were not....so I don't know what is going on.
This appeared on the Hellenic Shipping News web-site
Tuesday, 29 November 2011 | 00:00
CSAV seeks buyer for container business after successive quarter losses
Compañía Sud Americana de Vapores (CSAV), the Chilean shipping line, is seeking a buyer for its container business after posting successive quarterly losses.
The struggling South American shipper has brought in financial advisors from Celfin Capital to aid with the sell after the company was unable to reverse the heavy losses experienced in Q2.
During Q3, CSAV posted further losses of US$343 million following Q2’s similar loss of $339 million. CSAV recorded profits of $149 million during Q3 the previous year, according to IFW.
“The decline in freight rates, lower utilisation of vessels and the high cost of fuel continues to negatively impact the margins of the industry and of CSAV,” commented CSAV.
To help reduce even further losses in the final quarter of the year the Chilean firm has taken the action of suspending at least four services and is in discussions with Dutch-based Boskalis to operate a joint towage service, according to Lloyd’s List.
Alliances have also been organized with rival carriers to aid the firm’s Asia-Africa, South America-Europe, Asia-west coast Latin America, Asia-Brazil and India-Europe services next year.
In further bad news for container lines, Zim Integrated Shipping Services, the Israeli shipper, has reported third quarter net losses of $66 million. Zim recorded profits of $37 million earlier in the year.
Source: Port Tecnology