Financially troubled Chilean shipper Compania Sud Americana de Vapores (CSAV) posted a 2011 net loss of US$1.25 billion, versus a profit of $170.8 million in 2010.
Vapores' record loss was due to hefty ship and container leasing fees and high international fuel prices, reported Dow Jones Newswires.
The company, Latin America's largest shipper, noted in its quarterly earnings filing that increasingly high supply of container shipping services, which generated strong competition, forced companies to reduce shipping fees especially on the routes Vapores operates.
Income held relatively steady at $5.15 billion, versus $5.22 billion, but the company's costs jumped 24 percent to $5.88 billion in 2011 from $4.74 billion the previous year.
Earlier this year, the shipper signed a new cost-cutting agreement to share capacity with the world's No. 2 container-shipping company, Switzerland-based Mediterranean Shipping Co on routes in Asia, mostly China, to Turkey and countries on the Black Sea.
MSC and Vapores signed a similar agreement in 2011 to jointly operate service routes between northern Europe and South America's west coast; Asia and South Africa; South America's east coast and the Middle East; and South Africa, the Middle East and India.
Vapores is controlled by the local Luksic family, through their Quinenco holding company, and the local Claro family, through Maritima de Inversiones holding company.
Vapores' record loss was due to hefty ship and container leasing fees and high international fuel prices, reported Dow Jones Newswires.
The company, Latin America's largest shipper, noted in its quarterly earnings filing that increasingly high supply of container shipping services, which generated strong competition, forced companies to reduce shipping fees especially on the routes Vapores operates.
Income held relatively steady at $5.15 billion, versus $5.22 billion, but the company's costs jumped 24 percent to $5.88 billion in 2011 from $4.74 billion the previous year.
Earlier this year, the shipper signed a new cost-cutting agreement to share capacity with the world's No. 2 container-shipping company, Switzerland-based Mediterranean Shipping Co on routes in Asia, mostly China, to Turkey and countries on the Black Sea.
MSC and Vapores signed a similar agreement in 2011 to jointly operate service routes between northern Europe and South America's west coast; Asia and South Africa; South America's east coast and the Middle East; and South Africa, the Middle East and India.
Vapores is controlled by the local Luksic family, through their Quinenco holding company, and the local Claro family, through Maritima de Inversiones holding company.