The 9,300 teu vessels, to be built at Samsung Heavy Industries, will replace existing chartered capacity, and is set to “significantly lower” the fuel-consumption of CSAV’s fleet, resulting in “one of the most efficient fleets in the industry” the company claims. The company also has the option for seven further vessels.
The plan also entails a $500m capital increase, to fund the newbuildings and the debt repayment. CSAV is planning to finance the newbuilding order with 40% equity, roughly $230m, and 60% financial debt, about $340m.
“This important milestone for the company is consistent with the new strategic direction and the restructuring plan finalized during 2012,” said ceo Oscar Hasbún. “Additionally, this plan will significantly reduce CSAV financial leverage and will allow the company to acquire large and efficient vessels at attractive prices. The newbuilding investment plan is aligned with the strategic direction of joint operations, search of economies of scale, right proportion of own fleet and cost efficiency. Therefore CSAV will be able to maintain the already gained efficiencies while further improving the company’s costs structure”.
In other CSAV news, the company announced the election of new Chairman Francisco Pérez Mackenna and new Vice-Chairman Andrónico Luksic Craig.
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