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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.

Four shipping companies – CSAV, K Line, NYK and WWL-Eukor – have been fined EUR395m ($486.6m) by the European Commission (EC) for collusion in operating a cartel on the car carrier trades.

Chile’s CSAV (Compania Sud Americana de Vapores) ceo Oscar Hasbún said that the company posted profits of $32.4m in the fourth quarter of 2016 thanks to Hapag-Lloyd's strong performance in that period.

Hapag Lloyd booked profits of just EUR3.2m ($3.4m) in Q3, as freight rates drop and the boost from its December merger with CSAV’s container arm CCS begins to normalise.

Hapag-Lloyd is moving ahead with plans for a $500m IPO before the end of the 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.

In it's first full quarter since its merger with CSAV, Hapag-Lloyd has reported a EUR128.2m ($145m) profit for the Q1 2015.

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.

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