Chilean carrier Compania Sud Americana de Vapores (CSAV) has announced a first quarter net loss of US$38 million, which narrowed from last year's loss of US$266 million.
The 46 per cent increase in CSAV fleet size from 286,000 TEU to 418,000 TEU, has put the carrier in top 10 of world container shipping lines, said Paris-based Alphaliner.
Along with rate boosts of seven per cent March year on year, although still a drop by 15 per cent compared to 2008, CSAV achieved record monthly volume highs of 204,100-TEU.
Despite a 2009 full year net loss of $669 million, an equity boost in three issues has given CSAV a capital increase of $773 million to breakeven this year. Its latest included the sale of 16.5 per cent stake of the company to Hamburg-based shipowners led by Peter Doehle. The sale took $318.4 million in CSAV shares at CLP583.83 ($1.13) per share.
The 46 per cent increase in CSAV fleet size from 286,000 TEU to 418,000 TEU, has put the carrier in top 10 of world container shipping lines, said Paris-based Alphaliner.
Along with rate boosts of seven per cent March year on year, although still a drop by 15 per cent compared to 2008, CSAV achieved record monthly volume highs of 204,100-TEU.
Despite a 2009 full year net loss of $669 million, an equity boost in three issues has given CSAV a capital increase of $773 million to breakeven this year. Its latest included the sale of 16.5 per cent stake of the company to Hamburg-based shipowners led by Peter Doehle. The sale took $318.4 million in CSAV shares at CLP583.83 ($1.13) per share.