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CSAV reduces deficit once again

Chilean CSAV, which is awaiting regulatory approval for a merger with German Hapag-Lloyd, reduced its deficit by 24.2 percent in the 3rd quarter, according to Seatrade Global.

Compañía Sudamericana de Vapores (CSAV) is still struggling with a deficit, but the carrier managed to cut another slice off in the 3rd quarter. The Chilean container carrier suffered a USD 35.4 million deficit, a 24.2 percent improvement compared to the same period last year, where the carrier lost 46.7 million, reports Seatrade Global.

According to CSAV, the result is caused by the continued difficult conditions in the container market, with overcapacity and low freight rates. Rates dropped 6.9 percent in the 3rd quarter, compared to the same period 2013, and the improved result is largely attributed to reduced costs, a measure that numerous other container carriers are also working with.

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