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Did you hit the hire a new caravan leader button to see if he is there?
(Deleted second half, 'cause it's Chorfs that don't have immortal caravans.)
So if your first 1-2 convoys don't survive for some reason, there's no chance for a new caravan to survive those attacks later in the game. IIRC they also don't get the extra units from the first visit. This would be better if there was a way to improve the initial roster in new hired caravans.
Financially, it really isn't worth the effort. Let's say your caravan generates 600 gold profit on a 10 turn journey, you merely made 60g / turn. Not counting the initial hiring cost of the caravan. That is less than lowest income building, not counting stuff like Khorne recruit buildings generating 50.
Convoys are even worse, at most you get to convert some really expensive resources like Armaments into another resource. Most of the contracts can't even be done early in the game because you don't have 400 armaments.
Only thing really worth it are stuff like the Von Carstein Blade and the Luminark Lens. After that you don't really need to bother with the feature.