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Peninsular Oriental Steam Navigation Co News

22 Jun 1999

P&O Expands Fleet of Cruise Ships

Peninsular & Oriental Steam Navigation Co., the world's third largest cruise company, reportedly ordered five more ships at a cost of $2 billion to meet the surge in popularity for sea cruises.

31 Mar 2000

P&O, Carnival Shares Begin Recovery

Shares in shipping operator Peninsular & Oriental Steam Navigation Co. moved to full speed ahead March 23, tracking a recovery course by U.S. cruise giant Carnival Corp., analysts said. P&O shares, which slid from $16.47 at the beginning of the year to touch a low of 586 pence on March 17, were among the strongest performers in the FTSE 100, up 48-1/2 pence or eight percent at 648p.. More than 3.2 million shares traded by this time. P&O shares have underperformed the FTSE 100 index by as much as 38 percent on the year, but that pales to insignificance when placed alongside Carnival's share slump. The world's largest cruise operator is down 50 percent against the S&P 500 index on the year, having sunk to an 18-month low of $21-3/16 on March 17.

26 Jun 2000

P&O To Delay ABS Stock Floatation

Peninsular & Oriental Steam Navigation Co. is indefinitely postponing the planned flotation of its Associated Bulk Carriers (ABC) unit because of stock market conditions. Shares in the business would have been listed on the Oslo Stock Exchange in an initial public offering next month, valuing it at around $187.9 million. But the group said in a statement it had decided not to go ahead with the flotation for the time being, because of market conditions in Oslo. he decision reversed P&O's plans to bring the float forward on the back of a recovery of the bulk shipping market, which has been depressed over past two to three years. ABC is one of the world's largest independently owned operators of Capesize bulk carriers and has a fleet of 22 dry cargo vessels ranging in size from 110…

16 Aug 2000

P&O Surges On Positive Report

Shares in Peninsular & Oriental Steam Navigation Co. surged five percent on Wednesday as a positive newspaper report on the shipping sector highlighted better prospects for the firm. The stock was buoyed by a front page article in the Financial Times saying shipping rates had hit 30-year highs on the back of expanding world trade, rising oil demand and the withdrawal of substandard vessels because of safety fears.

01 Nov 2000

P&O In Deal To Operate NY/NJ Terminal

UK shipping firm Peninsular & Oriental Steam Navigation Co on Wednesday said it had joined forces with its 50 percent owned P&O Nedlloyd to operate the New York/New Jersey terminal on a 30-year lease. The first phase of development at the Port Newark container terminal in New Jersey, across the water from New York City, which is the largest port on the North American east coast, would cost $150 million. The development program is scheduled to begin in December and be substantially completed by end-2001.

14 Feb 2006

Dubai Finishes Buying P&O

Reports indicate that Dubai Ports World, a state-owned international port operator, cleared its last major hurdle yesterday in acquiring a British company that helps run several U.S. terminals the companies said yesterday. The acquisition of Peninsular & Oriental Steam Navigation Co., whose shareholders agreed yesterday to accept Dubai Ports World's offer of 3.9 billion pounds, or $6.8 billion, in cash, would create the world's third-largest port operator, with 51 terminals in 30 countries. It will also give the aggressive Dubai a larger foothold in the booming trade between Asia and the United States. P&O officials have said they expect the company to be run separately out of London and do not expect changes in U.S.

28 Nov 2005

P&O, DPW Close to Deal

Peninsular & Oriental Steam Navigation Co (P&O) is close to recommending a more than $3B offer from Dubai Ports World (DPW), according to press reports. The Weekend Financial Times, which claimed DPW offered 430 pence for the British ports and ferries group, said the size of the liability in P&O's pension fund needs to be agreed before the board can recommend the offer. The Business however said the recommendation could come as early as Tuesday. Neither paper cited sources. A spokesperson for the company declined to comment. Source: Forbes

14 Jun 2006

Goldman Agrees to Buy AB Ports for $4.6b

Bloomberg reports that Goldman Sachs Group Inc. and its bidding partners agreed to buy Associated British Ports Holdings Plc., after raising their offer to $4.6b. Goldman is buying the port operator with the government of Singapore and a Canadian pension fund. The group's first bid was 730 pence a share in March. The sale of London-based Associated British Ports is the third takeover of a British harbor owner in the past six months as an increase in world trade and expectations of steady earnings attract investors. DP World, which is owned by the government of Dubai, United Arab Emirates, in March bought Peninsular & Oriental Steam Navigation Co. for $6.8 billion after agreeing to sell U.S. operations to overcome opposition from Congress.

