Chile’s big carrier, Compania Sud Americana de Vapores (CSAV), blamed sagging freight rates - which declined 13.8%, only slightly countered by a 4.5% cargo volume increase to 876 800 TEUs – for its first quarter loss of US$186.4- million, compounding an earlier US$7.2-m loss made in last year's fourth quarter.
While revenue increased 12% to US$1.5-billion, 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.
CSAV plans a share sale to raise US$1-bn and appears to enjoy strong investor support in Chile, "possibly for strategic reasons", said CI.
