Merrill Lynch "Reduces" P&O's Rating

Monday, August 13, 2001
Merrill Lynch said on Monday it had cut its rating on British shipping and logistics group The Peninsular & Oriental Steam Navigation Company (P&O) to "reduce" from "neutral" in the intermediate term.

Analysts at the investment bank also cut their long-term rating on the stock to "accumulate" from "buy", citing a worsening outlook for the company's container business.

They expected second-quarter results for P&O Nedlloyd (P&O's joint venture with Dutch Koninklijke Nedlloyd Groep), due on Thursday, to be poor for sentiment, they said.

"The tone is unlikely to be encouraging and the risk with forecasts is on the downside," they said.

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

Source: Siemens Offering $6.1 bln for Dresser Rand

Germany's Siemens plans to offer more than $6.1 billion, or $80 per share, for U.S. compressor and turbine maker Dresser-Rand, Germany's Manager Magazin said on Friday.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1590 sec (6 req/sec)