News Content
CSAV narrows quarter-to-quarter loss 11.2pc to US$58.5 million
CHILE's Compania Sud Americana de Vapores (CSAV) posted a net loss of US$58.5 million in the second quarter after making a quarterly net profit of $34.3 million last year.
Yet its second quarter performance was 11.2 per cent better than its first quarter showing as the company prepared to merge with Hapag-Lloyd, a transaction to be completed this year.
Said CSAV chief executive Oscar Hasbun: 揅SAV continues showing a significant improvement in its cost structure, which is in line with the strategy of the company抯 new operational model."
CSAV said second quarter freight rates fell 9.9 per cent year on year, but cargo volumes rose 13.5 per cent against the first quarter and were 7.9 per cent up on last year's.
Mr Hasbun said the company continues to face a "very complex and unstable freight rate scenario?
But the company reported improvement in its operating costs, 搘hich are an essential element in the business model driven by the company?
Yet its second quarter performance was 11.2 per cent better than its first quarter showing as the company prepared to merge with Hapag-Lloyd, a transaction to be completed this year.
Said CSAV chief executive Oscar Hasbun: 揅SAV continues showing a significant improvement in its cost structure, which is in line with the strategy of the company抯 new operational model."
CSAV said second quarter freight rates fell 9.9 per cent year on year, but cargo volumes rose 13.5 per cent against the first quarter and were 7.9 per cent up on last year's.
Mr Hasbun said the company continues to face a "very complex and unstable freight rate scenario?
But the company reported improvement in its operating costs, 搘hich are an essential element in the business model driven by the company?
Latest News
- For the first time, tianjin Port realized the whole process of dock operati...
- From January to August, piracy incidents in Asia increased by 38%!The situa...
- Quasi-conference TSA closes as role redundant in mega merger world
- Singapore says TPP, born again as CPTPP, is now headed for adoption
- Antwerp posts 5th record year with boxes up 4.3pc to 10 million TEU
- Savannah lifts record 4 million TEU in '17 as it deepens port
