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Peninsular Oriental Steam Navigation Company Plc News

20 Jun 2001

Analysts "Reduce" Recommendation on P&O

Dresdner Kleinwort Wasserstein said on Wednesday it was cutting its recommendation on P&O (Peninsular & Oriental Steam Navigation Company Plc) to reduce from hold and had a price target of 240 pence a share. A research note said a recent visit to P&O Ports discovered that new project start-ups were proceeding apace and underlying volume growth was still healthy, although the market rate had fallen as world trade had slowed. Slower growth should prove challenging to P&O Nedlloyd as container shipping capacity is set to grow 12.5 percent this year and 11 percent next year. "Utilization will come under pressure and freight rates are likely to fall. It is largely a question of the timing and order of magnitude," the note said.

18 Jul 2001

P&O Port Business Is Strong

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…

16 Aug 2001

P&O: Economic Slump To Affect Future Revenues

P&O Nedlloyd said on Thursday that global economic slowdown was expected to affect future revenues, as the container shipping group posted a slight rise in second quarter operating profit. P&O Nedlloyd - a joint venture between Peninsular & Oriental Steam Navigation Company Plc (P&O) and Koninklijke Nedlloyd Groep - said operating profit for the quarter rose to $46 million from $44 million a year ago. Overall volumes rose four percent from last year, but the average revenue rate fell four percent. "Slower growth in world trade and new capacity entering the market are expected to adversely impact future load factors and revenue," the group said in a statement.