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.”