CSAV Orders Container Ships in Grand Investment Plan

Press Release
Friday, April 05, 2013

CSAV announces a US$ 570-million investment plan, the prepayment of financial debt and a capital increase.

Compañía Sud Americana de Vapores (CSAV) is a Chilean shipping company founded in 1872, and one of the largest in Latin America.

The main features of the company's plan are as follows:

• Seven 9,300 Teus vessels to be built by Samsung Heavy Industries (SHI); with this, the company will reach a percentage of own fleet in line with the market average and will have one of the most efficient fleets in the industry.
• Prepayment of US$258 million financial debt with AFLAC. This will have a positive impact on CSAV results of around US$50 million and the release of collateral deposits of about US$25 million.
• Capital increase of US$500 million to finance the new investment plan and debt prepayment to be approved during the next special shareholders meeting.

The 9,300 Teus vessels will be built by Samsung Heavy Industries (SHI), South Korea. They will be delivered as from the end of 2014. The objective of this investment is to replace part of the existing chartered capacity. Thus, CSAV will increase its own fleet from the current 37% to around 55%, in line with the industry average and far from the 8% owned at the beginning of 2011.

These new vessels will significantly improve the fuel-consumption efficiency (main cost of the industry) of the CSAV fleet and will lower vessel-chartering costs; allowing the company to operate one of the most efficient containerships fleet of the industry.

Mr. Oscar Hasbún, CEO of CSAV, said: “This important milestone for the company is consistent with the new strategic direction and the restructuring plan finalized during 2012. Additionally, this plan will significantly reduce CSAV financial leverage and will allow the company to acquire large and efficient vessels at attractive prices."

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

MacGregor Wins Stena RoRo Conversion Job

MacGregor, part of Cargotec, has received a contract from Stena North Sea Ltd. to convert the 29,800gt RoPax ferry Dieppe Seaways to optimize it for its new route

SBI Offshore Negotiating Contract for Rig Builds

SBI Offshore Limited has announced that the Middle East-Chinese consortium, which recently awarded its subsidiary a contract to provide design and engineering services for a jack-up drilling rig,

Brazilian PSVs Get Rolls-Royce Offshore Cranes

Rolls-Royce signed a contract with Detroit Chile SA to supply offshore cranes to nine Platform Supply Vessels (PSVs) presently under construction at Detroit Brasil Ltda.

Finance

Port of Long Beach Raises Small Business Commitment

The Long Beach Board of Harbor Commissioners – seeking to expand opportunities for a wider range of vendors, contractors and consultants – has set a higher goal

Piraeus Port Posts Flat Profit, Sales Dip

Greece's Piraeus Port (OLP) , the largest in the country, said its first-half net profit was almost unchanged from the same year-ago period, while sales fell. Piraeus Port,

Panama Canal: The Billion Dollar Challenge

Panama Canal expansion will cost operators, insurers As the Panama Canal prepares to celebrate its 100th anniversary, insurers are warning of the increased risks

Container Ships

Shanghai Port's Q2 Profit Down; China Trade Flagging

Shanghai International Port , the operator of the world's busiest container port, reported earnings on Wednesday that showed its second-quarter net profit fell 2.

Pariah Containership Banned from Australian Ports

The Australian Maritime Safety Authority (AMSA) informs that it has issued a direction to the container ship 'Vega Auriga' (IMO 9347786) that prohibits the ship

COSCO Resorts to Rate Restoration for F. East to S Africa Trade

COSCO Container Lines would like to announce Rate Restoration for all shipments (include reefer cargo) from Far East to South Africa Trade and take effect from September 1, 2014.

 
 
Maritime Contracts Maritime Standards Navigation Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2381 sec (4 req/sec)