CSAV slash losses by 24.2%


Chilean shipping company CSAV has reduced losses in Q3 of 2014 to US$35.4 million, which is 24.2% less than 2013’s loss of $46.7 million.

The result of Q3 is explained mainly by the complex freight rate scenario which the shipping industry still faces, which shows low freight rates compared to Q2 of 2014 and particularly compared to the same quarter of 2013.

According to CSAV’s container business rate index, freight rates fell by 6.9% in Q3 of 2014 compared to the same period of 2013.

However, as it has occurred during the last quarters, CSAV has obtained further improvement in its unit operating costs.

The CEO of CSAV, Oscar Hasbún, said: “In the context of a complex freight rate scenario for the industry, our company continues to show a significant improvement in its cost structure, which allows us to absorb part of the freight reduction.”

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