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CSAV inks $347m loan facilityCSAV inks $347m loan facility

As part of its strategy to increase its own fleet, Compania Sud Americana de Vapores (CSAV) has completed the bank financing plan to acquire seven new 9,300 teu box ships by signing a $347m loan with six banks.

Michele Labrut, Americas Correspondent

October 3, 2013

1 Min Read
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The acquisition of the newbuildings will be financed 60% with bank loan, while 40% will come from the $330m capital increase recently obtained by the company.



The financing package involves Export-Import Bank of Korea, Korea Exchange Bank, Korea Development Bank, Banco Santander-Chile Citibank, and Deutsche Bank. The Export-Import Bank of Korea acts export credit agency jointly with Korea Trade Insurance Corporation.


"This is a very positive step that allows us to advance in our strategy of increasing its own fleet and also demonstrates the market confidence in the plan of development and investment that is driving the company," said Oscar Hasbun, CSAV ceo.


 The new ships, that will reduce significantly CSAV fuel costs, will be built by the Korean shipyard Samsung Heavy Industries (SHI) and will begin to be delivered by the end of 2014.

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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