Displaying items by tag: DP World

19th August 2022

Owner of P&O Ferries Reports Record-Breaking Profits after Mass Sacking

A Dubai-based owner of P&O Ferries has reported record-breaking profits just months after sacking 800 of its UK-based workers without notice .

DP World, which is ultimately owned by the Dubai royal family, said in March that firing 786 P&O seafarers and replacing them with much cheaper agency workers was the only way to ensure the “future viability” of the historic ferry business.

However, on Thursday Sultan Ahmed bin Sulayem, DP World’s chair and chief executive, announced the company had increased its first-half revenues by 60 per cent to $7.9 billion (€7.8bn) and profits had risen by more than 50 per cent to a record $721 million.

“We are delighted to report a record set of first-half results with … attributable earnings [profits] rising 51.8 per cent,” he said in the company’s earning’s statement on Thursday. “Overall the strong first-half performance leaves us well placed to deliver improved full-year results.”

Further coverage The Irish Times has on the seafarers sackings which included those working on the Irish Sea.

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Ferry Owner of P&O from Dubai Say UK Government 'Slow' over Threat to Supply Routes

P&O Ferries have furloughed staff due to Covid-19. They operate on the Irish Sea, the North Channel, Dover-Calais and North Sea services of Hull-Zeebrugge/ Rotterdam. Above AFLOAT's file photo of the Belgium routes Pride of York which is currently laid-up docked in Hull at the port's King George V Dock (as above) while sister Pride of Bruges is reported to lay up soon. (AFLOAT update: ferry now laid-up in Rotterdam). Both ferries previously operated for North Sea Ferries (NSF) along with current Dublin-Liverpool pair Norbank and Norbay (see recent 'Ferry News') still retain their NSF ship name prefix of 'Nor' despite in 1996 when P&O (which already had a stake in NSF) rebranded as P&O North Sea Ferries and is now simply P&O Ferries. NSF's Norsea was renamed Pride of York and sister Norsun became Pride of Bruges.

Dubai based owner of P&O Ferries, reports BBC News, has said the UK government has been "slow" to react to the crisis facing vital supply routes.

The ferry company, which transports 15% of all goods in and out of the UK (incl Ireland), has applied for financial support to see it through the coronavirus lockdown.

The head of Dubai-based DP World told the BBC that P&O needs £257m in aid to avoid collapse and has applied to the UK government for £150m of that.

But Sultan Ahmed bin Sulayem said he has yet to get a response from the UK.

The DP World chairman and chief executive said: "P&O plays a vital role in the UK and thousands of jobs depend on this company. We have to be sure that when this is over we can bounce back and save these jobs.

"We have applied to the UK government to support the company to save the jobs of these people. The government has been slow. We need to safeguard these jobs - a lot of people's lives depends on this company."

As leisure passenger numbers have collapsed, moving freight only between the EU and the UK has become economically unviable. P&O has taken seven ships out of service (among them Pride of York according to the YorkshirePost).

As Afloat has previously reported P&O has also furloughed 1,400 workers, which will see the UK government paying 80% of their wages.

For further reading on the story click here.

In addition Afloat reported on the operator's Dublin-Liverpool ropax freight ferry Norbay which was detained in the UK port over port fees which was resolved recently.

The Norbank along with sister Norbay still retain their 'Nor' prefix named as a legacy of North Sea Ferries which as alluded in the photo caption above became part of the present P&O Ferries connecting the UK with Ireland and continental Europe.

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About the Loughs Agency

The Loughs Agency is a governmental body established under the 1998 Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Ireland. The Agency's goal is to provide sustainable social, economic, and environmental benefits by effectively conserving, managing, promoting, and developing the fisheries and marine resources of the Foyle and Carlingford areas.

The Agency's governing legislation confers several specific functions, including the promotion of development of Lough Foyle and Carlingford Lough for commercial and recreational purposes in respect of marine, fishery, and aquaculture matters. Moreover, the Agency is responsible for managing, conserving, protecting, improving, and developing the inland fisheries of the Foyle and Carlingford areas. Additionally, the Agency has the task of developing and licensing aquaculture, as well as the development of marine tourism.

The Loughs Agency reports to the North South Ministerial Council and its government Sponsor Departments, the Department of Agriculture, Environment and Rural Affairs (DAERA) in Northern Ireland, and the Department of the Environment, Climate, and Communications (DECC) in Ireland. The Departments fund the Agency on an equal basis.

The Loughs Agency's focus on sustainable development is expected to have a positive impact on the economy, environment, and local communities in the Foyle and Carlingford areas. The Agency's efforts to conserve and enhance the region's marine resources, including fisheries and aquaculture, are expected to benefit local communities, promote tourism, and contribute to economic growth.

In conclusion, the Loughs Agency plays a vital role in promoting the sustainable social, economic, and environmental development of the Foyle and Carlingford areas. Its work on marine conservation and development is crucial in ensuring the long-term viability of the region's natural resources and in promoting sustainable economic growth.