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CSAV quitting ro-ro shipping

Chile-based Compañía Sud Americana de Vapores (CSAV) is to quit the ro-ro shipping business.

CSAV has announced that it will cease providing vehicle transportation services (ro-ro) within the next few months, which have historically represented less than 1% of the company's total assets, Chilean media reported.

CSAV is informing all its customers of operational solutions to give continuity to their transportation needs.

CSAV's general manager, Oscar Hasbún, explained that "the decision announced aims to focus all our efforts on the containership business, which has evolved according to our expectations and which constitutes our main asset through the German shipping company Hapag-Lloyd AG, one of the most efficient companies in the industry and to which we have a long-term commitment".

 CSAV said also that it has increased its participation in Hapag-Lloyd shipping company, from 27.8% to 30% of the German company's shares.

This  has meant an investment of $330m for the company . CSAV explained in a statement that this increase in Hapag-Lloyd capital will mean holding 52.7m Hapag-Lloyd shares. The purchase of Hapag-Lloyd shares by CSAV will be financed by Quiñenco, the Chilean group that controls 56.2% of CSAV.

 

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