reach around $2 billion, and Lord Sterling said the program "would be substantially done by March". Sterling said once the disposal plan was complete, the group will be able to present a more focused company to U.S. investors, who have already shown good interest.
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Two Navy Contracts for GD Bath Iron Works

Included in the latest listing of contracts awarded by the US Department of Defense, Navy, are two contracts with General Dynamics Bath Iron Works, Bath, Maine.

Newport News Shipbuilding's Apprentice School to partner Old Dominion University

The Signing of a memorandum of understanding between the Apprentice School and Old Dominion University (ODU) will take place tomorrow (23rd April) at 3101 Washington Ave.

Viking Welding Delivers Fire/Rescue Boats

Fire Departments in South Carolina and Minnesota have recently accepted delivery of Response FR-28 and FR-31J boats built of welded aluminum by Viking Welding & Fabrication in Kensington, N.

Cruise Ship Trends

Ship as Lifeboat Concept Disputed by ICV

A recent meeting at the National Transportation Safety Board in Washington, D.C. (attended by International Cruise Victims (ICV) Board representatives) discussed

NCL Spotlights Eco-Smart Cruising Program

On Earth Day, Norwegian Cruise Line NCL) celebrated key achievements from the past year that, as a part of its Eco-Smart Cruising program, help preserve the world's oceans.

Cruise Industry Highlights Environmental Efforts

In commemoration of Earth Day, Cruise Lines International Association (CLIA) today highlighted the extensive efforts of the cruise industry and CLIA member lines

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0746 sec (13 req/sec)