Stena feels the effect of keen Channel prices
5th September 1996, Page 14
5th September 1996
Page 14
Page 14, 5th September 1996
— Stena feels the effect of keen Channel prices
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• Cross-channel ferry price cutting has resulted in Stena Line announcing losses of nearly £ 34m for the first half of the year despite attracting 26% more freight on the DoverCalais route.
The Swedish company, which is the world's largest ferry operator, blames the losses on falling income as the result of the price war with Eurotunnel and problems with ship capaci tY.
The poor results are likely to lead to renewed talks with rival ferry operator MO to discuss how co-operation between the firms can help them tackle the onslaught from Eurotunnel.
The group which saw an overall 2 fall in freight carried across all routes, expects to record losses close to .C45rn for the whole year.