CSAV raises $430 million in capital
Chilean carrier CSAV has raised $430 million of $500 million in additional capital from shareholders, and expects the rest to be fully subscribed, the Journal of Commerce reports.
CSAV has been trimming services as it seeks to raise capital to deal with a declining rate market.
CASV said the shareholder interest in adding capital was “a strong demonstration of the shareholders’ significant support and trust in the future of the company.”
The Luksik group, a Chilean mining and investment group, increased its stake in CSAV in April and announced plans to seek an additional $500 million in capital. At the same time, CSAV said it would sell up to 49 percent of its shipping services and ports subsidiary subsidiary.
CSAV expanded rapidly after receiving a cash bailout of $770 million in 2009 from German shipowners, including Peter Dohle, which took a minority stake in the company in exchange for lower charter rates. The company jumped from 16th in global container ship capacity to seventh, measured in 20-foot-equivalent units.
CSAV has been trimming services as it seeks to raise capital to deal with a declining rate market.
CASV said the shareholder interest in adding capital was “a strong demonstration of the shareholders’ significant support and trust in the future of the company.”
The Luksik group, a Chilean mining and investment group, increased its stake in CSAV in April and announced plans to seek an additional $500 million in capital. At the same time, CSAV said it would sell up to 49 percent of its shipping services and ports subsidiary subsidiary.
CSAV expanded rapidly after receiving a cash bailout of $770 million in 2009 from German shipowners, including Peter Dohle, which took a minority stake in the company in exchange for lower charter rates. The company jumped from 16th in global container ship capacity to seventh, measured in 20-foot-equivalent units.