Chile-based SAAM, the largest logistics company in Latin America that operates port terminals, airports and the largest tugboat fleet in the Americas in association with SMIT in several countries, has announced it will invest $85m in infrastructure and improvements to its tugboat fleet this year.
Container line Hapag-Lloyd reported a major turnaround in the first half of the year with a EUR157.2m ($180.9m) profit, and believes its merger with CSAV will create higher cost savings than expected.
Chile’s Compania Sud Americana de Vapores (CSAV) posted a profit of $70.5m in the first quarter of this year. This compares to a net loss of $65.9m recorded by the shipping company in the same quarter of 2014.
Compañía Sud Americana de Vapores (CSAV) reported a net profit of $389m for 2014 boosted by the sale of its container business to Hapag-Lloyd, according to a statement made by the company to the Chilean securities regulator.
Hapag Lloyd lost EUR604m ($653m) in 2014 as it became the world's fourth-largest container line.