FT: 2nd worst performer in FTSE 100 this year (44% down on Jan) (now £5.66). Cruising is the big problem. There is continued uncertainty about the demerger of cruises from the rest of the logistics, ports and ferry businesses, announced in Feb.

Divi will be cut from 33p to 30p this year and rebased to 25p.

P&O is less dependent on the lower-margin sun & fun US market. Whether yields will recover depends on whether the cruise lines can keep filling the new space. Prices have only had to be cut a little to fill the boats so far. How much more demand there is - especially if the economy slows - is unknown.