P&O Announces Steady Results For Stena

Peninsula & Oriental Steam Navigation Company Plc, said its Stena Line had results broadly comparable to year-ago figures, as it released quarterly ferries results. P&O also said carryings on its other ferry routes were broadly in line with the previous year. The group also said its Stena Line had a good year despite the loss of duty-free concession during the second half. The group decided to demerge its cruise operations this month in a bid for a higher market valuation for its ports, ferries and logistics operations. The company said freight rates and carryings for Stena have continued to grow strongly, and though tourist vehicle carryings have declined, rates have strengthened. P&O added that rates improved for its other ferry routes compared to 1998, but not for its Dover to Calais line.