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

Finance

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

BP Faces Heavy Hit from Former Prized Asset Rosneft

BP faces a first and heavy loss from its stake in Russia's Rosneft due to plummeting oil prices and a crumbling rouble, potentially forcing it to write down the value of its once-prized asset.

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

 
 
Maritime Contracts Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1194 sec (8 req/sec)