P&O Ferries make 800 British Workers Redundant

[ianch99]

Originally Posted by papa smurf

The one thing we learned from the EU -bureaucracy

Or in this case, making sure the ship is fit to sail in the world's busiest shipping lane.

[Sephiroth]

Originally Posted by ianch99

Or in this case, making sure the ship is fit to sail in the world's busiest shipping lane.

Have we detained another ferry?

[ianch99]

Looks like the Government have requested extra checks on the new crews:

https://twitter.com/grantshapps/stat...75132948058114

Following my instruction to inspect all P&O vessels prior to entering back into service, the @MCA_Media has detained a ship for being unfit to sail. I will not compromise the safety of these vessels and P&O will not be able to rush inexperienced crew through training.

and so far, the Ferry operating from Larne has failed the checks.

Good work ..

Originally Posted by papa smurf

The one thing we learned from the EU -bureaucracy

Originally Posted by ianch99

Or in this case, making sure the ship is fit to sail in the world's busiest shipping lane.

Namby-pamby tree-hugging Socialist softies stifling striving Capitalism - what’s next, life-jackets & lifeboats?

Political Correctness gorn maaaahhhhd!!!

[1andrew1]

P&O not doing so well in other areas too.

P&O in dispute with pension fund over value of ships guaranteeing debt

Wide discrepancy in valuations between company and trustees for three ferries pledged against £146mn deficit

The Financial Times reported last week that the Pensions Regulator was investigating concerns that P&O, which has the largest proportion of liabilities in the Merchant Navy Ratings Pension Fund, had not paid £146mn owed to the scheme that serves about 100 groups.

P&O has indicated that the entire debt is secured by a guarantee over three of its ships — the Pride of Canterbury, Norbay and European Highlander. But according to people close to the details, P&O’s valuation of two of the ships is 40-70 per cent higher than the pension scheme’s estimates of their valuations.

A valuation of the three ships provided to the Financial Times by independent valuer VesselsValue gave them a total market price of about £45mn.

In April 2021, P&O sold two older but similar ferries, the Pride of Bruges and the Pride of York, for €5mn (£4.2mn) per ship, according to the ferry operator’s financial statements.

P&O owes the largest proportion of the £1.25bn scheme’s overall £96mn deficit, but has not made any voluntary contributions since its acquisition in 2006 by logistics business DP World, majority-owned by the Dubai Sovereign Wealth Fund. However, P&O has paid more than £80mn into the fund, which has 20,000 members, since 2016.

Guarantees are commonly used by pension trustees as a backstop in case an employer is unable to meet its obligations to a scheme.

https://www.ft.com/content/3b00d18d-...b-bac713b685ff

Originally Posted by 1andrew1

P&O not doing so well in other areas too.


https://www.ft.com/content/3b00d18d-...b-bac713b685ff

Yeah … you don’t have to be any kind of maritime expert to know a second-hand passenger ferry isn’t worth £45 million.

[papa smurf]

Originally Posted by Chris

Yeah … you don’t have to be any kind of maritime expert to know a second-hand passenger ferry isn’t worth £45 million.

Have you factored in the good will

[Pierre]

Originally Posted by Chris

Yeah … you don’t have to be any kind of maritime expert to know a second-hand passenger ferry isn’t worth £45 million.

3 ferries. but still over-priced by about 70%

[1andrew1]

I'd like to see how much they're actually insured for.

https://www.bbc.co.uk/news/business-60895833

The boss of P&O Ferries has been given "one final opportunity" to reemploy sacked staff on their previous salaries by Transport Secretary Grant Shapps.

In a letter, Mr Shapps again urged Peter Hebblethwaite to reverse his decision to sack 800 seafarers.

If not, he said the government's plans to make it illegal for ferry firms to pay less than the minimum wage, would likely force him to do so.

[Pierre]

If not, he said the government's plans to make it illegal for ferry firms to pay less than the minimum wage, would likely force him to do so.

or 800 sub-continent & Malayan agency workers will get a massive pay rise.

If they need any kind of licence to operate out of U.K. ports it should be revoked, immediately. Send them under. Administrators will be brought in, and the remains of the operation can be sold as a going concern.

[pip08456]

Originally Posted by Julian

Thanks but needs a subscription

It does not need a subscription. It needs you to whitelist in your adblocker so you get the pop-ups and other advertising.

Still a good reason to avoid it though IMO.

[nffc]

Originally Posted by Chris

Yeah … you don’t have to be any kind of maritime expert to know a second-hand passenger ferry isn’t worth £45 million.

They must have used the same people Mel Morris used to value Pride Park

[papa smurf]

P&O Ferry ADRIFT in the Irish Sea with up to 410 passengers aboard: RNLI launches as ship issues emergency alert saying it is 'not under command' while five miles from Larne - a month after firm replaced 800 UK staff with cheap foreign crews

https://www.dailymail.co.uk/home/index.html

[nomadking]

Originally Posted by Pierre

or 800 sub-continent & Malayan agency workers will get a massive pay rise.

If they need any kind of licence to operate out of U.K. ports it should be revoked, immediately. Send them under. Administrators will be brought in, and the remains of the operation can be sold as a going concern.

And all the other ferry companies that are doing the same? Then what about other shipping?

Then you have the complication as to which country of either side of a route has precedence over the other?
That is why it's covered by International rules.