Polish PLO and PZM shipping lines deny any plans to carve up Euroafrica

The two biggest Polish shipping lines Polskie Linie Oceaniczne (PLO) and Polska Zegluga Morska (PZM) have officially denied plans are being made to split Euroafrica which they jointly control. In the alleged deal PLO, holding 28.25% in the shipping company would control all Euroafrica's ferry lines whereas PZM controlling 44% of the firm would take all the profitable European and West African lines. The official comment by PLO authorities was in response to a letter by Euroafrica employees to the President and Polish authorities in which they expressed fears about the planned agreement. However, Euroafrica's chairman Wlodzimierz Matuszewszki says there still is a great possibility of PLO taking all the lucrative lines in an attempt to resuscitate itself. The company closed last year with losses of zl. 20 million, and at the beginning of this year it was still zl. 60 million in debt. Euroafrica, which recorded zl. 500,000 in net profits last year draws income mainly from shipping cargo (90%). The company is the owner of 11 ships, which, in 1999, transported 1.5 million tonnes of cargo. (Rzeczpospolita, page B2) J.K.