CSAV posts Q1 loss of US$186.4 million after Q4 loss of $7.2 million

CHILE's big carrier, Compania Sud Americana de Vapores (CSAV), has posted a first quarter loss of US$186.4 million, compounding an earlier $7.2 million loss made in last year's fourth quarter.


CSAV line mostly blamed sagging freight rates, which declined 13.8 per cent, which was only slightly countered by a 4.5 per cent cargo volume increase to 876,800 TEU.


Revenue increased 12 per cent to $1.5 billion, but the gain was badly hurt by rising charter rates, especially acute because CSAV ships are mostly chartered, noted London's Containerisation International, which also pointed to fuel costs that hit hard too.


Last year, CSAV's revenue increased 37 per cent to $1.5 billion, attributed to 52 per cent more cargo to 876,800 TEU while its average revenue declined 2.3 per cent to $1,599 per TEU.


CSAV plans a share sale to raise $1 billion and appears to enjoy strong investor support in Chile, "possibly for strategic reasons", said CI.
(Source:http://www.schednet.com)