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CSAV completes capital increase, closes all direct services

Photo: CSAV Oscar_Hasbun_Martinez (002).jpeg
Oscar Hasbun, CSAV
Chile-based Compania Suramericana de Vapores (CSAV) has announced It has increased its capital by $350m with the 100% subscription of new shares issued.

At the beginning of the year, CSAV announced the final closure of all its directly operated services to focus on the management of its investment in Hapag-Lloyd.

The capital increase, which began on 25 August, was aimed at reducing CSAV's short-term debt incurred through the acquisitions leading CSAV to reach 30% ownership of Hapag-Lloyd shares in January.

"The successful completion of this process consolidates our influential position, with which we feel comfortable in the long term, in one of the most efficient shipping lines in the industry and the fifth worldwide", said Oscar Hasbún, CSAV's general manager.

 “This milestone coincides with the 148th anniversary of the company, which, despite the impact of the Coronavirus pandemic, posted $66.9m in profits in the first half of the year. Hapag-Lloyd's positive performance during the first half of the year, together with its recent announcement of preliminary results for the third quarter and the adjustment in its projections for 2020, allows us to anticipate favorable results for CSAV.”

"Our current structure positions CSAV as an attractive pass-through investment vehicle to gain exposure to the German shipping line. The response of our shareholders shows us a strong support and confidence in the implemented strategy", concluded Hasbún.

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