The ferry operator, which spends £4m in the UK, is looking for an agency to work across several markets including the UK, Germany and the Netherlands.
P&O's pan-European media account is handled by the full-service agency Link ICA, which also handles creative work for the ferry operator. P&O's creative account is not being reviewed.
Pitches for the account take place this week, with Link expected to pitch against several non-roster agencies.
The media review follows the news that P&O is considering job cuts after recording losses of £25m for the first six months of 2004 in the face of competition from the Channel Tunnel and low-cost airlines. A spokesman for Link said: "P&O is reviewing everything it is doing. This is part of that process."
P&O consolidated its creative account into Link two years ago. Miles Calcraft Briginshaw Duffy and Starcom Motive handle the £11m creative and media briefs for P&O Cruises. P&O Cruises is a separate company.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the Forum here.