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.

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

Bulk Carrier Trends

Third Strike, Mansour Is Out

The M/V "MANSOUR M" with IMO number 7600586 has been banned for the 3rd time after subsequent detentions after the second refusal of access order in the Paris MoU region.

MacGregor Deck Equipment for Intership's Eco-bulkers

MacGregor, part of Cargotec, has secured a deck equipment contract from New Times Shipyard in China for Intership Navigation Co Ltd.'s three new 36,500 dwt laker-class bulk carriers.

Fednav Celebrates Anniversary Trio in Cleveland

Fednav Limited held a reception on board one of its vessels, the Federal Mayumi, at the Port of Cleveland yesterday to celebrate a trio of anniversaries: the 70th

Finance

Asia VLCC Rates Could Could Climb Even More

Owners see rates climb by nearly $22,000 per day; Rates could peak as more tonnage comes free. Rates for very large crude carriers (VLCCs) on key Asian routes

New Players in Singapore Markets in OW's Absence

The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share

Asian Airlines Pause Before Hedging on Fuel

Oil fell to four-year low of $72 on Thursday; Airlines hope the price will slip below $70 a barrel. Airlines in Asia-Pacific are holding off from hedging their

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Salvage 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: 0.1053 sec (10 req/sec)