P&O Nedlloyd To Buy Farrell Lines
It is reported that P&O Nedlloyd reached an agreement to buy U.S. Farrell Lines Inc for an undisclosed sum. No timing was set for the purchase, which is subject to approval by the U.S. Maritime Administration and other agencies. Farrell is a privately-owned U.S. shipping company based in New York City which employs 165 staff. It operates five U.S. flagged container ships in a service between the U.S. East Coast and the Mediterranean. Farrell's services will be upgraded to enable it to link with P&O Nedlloyd's global network to operate weekly service to a number of eastern Mediterranean ports. P&O Nedlloyd is a 50-50 joint venture held by Dutch Koninklijke Nedlloyd Groep NV and Britain's P&O.