CSAV clarifies container business plans

Chilean carrier CSAV will be looking for a strategic partner for its container business, but has no intentions of selling it off.
This was the message issued yesterday by the line following recent media reports that it had asked financial adviser Celfín Capital to find a buyer for its container business.
“The CSAV Group has implemented a profound restructuring plan that will enable it to tackle the challenges faced by the organisation and the industry,” a spokesman said.
“This plan has not changed and includes the following initiatives:
* “A capital increase of $1.2 billion dollars to strengthen CSAV's financial position, where its lead arranger is Celfín Capital;
* “The redesign of our services portfolio, focusing mainly on those markets where the company has clear competitive advantages;
* “Joint ventures with other major shipping companies to enhance the
efficiency and quality of CSAV´s services;
* “The separation of the cargo shipping business from the port and terminal operation business (operated by its subsidiary SAAM) in an effort to promote the growth of the latter;
* The creation of a new organisational structure that facilitates the
implementation of the company strategy.
“The CSAV Group is fully committed to strengthening its competitive position in order to remain a relevant player in the shipping industry,” the spokesman said.