CSAV reports $46.7 million Q3 losses

  • Chilean shipper follows Q2 profit with major loss

Compañía Sudamericana de Vapores (CSAV) has reported a US$46.7 million loss for the third quarter after reporting a $34.3 million profit in the second quarter of this year and earnings of $55.8 million in the corresponding period in 2012.

The Chilean shipper attributed the negative result to the fall in freight rates, which Oscar Hasbún, CSAV’s CEO, said was consistent with the rates’ scenario affecting the whole industry.

Hasbún added that this situation was partially compensated by a reduction in unit costs as a result of the implementation of the company’s new operating model. “This scenario has shown a correction in recent weeks, with freight rates increasing strongly in our most important trades,” he said.

“If maintained, it could help to improve the company’s results toward the first quarter of 2014”.

During the third quarter, CSAV completed a banking financing plan to expand its fleet with the purchase of seven new 9,300 TEU vessels.

The Chilean ocean carrier has agreed a loan facility for US$347 million with six banks, to be disbursed upon delivery. Funds provided by the loan facility will cover 60 percent of the total cost of the vessels, with the remaining 40 percent, or $330 million, provided by CSAV.

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