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CSAV shareholders widely expected to vote for Hapag-Lloyd merger
CHILEAN shipping firm Compania Sud Americana de Vapores (CSAV) is expected to ratify the proposed merger of its containership business together with that of German shipping line Hapag-Lloyd when its shareholders vote in an extraordinary meeting to be held on March 21.
Under a non-binding memorandum of understanding signed by both companies in January, CSAV would receive 30 per cent of the combined company, a percentage subject to closing adjustments.
CSAV's losses in 2013 shrank to US$169 million from $314 million in 2012 as it gained greater control over costs, despite last year's difficult rates environment, reported Lloyd's List.
The company's operating revenues amounted to $3.2 billion in 2013, down from $3.4 billion the previous year, while operating costs were lower at $3.2 billion compared to $3.88 billion in 2012.
The company said in a results statement that the improvement in the results was due to "internal changes we have made in the company."
Under a non-binding memorandum of understanding signed by both companies in January, CSAV would receive 30 per cent of the combined company, a percentage subject to closing adjustments.
CSAV's losses in 2013 shrank to US$169 million from $314 million in 2012 as it gained greater control over costs, despite last year's difficult rates environment, reported Lloyd's List.
The company's operating revenues amounted to $3.2 billion in 2013, down from $3.4 billion the previous year, while operating costs were lower at $3.2 billion compared to $3.88 billion in 2012.
The company said in a results statement that the improvement in the results was due to "internal changes we have made in the company."
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