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Thursday, 3 September, 2009, 12:00am

PSA quits pursuit of P&O over steep price

Pullout will allow DP World to seal deal and become No3 terminal operator

PSA International, Singapore's international port investment arm, yesterday bowed out of the billion-dollar bidding war for Peninsular & Oriental Navigation (P&O) leaving Dubai's DP World to complete the deal and create the world's third-biggest terminal operator.

11 Feb 2006 - 12:00am

Return to profits for P&O

P&O Nedlloyd has reported an operating profit of US$16 million for the third quarter of this year, compared with a loss of $18 million for the second quarter.

After interest and other items, the company had a break even result compared with a profit of $7 million for the third quarter last year.

29 Nov 1999 - 12:00am

Repositioning worries ease

P&O Nedlloyd says a first-quarter rise of 14.94 per cent in the number of containers it handled between Europe and Asia has largely relieved its box-repositioning problem.

It said it handled 238,500 20 ft equivalent units (teus) on the east-bound run, compared with 207,500 teus in the year-previous quarter.

17 May 1999 - 12:00am

P&O cleared on ferry safety

Britain's Marine Safety Agency says it has found no substance to 12 complaints received about the safety of a recent sailing from Spain by a P&O ferry.

The agency said it was not unreasonable on safety grounds for the ferry Bilbao to commence a recent voyage between Bilbao and Portsmouth in poor weather conditions which worsened during the passage.

16 Jan 1998 - 12:00am

Operations streamlined

P&O Nedlloyd is to relocate its activities to a new consolidation warehouse at Asia Terminals in Hong Kong from August 1. The move, which will combine operations at two container freight stations, will streamline the firm's consolidation services.

25 Jul 1997 - 12:00am

P&O to fight unfair trading allegations

Peninsular & Oriental Steam Navigation Co says there is no prospect of it paying fines in respect of allegations of unfair trading practices in Florida.

2 Apr 1997 - 12:00am

P&O orders vessels

P&O Nedlloyd says it had ordered five container vessels for a total price of US$220 million.

The ships will be built at Kvaerner Warnow Werft in Rostock-Warnernunde, Germany and will be delivered in 1998 and 1999.

21 Mar 1997 - 12:00am

P&O venture favoured to land Bombay port project

Peninsular & Oriental Steam Navigation Co (P&O) says a joint-venture firm in which it is a partner has been chosen as preferred bidder for a US$200 million port project for the Nava Sheva harbour in Bombay.

It hoped a licence agreement would be signed soon under which it would reclaim the site, then build and operate a container terminal under a 30-year concession.

31 Jan 1997 - 12:00am

P&O in talks on ferries

British transport and construction company P&O has begun preliminary discussions on co-operation with its rivals in the ferry business between England and France to counter the impact of Eurotunnel services.

4 Sep 1996 - 12:00am

India move

P&O (Indian Agencies) Private, part of the P&O Group of Britain, has set up ETS (European Transport Services) in India as part of its logistics division.

P&O will be contracting out the storage and transport of containers to other parties. However, it will maintain responsibility for timely and safe deliveries.

5 Aug 1996 - 12:00am

P&O decides on $5.85b property sell-off programme

Peninsular & Orient Steam Navigation (P&O) has opted for a GBP500 million (about HK$5.85 billion) property sales programme, to be completed by the end of 1998.

However, it has decided against floating its property interests on the London stock market.

22 May 1996 - 12:00am

Anera Pacific run for P&O

British-based P&O Containers will initiate a trans-Pacific service this month as a member of the Asia North America Eastbound Rate Agreement (Anera), bringing the number of Anera member lines to 11. The carrier joined Anera, a rate-making group, on April 26 after entering a global barrier consortium, which includes three other Anera carriers.

3 May 1996 - 12:00am

P&O to rationalise through sales and a flotation

Peninsular and Oriental (P&O), the British shipping, construction and property investment group which owns 25 per cent of Shekou Port and has an interest in Hong Kong's Modern Terminals, is to rationalise its activities.

27 Mar 1996 - 12:00am

P&O may sell fleet to cut debt

PENINSULAR & Oriental Steam Navigation Co plans to sell its bulk fleet worth an estimated GBP200 million (about HK$2.37 billion) to cut its debt and boost its share price, according to London media reports.

The company, which has been seeking buyers for its 14 bulk carriers, may also be looking to sell its fleet of small coastal tankers.

19 Jan 1996 - 12:00am