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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Naviera Nabia Orders Newbuild from Gondan

Gondan Shipyard signed a new contract for the construction of a new vessel for Naviera Nabia, part of Acuña Group, from Bueu (Pontevedra-Spain). This new catamaran

CMA CGM Proceeds with NOL Takeover after China Okay

CMA CGM, the world's third-largest container shipping firm, is to go ahead with its planned acquisition of Singapore's Neptune Orient Lines (NOL) after receiving regulatory clearance from China,

Technip Bags Statoil's Umbilical Supply Contract

Technip’s wholly-owned subsidiary Technip Umbilicals Ltd.(1) has been awarded a contract by Statoil ASA to supply the umbilical(2) to the Oseberg Vestflanken 2 field offshore Norway.

Finance

FedEx Completes Takeover of TNT Express

US-based FedEx Corp. completed its €4.4 billion ($4.9 billion) acquisition of Dutch TNT Express, , with integration of the companies to start immediately.   The

STX Shipbuilding Likely to Enter Court-lead Restructuring

South Korean shipbuilder STX Offshore & Shipbuilding Co Ltd will likely need to enter court-supervised receivership due to financial difficulties, the firm's lead

Statoil Says Sees European Gas Prices Bottoming Out

Norway's Statoil does not expect European gas prices to fall much further as rising demand from the power generation sector would offset an expected increase in liquefied natural gas (LNG) supply,

Container Ships

SOLAS Container Weight Requirements FAQ

With new rules regarding the declaration of the accurate gross mass of a packed containers due to enter force, the International Maritime Organization (IMO) answers

CMA CGM Proceeds with NOL Takeover after China Okay

CMA CGM, the world's third-largest container shipping firm, is to go ahead with its planned acquisition of Singapore's Neptune Orient Lines (NOL) after receiving regulatory clearance from China,

Singapore Exchange in Talks to buy Baltic Exchange

Baltic Exchange privately owned by 380 shareholders. The Singapore Exchange (SGX) is in exclusive talks to buy London's Baltic Exchange, which has been at the

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.1046 sec (10 req/sec)