P&O Port Business Is Strong

Wednesday, July 18, 2001
Peninsular & Oriental Steam Navigation Company Plc (P&O) said its ports business remained robust during the second quarter despite slower growth in world trade. But analysts said P&O's trading update confirmed its ports division's 10 percent internal growth for the quarter on a year ago was still below the company's target annual rate of 16 percent growth for the 12 months to December 31, 2001. P&O's ferries business found conditions tough in the quarter, raising the prospect that some analysts might trim full-year earnings forecasts on the back of less-than-expected ports growth and deteriorating ferries and container markets. "The ports business is showing some robust growth as they would say, but it's undoubtedly slowing and it's below their targets," UBS Warburg analyst Raymond Maguire told Reuters. "Ferry (business) continues to deteriorate and they are losing market share and the major concern for the interim financial results in September is the deteriorating container market," Maguire said. He said the risk for earnings was on the downside, but he put a floor for the share price at about book value of 230 pence. According to Multex Global Estimates, the median of analysts' full year pre-tax profits forecasts is $342 million. UBS Warburg has pegged its P&O pre-tax profits forecast at about 235 million pounds. - (Reuters)
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

China's Seizure of Japanese Ship has Pre-WWII Roots

It all began with a pre-World War II contract between China's then "ship king" and a Japanese company to lease two Chinese freighters. When the one-year lease was up in 1937,

POLB’s First Woman Commissioner Dies at 93

Louise M. DuVall, the first woman to serve on the Long Beach Board of Harbor Commissioners, died Saturday, April 19. She was 93. She was appointed to two terms on the Harbor Commission,

Brazilian Soybeans Sold to China Bound for US

Two Brazilian soybean cargoes sold by Japan's Marubeni Corp that were initially sold to China have been switched to the United States, according to port and shipping data updated on Tuesday,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Ship Repair Ship Simulators 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: 0.0969 sec (10 req/sec)