Are P&O in danger of going Broke

[Adawn47]

17 hours ago, jh1809 said:

I think you're right, but that is what the newspaper article said. Hopefully the rest of it is more accurate!

Newspapers love sensationalism whether it's the tabloids or broadsheets. Whatever sells. I, personally, take no notice of their "information" which is usually misinformation. It's all about another person's perspective of any given information. 

Avril 

[Adawn47]

19 hours ago, SHIPS CANARY said:

Reading the latest E-MAIL from P&O and reading the latest information on the ABTA site. We will not be seeing any refunds so P&O are in serious trouble and will go into a convenient administration.   

A perfect example. Email from P&O, a fact. Information from ABTA site ,a fact. The final sentence,  conjecture by Ships canary .

Avril 

[Britboys]

3 hours ago, SHIPS CANARY said:

If P&O have no problems with staying solvent (as many people on this forum are claiming) and changes to ABTA are not needed for P&O only other travel company's and air lines.Why hasn't P&O canceled April's cruises and offered full refund or fcc. The fact that they have thousands of passengers to deal with i find a poor excuse, should there be thousands of passengers looking to book cruises (as there may be when this is over) will they turn them away. 

As I have just mentioned on another thread, P&O seem to be addressing the situation in the same way as 13 other major cruise lines.  Maybe they are all taking their lead from CLIA?

[daiB]

3 hours ago, SHIPS CANARY said:

If P&O have no problems with staying solvent (as many people on this forum are claiming) and changes to ABTA are not needed for P&O only other travel company's and air lines.Why hasn't P&O canceled April's cruises and offered full refund or fcc. The fact that they have thousands of passengers to deal with i find a poor excuse, should there be thousands of passengers looking to book cruises (as there may be when this is over) will they turn them away. 

The 30 day or one month cancellation policy seems standard for the U.K. I have seen it in relationship to other travel companies/hotel chains (like Warner’s). The only one I have seen with longer lead times is Princess and of course the were the first to cancel. But of course they had specific problems.

[kruzseeka]

Just seen this article.  Obviously written from a vested interest and not representative of the sentiments of the cruising community!  It does however make interesting reading highlighting issues I, for one, did not appreciate.  Like many others here, I hope the industry and P&O in particular weather the storm but it's a much more complicated picture than I imagined.   (If the details are factual - they read as though they are, but who knows these days?)

 

 

https://www.theverge.com/platform/amp/2020/3/23/21187076/cruise-line-industry-bailout-trump-coronavirus-us-companies-tax

Edited March 24, 2020 by kruzseeka

[terrierjohn]

23 minutes ago, kruzseeka said:

Just seen this article.  Obviously written from a vested interest and not representative of the sentiments of the cruising community!  It does however make interesting reading highlighting issues I, for one, did not appreciate.  Like many others here, I hope the industry and P&O in particular weather the storm but it's a much more complicated picture than I imagined.   (If the details are factual - they read as though they are, but who knows these days?)

 

 

https://www.theverge.com/platform/amp/2020/3/23/21187076/cruise-line-industry-bailout-trump-coronavirus-us-companies-tax

There are lots of  comments about The Verge which are not very complimentary, and from reading a bit of the article it clearly has an agenda to badmouth the cruise industry.   Just possibly because Trump seems to support it, at least for today.

[kruzseeka]

1 hour ago, terrierjohn said:

There are lots of  comments about The Verge which are not very complimentary, and from reading a bit of the article it clearly has an agenda to badmouth the cruise industry.   Just possibly because Trump seems to support it, at least for today.

 

I thought that was the case.   But I did find the info about where the companies were registered and the implications quite interesting though.

[terrierjohn]

1 hour ago, kruzseeka said:

 

I thought that was the case.   But I did find the info about where the companies were registered and the implications quite interesting though.

Their ships may be registered outside the US, but the company is listed on the NYSE, I have no idea whether it pays its fair share of taxes, but that's for US IRS to sort out and ensure it does.

[wowzz]

1 minute ago, terrierjohn said:

Their ships may be registered outside the US, but the company is listed on the NYSE, I have no idea whether it pays its fair share of taxes, but that's for US IRS to sort out and ensure it does.

As the company is also registered on the UK stock exchange as well ( which is very unusual ) I would presume that it should also pay UK taxes, although I suspect I may be being a little naive !

[crompton21]

43 minutes ago, wowzz said:

As the company is also registered on the UK stock exchange as well ( which is very unusual ) I would presume that it should also pay UK taxes, although I suspect I may be being a little naive !

UK and Australian Income Tax
Cunard, P&O Cruises (UK) and P&O Cruises (Australia) are divisions of Carnival plc and have elected to enter the UK tonnage tax under a rolling ten-year term and, accordingly, reapply every year. Companies to which the tonnage tax regime applies pay corporation taxes on profits calculated by reference to the net tonnage of qualifying ships. UK corporation tax is not chargeable under the normal UK tax rules on these brands' relevant shipping income. Relevant shipping income includes income from the operation of qualifying ships and from shipping related activities.
 

The above is from Carnival’s accounts presentation.  Similar words apply to the U.S.A taxation situation.  Overall they paid tax of about 2% of their profits....so, no they don’t really pay tax in the U.K or the U.S.A or in Europe.