P & O ferries
- Thread starter Raywood
- Start date
As they have taken £258 from me for a service they cannot provide as I am prohibited from travelling, I will not cry to much if they go under
- Nov 11, 2009
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Have you been offered the chance of future rebooking if you are close to your travel date? The website says you can amend your travel dates FOC but like Eurotunnel ferries are still required to operate as a key service. Therefore the T&C on refunding fares would not be applicable. Any joy from your travel insurance?
- Mar 17, 2020
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No, no travel insurance cover. As I suffer from several different afflictions, travel insurance for a months holiday is not available.
- Mar 17, 2020
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At least I'm still alive to moan about it, sadly there are so many families much worse off than me. Please stay at home this weekend and stay safe.
I can't go out of the house until at least the 18th of June.
I can't go out of the house until at least the 18th of June.
- Mar 17, 2020
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When my wife and I stood at the end of the drive clapping last night our neighbour was also doing the same (As were the whole street!).
His wife was not with him.
I knew she has chronic chest/breathing issues but was astonished to learn she is not supposed to even go into the garden at the moment. The husband, maybe jokingly but it didn't sound like it, told me of someone who is advised not to open a window!
Although we are fortunate not to suffer from problems, other than age, that might complicate things should we be exposed to covid-19, apart from a necessary shopping trip for one of us we will maintain our strict social distancing as now.
Let's hope whatever slight ray of light we currently hear about is not extinguished by a few thoughtless individuals treating Easter as they normally would.
- Nov 11, 2009
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Actually P&O Ferries which are a separate UK registered company to other P&O entities only made £28 m profit in 2017 which for a return on capital isn't that great. The Channel routes are the ones that bring profit their other routes are not very profitable, or even loss making. Profits are not only used to pay dividends to the shareholders. pension funds, or owners who have risked investing their money into the enterprise but profits also go towards funding pension schemes and help in securing lower interest loans for new assets.
PO Ferries are an interesting one though as they are owned by Dubais Sovereign Wealth fund, but provide a valuable service today in moving goods across the Channel which benefits both UK and Europe. They are loosing £250000 per day at present so would quite rapidly come to a point where they (by law) may have to take action. I suspect the fall back may be to reduce services and mothball ships or part HMG ownership.
Companies are not getting bailouts from HMG. They have to apply for loans from the banks which are underpinned by HMG in the case of default. Even a laboratory in Cambridge wanting to convert some equipment for Covid 19 testing has had to apply for a bank loan, which they will repay when they are paid for carrying out testing. Where HMG funds are being used is where workers are furloughed and even this is capped at 80% with a top cap too. But without such HMG support the economic and social consequences on many workers and their families would bring even greater hardship in these difficult times.
PO Ferries are an interesting one though as they are owned by Dubais Sovereign Wealth fund, but provide a valuable service today in moving goods across the Channel which benefits both UK and Europe. They are loosing £250000 per day at present so would quite rapidly come to a point where they (by law) may have to take action. I suspect the fall back may be to reduce services and mothball ships or part HMG ownership.
Companies are not getting bailouts from HMG. They have to apply for loans from the banks which are underpinned by HMG in the case of default. Even a laboratory in Cambridge wanting to convert some equipment for Covid 19 testing has had to apply for a bank loan, which they will repay when they are paid for carrying out testing. Where HMG funds are being used is where workers are furloughed and even this is capped at 80% with a top cap too. But without such HMG support the economic and social consequences on many workers and their families would bring even greater hardship in these difficult times.
Phone them. They will re-scedule for up to a year from the sailing date. Their web-site has all the details.
- Nov 11, 2009
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At my age and in my state of poor health, a re-scheduling next years seems a very long way off at the moment.
As I have used P&O ferries for some 15 years perhaps a little appreciation of customer loyalty would not be amiss.
Never say never. At 84 with poor sight I'm still trying to get some acknowledgement from another ferry company that a credit voucher for another tri in the future may be of interest only to my executors. No reply, but at least they have increased the validity from one year to two, Just hope i'm aboe to take advantage of it.
- Mar 14, 2005
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Maybe P&O are just trying to get a Government handout. OK - they are not carrying any passengers but there's probably no let-up in their freight business. I see their ferry The Spirit of Britain has made 16 crossings between Dover and Calais since this morning.
- Nov 11, 2009
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The channel crossings are the ones that make PO profitable. But their other lines tend to run at a loss or marginal profit. When you look at their financial reports profit on assets is not high. The lack of passengers and private vehicles will be missed. The ship may have made 16 crossings but you don’t know what it’s overall utilisation is on each sailing.
- Nov 11, 2009
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Well as with other companies they can apply for a loan via the banks and it’s 80% underwritten by HMG. Intends to be the press that refers to them as “handouts”. As I mentioned in an above post they could even become part nationalised as an option too. But I guess DFDS/Stena might object.
- Mar 14, 2005
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Of course I don't know how full the ship was but since its sister ship, the Pride of France has also done 21 crossings in the past 24 hours, it would seem to me there's no shortage of goods vehicles.
Of course I don't know how full the ship was but since its sister ship, the Pride of France has also done 21 crossings in the past 24 hours, it would seem to me there's no shortage of goods vehicles.
- Nov 11, 2009
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The frequency of sailings shows how PO are trying to keep utilisation up, but they have laid up a number if ships and stood the crews down to save costs. 1100 workers have been laid off. But even a laid up ship requires a skeleton crew and incurs harbour costs, insurance etc. So the frequency of sailings Dover -Calais isn’t a good indicator of the company’s financial position. The first reports that PO were seeking £150m came out on 4 April and discussions have been ongoing. But of course freight traffic is still moving between Europe and U.K. in both directions. In a nearby industrial estate each evening the lorries from various European countries are parked up with their drivers resting, so traffic is still moving across the channel but the overall level is down.
- Nov 11, 2009
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The framework of businesses is intensely complex in these “ globalised” times. PO Ferries were acquired by DP World a year ago for £322m. They then invested considerably in new vessels. DP World estimate that they require £257m to keep PO Ferries afloat of which they are asking U.K. to provide £150m. So some £157m is being contributed by DP World. Listed companies like DP World cannot just move cash around between the various separate entities that they own, it’s illegal under company law, and changes to the payments of profit dividends may also require shareholder agreement to be legal.
PO are already receiving furlough payments for the now 1400 laid off staff and have also received some support from HMG to keep essential supplies flowing. But how this one will map out is anyone’s guess.
PO are already receiving furlough payments for the now 1400 laid off staff and have also received some support from HMG to keep essential supplies flowing. But how this one will map out is anyone’s guess.
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