CSAV reports net loss for Q3/2013
The Chilean shipping line CSAV has reported a net loss of USD 46.7 million for Q3/2013 compared with a profit of USD 55.8 million for Q3/2012. CSAV said the loss was due to a decline in freight rates, which also led to a 6.3% year-on-year drop in operating revenue to USD 832.5 million.
On a slightly more positive note, volumes shipped during the period increased by 0.8% to 493,500 teu, whilst the company also reduced its debts by USD 277.4 million to USD 339.2 million. CSAV is aiming to raise an additional USD 170 million in Q1/2014.