P&O Sinks On Bearish Cruise Outlook

Friday, June 02, 2000
Shares in British shipping company P&O sank on Friday after the group warned that additional capacity and a competitive U.S. market would hit revenue yields for its cruise sector, which it plans to spin off as a separate company in October.

The group failed to reassure the market with news that its cruising division, P&O Princess, boosted its operating profit by four percent to $60.4 million in the first quarter of 2000. By mid-morning, the company's shares had slid 12 percent.

Analysts said they were preparing to cut profit forecasts, after the Peninsular and Oriental Steam Navigation Co. said its net revenue yields were likely to be lower in 2000 than in 1999. Others said although they would follow suit, the group's underlying business remained strong.


Finance

SUNY Maritime Among 'Best Bang for the Buck' Colleges

SUNY Maritime College has been named one of the best colleges for its price by Washington Monthly.   SUNY Maritime placed in the top 30 schools in the Northeast.

Meyer Turku Continues Shipyard Investments

Meyer Turku shipyard  has further enlarged it’s investment package with a new 75 million euro steel storage and pretreatment facility. This is already a third large

Carriers have Withdrawn Extremely Low Spot Market Freight Rates - Drewry

Drewry’s Global Freight Rate Index, a weighted average of spot container freight rates across all major routes except intra-Asia, swung back in July by 13% to reach $1,403 per 40ft box.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Ship Repair Ship Simulators
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: 0.0860 sec (12 req/sec)