CSAV seeks strategic partner for container business

The Chilean shipping
company, CSAV – the
largest in South America
– “has decided to
significantly increase
its equity base in
US$1.2 billion” –
according to a board
statement, aiming, it
added, “to strengthen its
financial, operational and
commercial position in the
medium- to long-term”.
It has also been
proposed to the
shareholders to split the
freight shipping business
from the vessels and
cargo maritime services
business – managed by
its subsidiary Saam, a
cargo shipping agency and
container terminal operator
in Santiago, according
to the line’s web page.
This with the objective,
the line statement said,
“of propelling the growth
of the latter”. Added to
that, the board has also
announced its decision to
find a strategic partner
for the container shipping
business.
“This plan,” said
CSAV, “is consistent with
the measures that the
company has already been
implementing to reduce
exposure and improve
cost structure and risk
diversification.”