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.

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.

Longstanding container shipping merger candidate Neptune Orient Lines (NOL) has been reportedly put up for sale.

Compañía Sudamericana de Vapores (CSAV) has raised $25.3m through the auction on the Santiago stock exchange of 742,153,548 shares as part of its ongoing capital increase of $400m, CSAV said in statement. 

DNV GL has certified Hapag-Lloyd as the first shipowner to become Monitoring, Reporting and Verification (MRV)-ready shipowner.

Compañía Sud Americana de Vapores (CSAV) subscribed Friday in Hamburg the capital increase in Hapag-Lloyd, augmenting its majority shareholding in the German shipping company to 34%, up from 30%.

Chile’s Compañía Sud Americana de Vapores (CSAV) and Germany's Hapag-Lloyd have announced that they have completed the merger between the two liners, creating the fourth largest container liner shipping company in the world.

Compañía Sud Americana de Vapores (CSAV) received unconditional approval from antitrust authorities in Mexico to merge its container shipping activities with Hapag-Lloyd, CSAV said in a statement. 

The merger of Compañía Sudamericana de Vapores (CSAV) and Hapag-Lloyd’s container shipping business has moved another step forward with approval from Brazilian regulatory authorities.

CSAV christened a pair of 9,300 teu boxships on Wednesday in South Korea, the largest vessels in its history to enter the company’s fleet.