Business, Feature, Freight News, Sea

P&O Ferries back in the DP World fold

[ February 21, 2019   //   ]

Port operating and shipping company DP World has bought back the holding company of P&O Ferries and P&O Ferrymasters for £322m, a decade after selling it to state holding company Dubai World. DP World originally acquired P&O Ferries in 2006 as part of the sell-off and break of the P&O containers, cruise and ferries business but at the height of the global financial crisis sold it to Dubai World, which is also a major shareholder in DP World.
P&O Ferries operates a fleet of 21 vessels on the Dover-Calais, Tilbury-Zeebrugge, North Sea and Irish Sea while P&O Ferrymasters handles over 2.5 million intermodal freight units per year in 19 European locations.
DP World group chairman and chief executive, Sultan Ahmed Bin Sulayem, said: “P&O Ferries is a strong, recognisable brand and adds a best-in-class integrated logistics provider into our global portfolio. Importantly, P&O Ferries provides efficient European freight connectivity building on last year’s acquisition of Unifeeder. This transaction is in line with our strategy to grow in complementary sectors, strengthen our product offering and play a wider role in the global supply chain as a trade enabler.”