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CSAV back in the black in H2

Santiago: Chilean liner company Compania Sudamericana de Vapores (CSAV) was back in the black in the second half of 2012 reporting a net profit of $ 31.9m, compared to losses of $754.9m in the same period of 2011.

Michele Labrut, Americas Correspondent

March 4, 2013

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CSAV generated operating income of $8.m in 2012 Q4, which represents an improvement with respect to the loss of $158.1m in the same period of 2011, and therefore has reported two consecutive quarters of positive operating income, taking into account that in 2012 Q3 it reported earnings of $37.3m.

This “positive change in the operating result in the second half of last year explains the recovery in net earnings”, said the statement.

The Latin American liner company said the results reflected an improvement in market conditions and to a large degree, the effects of the operational, financial and corporate restructuring imposed by the company since 2011 that reduced containership carrying capacity, increased joint operations, and the increase in own fleet and a new organisational structure.

About the Author

Michele Labrut

Americas Correspondent

Michèle Labrut is a long-time Panama resident, a journalist and correspondent, and has continuously covered the maritime sector of Central & Latin America.

Michèle first came to Panama as a press attaché to the French Embassy and then returned to the isthmus as a foreign correspondent in the 1980s.

Author of Seatrade Maritime's annual Panama Maritime Review magazine and of several books, Michèle also wrote for Time magazine, The Miami Herald, NBC News and the Economist Intelligence Unit. She has also collaborated in making several documentaries for the BBC and European and U.S. television networks.

Michèle's profession necessitates a profound knowledge of the country, but her acumen is not from necessity alone, but a genuine passion for Panama.

In 2012 she was awarded the Order of Merit (Knight grade) by the French Government for her services to international journalism and in 2021 the upgrade to Chevalier grade.

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