CSAV confirmation the intention not to yield the division of line transport



The shipowning group Chilean Compañía American South de Vapores (CSAV) has confirmed of being in looks for of a strategic partner for own division of transport of line, business that has accused the impact of world-wide the economic crisis and that it does not show neither perspective signs neither tantomeno of resumption.

In its last analysis of the market, reported to the course until last month of september, CSAV it has restated that the situation of the containerized marine transport continues to being characterized from a strong difficulty, with hires who have recorded ulterior contractions, with volumes that continue to being insufficient and with a cost of the fuel, that it constitutes the main item of expenditure of CSAV, that continues to being high. Such negative conjuncture is reflected on the economic account of the South American group, that it has closed the third trimester of this year with a net loss of beyond 340 million dollars ( on 24 November 2011).

Confirming the possibility to make use of a partnership strategic in order to tackle to this extremely difficult situation of the market, CSAV but has specified that the group is not looking for a purchaser for its division of line transport. The company therefore has refuted the voices second which CSAV would have entrusted to financial advisor the Celfín Capital to characterize a purchaser for the division of containerized marine transport of the shipowning group.

Moreover CSAV has confirmed that its strategy anti-crisis is entrusted to own plan of restructure that is founded mainly on an increase of capital of 1,2 billion dollars, on the reorganization of the services of line of the group, on the joint venture constitution of with other shipowning companies in order to upgrade the efficiency and the quality of the services, on the separation of the activities of marine transport from the harbour and terminalistiche activities operated by branch SAAM and on the creation of a new organizational structure that facilitates the implementation of the strategic plan.

The reorganization of the services line previews that the ability to the fleet put in field from CSAV diminishes of 37% coming down from 576.000 teu to December 2010 to an average of 362.000 teu for 2012.

The search of agreements with other companies, through acquisition or cession of slot or vessel sharing agreement, has up to now carried CSAV to collaborate mainly with the shipowning group Helvetic Mediterranean Shipping Company (MSC) for the South America routes - Middle East, South America - Europe and India - Europe, while for the routes between South America and Asia the cooperation happens with the French CMA CGM and with the Chinese Shipping Lowers Container Lines (CSCL). The services for Africa are operated in collaboration with CMA CGM and MSC.