|Bid||0.00 x 0|
|Ask||286.80 x 0|
|Day's Range||282.80 - 289.20|
|52 Week Range||211.00 - 324.60|
|Beta (3Y Monthly)||0.70|
|PE Ratio (TTM)||10.00|
|Forward Dividend & Yield||4.00 (1.40%)|
|1y Target Est||N/A|
The British government has terminated a contract with Seaborne Freight to provide extra ferries in the event of a no-deal Brexit that would see Britain leave the European Union on March 29 without a transition period to minimise economic disruption. The government's decision to award the 14 million pound contract in December even though Seaborne Freight did not have any ships had been heavily criticised by opposition politicians and others. A Department for Transport spokeswoman said on Saturday the contract was terminated after Seaborne Freight's backer, Irish firm Arklow Shipping, decided to step back from the deal.
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The Labour Party on Monday criticised the government for awarding a 14 million pound contract to a ferry company with no ships to provide backup freight cover in the event of a no-deal Brexit. Labour's transport spokesman, Andy McDonald, Seaborne Freight, said the transport ministry had failed to carry out proper checks on the company. "The Department for Transport’s claim that it carried out due diligence is increasingly incredible given the mounting evidence of a lack of relevant expertise or experience," McDonald said.
The British government has held talks with shipping firms to secure back-up vessels in case Britain exits the European Union with no trade deal but it is unlikely to make progress as most ships are booked for other business, industry sources say. One source told Reuters that, as well as talking to commercial shipping firms, the government was also seeking to put specialist transport ships controlled by Britain's defence ministry on stand-by to keep cross-Channel trade flowing, although those vessels are now involved in operations elsewhere.