Green light of the Board of Directors of CSAV to the investment for the acquisition of seven new portacontainer from 9.300 teu



The board of directors of the shipowning group Chilean Compañía American South de Vapores (CSAV) has approved of an investment of 570 million dollars for the acquisition of seven new portacontainer from 9.300 teu that seven ships of the same type and to the same conditions will be ordered to the Samsung Heavy Industries South Korean with option for others ( on 18 February 2013).

The objective of the investment is to replace part of the ships used currently from CSAV rental and to reach a quota property of the fleet of the group (that it will go up from current 37% to 55% about, respect to a quota pairs only to 8% at the beginning of 2011) online with the average of the market. 40% of the investment (about 230 million dollars) will be realized with means own and remaining 60% (about 340 million dollars) through the resource to financings.

Moreover the Board of Directors of the shipowning group has authorized among other things the prepayment of the debit for 258 million dollars in existence with the insurance group American Family Life Assurance Company (AFLAC).

The Board of CSAV has decided at last to convene for next 29 April an extraordinary assembly of the shareholders to the aim to propose an increase of capital of 500 million dollars in order to finance the program of new constructions, to approve of the prepayment to AFLAC and the prosecuzione of the development plans of the group.

The managing director of CSAV, Oscar Hasb ún, has manifested satisfaction for the decisions assumed from the board of directors and has emphasized that "this important milestone for the company is online with the new strategic direction and the plan of restructure which set up in the course of 2012. Moreover - it has added - this plan will reduce remarkablly the operating lever and financial institution of CSAV and will allow with the company to more acquire larger and efficient ships to contained prices. The investment plan in new constructions - it has specified Hasbún - is aligned with politics of combined activities, generation of percentage and economies of scale a greater of property of the fleet that the company has constantly persecuted, giving to CSAV the instruments in order to maintain and to emphasize the efficiencies that already are reached and in order to begin to reflect on the structure of the costs of the company".