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Indiaexportnews.com

CSAV shareholders widely expected to vote for Hapag-Lloyd merger

  06.03.2014    

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."



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