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CCNI third quarter losses quadruple as sales fall 49pc
CHILEAN shipping line Compania Chilena de Navegacion Interoceanica (CCNI) losses for the third quarter more than quadrupled year-on-year with a decline in revenue of 49 per cent, reports Paris-based newsletter Alphaliner.
The carrier attempts to stem the net losses in the first nine months of the year of US$36 million compared to $8 million year previous by its financial restructuring in August. By September it was in debt with loans of $45.8 million and trade debtors of $73.5 million. Its shareholders equity plunged to lows of $8.7 million.
It raised funds of $105 million, of which $20 million came from shareholders and $65 from shipowners with charters to CCNI concluded in October with a reduced charter payment of $61 million re-capitalised into shares.
The carrier attempts to stem the net losses in the first nine months of the year of US$36 million compared to $8 million year previous by its financial restructuring in August. By September it was in debt with loans of $45.8 million and trade debtors of $73.5 million. Its shareholders equity plunged to lows of $8.7 million.
It raised funds of $105 million, of which $20 million came from shareholders and $65 from shipowners with charters to CCNI concluded in October with a reduced charter payment of $61 million re-capitalised into shares.
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