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.

The firm did not confirm the report, though a spokesman said the company was looking for ways to cut costs and improve share value. Bloomberg