Growth in the popularity of cruising holidays powered a 30 per cent increase in first-half profits to £185 million sterling at shipping combine P&O, which operates a fleet of 10 ferries between Ireland, Great Britain and France.
The group's results reflect the benefits of the board's strategy of concentrating on three "core" businesses - cruises, ports and logistics and ferries.
Chairman Lord Sterling indicated that volumes have continued to grow on the group's Irish Sea ferry activities, justifying the group's decision earlier this year to place orders in Japan for two new ferries costing £33 million each. A new 21,000-tonnes freight and passenger ferry, built by Mitsubishi Heavy Industries, is to be delivered next June, when it will be assigned to the Cairnryan/ Larne service, reducing the ferry journey time by 25 per cent to 105 minutes. She will replace the popular Pride of Rathlin, which will be sold.
A second new 24,500-tonnes freight and passenger ferry, built by the Shimonoseki yard, is expected to enter service on the Dublin/Liverpool route in January 2001. With a service speed of 25 knots, the new ferry will reduce the journey time by more than 20 per cent from eight to six hours. She will replace the European Leader, which will transfer to the Fleetwood/Larne route.