06 Mar 2003

P&O profit Drops; 2003 Outlook is Brighter

Peninsular & Oriental Steam Navigation Co. (P&O) reported a big drop in profits, but forecast a "significantly improved" 2003, according to wire reports. Pre-tax profits before exceptional charges fell 94 percent $14.7 million in 2002, but was a big exceptional loss that caused the company to post a net loss of nearly $250 million (179.9 million pounds).

14 Oct 1999

Princess Cruise Business Is Strong

Peninsular & Oriental Steam Navigation Co. said its Princess Cruises business performed strongly in the third quarter with occupancy reaching 103.8 percent from 101.7 percent a year earlier. P&O Cruises (U.K.) had occupancy of 99.7 percent against 99.9 percent. Princess yields for the year to date were in line on a like-for-like basis with last year despite a 24.4 percent increase in capacity, it added. P&O said demand for cruises -- which account for some 40 percent of group operating profit -- remained high with Princess bookings for 2000 particularly strong in the Caribbean and Alaska. P&O Cruises (U.K.) bookings for 2000 were also progressing well with yields in line. Princess Cruises includes nine ships operated from the U.S. and one in Australia.

03 Sep 1999

Stena Reports Losses After Abolition of Duty-Free Sales, Remains Optimistic

The chief executive of Swedish ferry operator Stena Line AB shrugged off fears of losing sea travelers as fares rise and more bridges and tunnels are built, saying that he was still optimistic about the future. With the loss of duty-free sales in Europe since July 1, Stena has already seen a drop in on-board retailing and slashed 660 jobs. To add to its woes, a bridge connecting Sweden and Denmark is being built, reducing a potential market for Stena. "We've taken a lot of the pain already to adjust to the abolition of duty-free," said Stena CEO Bo Severed. "I'm not satisfied with the results level, and we need to improve on that. ... Stena Line posted a pre-tax loss of $27.9 million for the first six months of 1999 versus a loss of $63.5 million in the 1998 period.

15 Oct 1999

Princess Cruise Business Is Strong

Peninsular & Oriental Steam Navigation Co. said its Princess Cruises business performed strongly in the third quarter with occupancy reaching 103.8 percent from 101.7 percent a year earlier. P&O Cruises (U.K.) had occupancy of 99.7 percent against 99.9 percent. Princess yields for the year to date were in line on a like-for-like basis with last year despite a 24.4 percent increase in capacity, it added. P&O said demand for cruises -- which account for some 40 percent of group operating profit -- remained high with Princess bookings for 2000 particularly strong in the Caribbean and Alaska. P&O Cruises (U.K.) bookings for 2000 were also progressing well with yields in line. Princess Cruises includes nine ships operated from the U.S. and one in Australia.

17 Mar 2000

P&O Reports Profits Are Flying High

Peninsular & Oriental Steam Navigation Co. posted full-year profits ahead of expectations last week, and said the recently announced demerger of its cruises division would be completed in October. The results, which included an attempt to reassure investors that the company was not facing pricing pressures in its Princess cruise unit, initially pleased investors, perking up the shares six percent. But lingering concerns over possible discounting and worries that P&O is not hedged against rising fuel costs set in after analysts met company executives and the stock made a u-turn. The markets have been worried about price pressures in the…

24 Mar 2000

P&O, Carnival Shares Begin Recovery

Shares in shipping operator Peninsular & Oriental Steam Navigation Co. moved to full speed ahead on Thursday, tracking a recovery course by U.S. cruise giant Carnival Corp., analysts said. P&O shares have underperformed the FTSE 100 index by as much as 38 percent on the year, but that pales to insignificance when placed alongside Carnival's share slump. The world's largest cruise operator is down 50 percent against the S&P 500 index on the year, having sunk to an 18-month low of $21-3/16 on March 17. The company set sail in 2000 valued at over $46. However, Carnival shares have rallied from the deep over the last three sessions to post an overnight close in New York of $24-3/16. P&O shares have charted a similar course.

16 Mar 2000

P&O Profits Flying High

Peninsular & Oriental Steam Navigation Co. posted full-year profits ahead of expectations last week, and said the recently announced demerger of its cruises division would be completed in October. The results, which included an attempt to reassure investors that the company was not facing pricing pressures in its Princess cruise unit, initially pleased investors, perking up the shares six percent. But lingering concerns over possible discounting and worries that P&O is not hedged against rising fuel costs set in after analysts met company executives and the stock made a u-turn. The markets have been worried about price pressures in the…