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Chilean container carrier in drastic turnaround

In 2011, CSAV was headed for rock bottom when Chile’s mega-rich Luksic family bought the cheap shipping shares. Today, the company has changed its strategy completely and withdrawn from the volatile Asia-Europe market and is now in a strong position in South America.

Photo: Torben Stroyer

2011 was a catastrophic year for the container carrier CSAV, which lost a record $1.2 billion, the worst result among the 20 major container carriers. Yet in a short time Chile’s richest family, the Luksic family, has changed the company’s strategy completely and has delivered major returns to the company’s other investors, writes Bloomberg.

Through its holding company, the Luksic family bought shares in the company in 2011, during which the stock dropped by 82 percent, and in February 2012, the family secured the majority of the company and now owns about 37 percent.

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