'Carriers are losing money'

A TOP shipping executive has claimed that most of the world's leading carriers are losing money.
CP Ships chief executive Ray Miles has said that 12 of the top 20 carriers lost money last year, with a further seven not making enough profit to cover their capital costs.
The one remaining company in the top 20 made an
economic return, but Miles did not divulge its identity.
Despite the pessimism, ocean carriers invested US$35 billion (R210bn) in the shipping industry between 1996 and 1998.