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P8c,0 considers merger
Page 9
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with rival ferry firms
• Ferry and logistics operator MO has hinted at a possible merger with its rivals in the ferry market in the wake of the trading statement it released last week.
The statement showed a 2% fall in the volume of freight carried on its ships, while on the logistics side P&O Trans European showed a "slight" increase in volumes. However, new business prospects were positive: "Moving forward we anticipate a growth of 10% for 2002," says a spokesman.
But he adds: "The ferry industry as a whole needs to be rationalised. We are expecting to see mergers and acquisitions and MO is looking to be part of that consolidation, through mergers or joint ventures."
On the Irish Sea MO's business grew by 10%, but its North Sea routes suffered due to increased competition.
MO Stem Line's traffic changed very little over 2000's figures. Its fourth-quarter freight volume fell by 5,000 units; the full-year figure rose by 1,000 units, to 1,112,000.
The total short sea freight market demonstrated a 9% growth for the year, with the current quarter rising by 5%.