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P14,0 freight volumes slump
Page 9
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I P&O Stena Line is blaming increased competition for an 8% slump in freight volumes during the first half of this year.
The company carried 44,0110 fewer freight units on the Dover-Calais and Oover-Zeebrugge routes compared with the same period last year. This was despite a general 5% growth in the short sea freight market.
Apart from its tough stand on rates, P&O blames the slump on SeaFrance increasing capacity by a third on the DoverCalais service and all% increase in rapacity by Norfolk Line on the Dover-Dunkirk route. PAD also says that trading by its contract logistics' subsidiary P&.0 Trans European has been slow.
David lmisson, communications director, denies that high profile disputes earlier this year with drivers working on the Shell fuel delivery contract and in the spot and affreightment division had a significant impact on the results.
He says plans to sell the subsidiary are still on track. "Because of the size of the business, the sale is inevitably going to take sometime."