Bo Severed News

The chief executive of Swedish ferry operator Stena Line AB shrugged off fears of losing sea travelers as fares rise and more bridges and tunnels are built, saying that he was still optimistic about the future. With the loss of duty-free sales in Europe since July 1, Stena has already seen a drop in on-board retailing and slashed 660 jobs. To add to its woes, a bridge connecting Sweden and Denmark is being built, reducing a potential market for Stena. "We've taken a lot of the pain already to adjust to the abolition of duty-free," said Stena CEO Bo Severed. "I'm not satisfied with the results level, and we need to improve on that. ... Stena Line posted a pre-tax loss of $27.9 million for the first six months of 1999 versus a loss of $63.5 million in the 1998 period.