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Dutch Koninklijke Nedlloyd Groep Nv News

07 Jun 2000

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.

17 Aug 2000

P&O Nedlloyd Container Line Ltd

P&O Nedlloyd Container Line Ltd. posted its best-ever second quarter results on Thursday. The group said profits before tax were $28 million, a $60 million improvement on a $32 million loss notched up for the same period last year. P & O Nedlloyd attributed the solid performance, achieved despite high fuel costs, to growing volume and cost savings. Volume during the second quarter was the greatest ever achieved by the group, a 50-50 joint venture between Dutch Koninklijke Nedlloyd Groep NV and Britain's Peninular & Oriental Steam Navigation Co, since it started trading in 1997. P & O Nedlloyd said annualized savings, currently running at around $60 million, would comfortably hit a target of $100 million by the end of this year and $180 million by the end of 2001.