“This year’s performance was positively impacted by the $619m profit from the closing of the transaction with Hapag-Lloyd, in which CSAV transferred its whole container shipping activities in exchange of a 30% ownership in Hapag-Lloyd. That positive result allowed CSAV to close the fourth quarter with a gain of $549m," the company said.
As the transaction closing took place in December, CSAV's financial statements only reflect the performance of its former container business operations until November 2014 and as from December the results from the equity investment in Hapag-Lloyd.
CSAV embarked on a re-organisation of the shipping line in 2011 that included the re-structuring of services, the spin-off of SM-SAAM, the significant capex investments in a state-of-the-art fleet, the changes in organisational and commercial structure and the financial re-structuring of the company, together with the search for a strategic partner.
"This positive result is the outcome of the consistent strategy we have followed and informed to the market from the beginning. Today we are the largest shareholder of the fourth container shipping company in the world. We think Hapag-Lloyd possesses all the conditions to face the challenges ahead. The new management of which our former chief financial officer is now a member, with the decisive support of the new shareholders agreement (of which CSAV is part) will turn the new Hapag-Lloyd into a highly efficient and profitable company" said Oscar Hasbún, ceo of CSAV.
After the transaction, Hapag-Lloyd became the fourth largest container shipping company in the world and CSAV its major shareholder with a 34% ownership. Thus, the container shipping activity remains as the most relevant business to CSAV, representing about 80% of its assets.The shareholders A\agreement that became effective with the closing of the transaction is formed by the controlling partners of Hapag-Lloyd: CSAV, Kühne Maritime and the City of Hamburg. This long-term partnership was created to provide stability to the control structure of the new combined company. CSAV owns a 50% of this association, while the City of Hamburg and Kühne Maritime own 25% each.
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