Hapag-Lloyd's Chilean acquisition suffers massive deficit

Chilean CSAV, which is set to become part of German Hapag-Lloyd, suffered a USD 58.5 million deficit in the second quarter. An improvement in a still difficult market, says the carrier's CEO.

Compania Sudamericana de Vapores (CSAV) reduced its deficit in the 2nd quarter, compared to the same period last year, with a deficit of USD 58.5 million. A 11.2 percent improvement, according to the interim report.

The second quarter was characterized by the same problems that have been challenging the container industry for years now - namely low rates. According to CSAV, the rates decreased 9.9 percent in the second quarter, compared to the second quarter 2013. Still, the carrier managed to reduce its deficit, says CEO Oscar Hasbun:

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