{"id":82395,"date":"2024-11-14T00:00:00","date_gmt":"2024-11-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/11\/14\/dp-world-extends-gbp-365-mn-in-loans-to-subsidiary-po-ferries\/"},"modified":"2024-11-14T00:00:00","modified_gmt":"2024-11-14T00:00:00","slug":"dp-world-extends-gbp-365-mn-in-loans-to-subsidiary-po-ferries","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/11\/14\/dp-world-extends-gbp-365-mn-in-loans-to-subsidiary-po-ferries\/","title":{"rendered":"DP World extends GBP 365 mn in loans to subsidiary P&O Ferries"},"content":{"rendered":"

P&O Ferries lands multi-mn loans from DP World amid financial and <\/strong>political <\/strong>strain: <\/strong>Port operator DP World has extended a series of loans worth GBP 365 mn to subsidiary P&O Ferries since 2022, the Financial Times<\/a> reports, citing filings it has seen. The loans were handed out after the subsidiary incurred GBP 249 mn in losses due to breaches on external debt clauses and contention over the firing of 800 shipping workers. It has since repaid the debt. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

Refresher: <\/strong>DP World initially took over the formerly London-listed P&O in 2006<\/a> for GBP 3.3 bn, 70% above market value. Soon after, DP World offloaded the ferry operator to state-owned Dubai World, before buying P&O back<\/a> in 2019 for GBP 322 mn. <\/p>\n

The restructuring and ensuing losses saw the British shipping firm turn to DP World<\/strong>, its sole shareholder, for a series of loans in 2022, the latest of which was a \u201ctemporary\u201d loan of GBP 76.9 mn in April, set to be paid off with the money P&O will get from the sale of its ferry, the Spirit of Britain. Built at a cost of GBP 157 mn<\/a>, the ship was sold in May<\/a> for EUR 89.4 mn to Irish Continental Group by DP World France SAS<\/a>, the port operator\u2019s French subsidiary, which had previously owned the ferry.<\/p>\n

The French DP subsidiary stepped in to help support P&O\u2019s balance sheet: <\/strong>In 2022, the French DP World subsidiary took over P&O\u2019s financing obligations for ships under construction, which were then leased back to P&O under charter agreements. <\/p>\n","protected":false},"excerpt":{"rendered":"

The company had incurred GBP 249 mn in losses<\/p>\n","protected":false},"author":1,"featured_media":82396,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[166],"tags":[165,23,435],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-dp-world","tag-po-ferries","wpautop","entry"],"acf":{"mongo_id":"3dbd11dd-0bad-4c5a-829b-8cf986e71bde","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/1331.jpg","photo_position":"above","homepage_title":"","full_issue_title":"DP World extends GBP 365 mn in loans to subsidiary P&O Ferries","related_issue":[82384],"teaser":"The company had incurred GBP 249 mn in losses","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.151daf7b-0df7-4ced-9711-c201cce7f33a.mp3"},"yoast_head":"\nDP World extends GBP 365 mn in loans to subsidiary P&O Ferries - 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