Chilean CSAV makes deficit

In spite of improving its operations, Chiilean CSAV was unable to achieve a positive result.

Chilean container carrier CSAV was hit hard by low freight rates and high fuel prices in the 3rd quarter of the year, and even though the Santiago-based carrier boasts of having reduced its operating costs significantly, there is no way around the fact that the total result was disappointing.

The result was a USD 46.7 million deficit, compared to USD 55.8 million in profits in the same period last year, in spite of freight rates growing by 0.8 percent, to 493,500 teu, says CSAV in its interim report. Lower freight rates pulled the total revenue down by 6.3 percent in the third quarter, to USD 832.5 million, versus the same quarter 2012.

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